门店经营持续向好，注册用户再创新高截至2024 年H1，途虎全国工厂店6311 家，相较于2023 年底新增门店402 家，同比+23.0%；注册用户数1.26 亿人，同比+20.7%；月均活跃用户1150万人，同比+15.8%；累计12 个月交易用户2140 万人，同比+18.8%。Incidents:
On August 23, 2024, Tourover-W released its 2024 semi-annual report: 2024 H1. The company achieved operating income of 7.126 billion yuan, +9.3% year over year; adjusted net profit of 0.358 billion yuan, +67.3% year on year; gross profit margin 25.9%, +1.7 pct year on year, adjusted net interest rate of 5.0%, +1.7 pct year on year.
Investment highlights:
Store operations continued to improve, with registered users reaching a new high as of H1 in 2024. Tourover had 6,311 factory stores, compared with 402 new stores added at the end of 2023, +23.0%; 0.126 billion registered users, +20.7%; 11.5 million monthly active users, +15.8% YoY; and 21.4 million monthly active users, +18.8% YoY.
The store network is improving. As of H1 in 2024, the intention of franchisees to open stores is strong. The company's store network covers 300+ prefecture-level cities and nearly 1,700 counties; the number of franchisee applications to open stores was +22% compared to the same period last year, 2.5 times that of the same period last year. The Tsuen Wan factory store and the Chai Wan factory store have opened in Hong Kong one after another, and the company is moving into overseas markets.
The gross margin increased and the cost ratio was diluted, and profitability reached the next level in H1 in 2024. Thanks to the expansion of business categories and the increase in supply-side premium capacity, the company achieved a gross profit margin of 25.9%, +1.7 pct compared to the previous year. The company's management efficiency has been steadily improving, and various expenses have continued to be diluted. In 2024, the H1 total operating expenses ratio was 23.6%, -0.9 pct year on year; adjusted net profit was 0.358 billion yuan, +67.3% year over year.
Continuing to develop the beauty washing and new energy business in 2024 H1. The company added more than 800 Tourover factory stores equipped with car wash services. More than 5,300 factory stores nationwide have beauty washing capabilities, and the company has become one of the largest professional beauty cleaning service networks in the country. The number of new energy payment users in the company continued to increase. The total number of 12-month payment users was 1.85 million, and the penetration rate of NEV increased to 8.4%.
Profit forecast and investment rating The company's financial and operating indicators continue to improve. The company's 2024-2026E operating income is 14.725/16.486/18.623 billion yuan, +8.26%/+11.96%/+12.96% YoY; adjusted net profit is 0.796/1.238/1.658 billion yuan, +65.43%/+55.49%/+33.92%; EPS is 0.98/1.52/2.04, respectively; the corresponding PE is 16.17/10.40/7.76X; The company is expected to open stores at a steady pace since 2024, while the net interest rate continues to improve, the development trend is good, and the “buy” rating is maintained.
Risks indicate risk of automobile maintenance demand falling short of expectations; risk of worsening industry competition; risk of company performance falling short of expectations; risk of store expansion falling short of expectations; risk of NEV business falling short of expectations; risk of fluctuations in the valuation center.
