Nomura's report stated that Autohome-S (02518.HK) saw a year-on-year decline in third-quarter sales leads service revenue, dragged down by used car leads. The bank pointed out that the third-quarter dividend of 1 billion RMB met expectations, but the year-on-year decline in fourth-quarter sales leads service revenue was disappointing, and there is also a risk of declining media service revenue from 2025 to 2026. The bank stated that if the company repurchases $0.1 billion worth of shares next year and distributes an annual dividend of 1.5 billion RMB, based on the current market cap, the dividend yield will exceed 9%, providing support in case of a decline in stock price.

Nomura reaffirmed its 'outperform' rating for Autohome, with the target price lowered from 62 yuan to 59 yuan, equivalent to a predicted P/E ratio of 14 times. Taking into account the lower gross profit, profit forecasts for 2025 to 2026 have been revised downward by 5% to 10%.