Goldman Sachs published a report, initiating coverage on Autohome (02518.HK)-S, giving its Listed in Hong Kong a "Neutral" rating with a Target Price of 55 yuan, stating that the company is one of the few that executes a good shareholder return policy and focuses on regular cash dividends, although growth prospects are moderate.

Goldman Sachs pointed out that although the revenue and earnings per share forecasts for the stock have been revised downwards, it believes the company's more aggressive shareholder return policy in recent years has stabilized the stock price.

Goldman Sachs mentioned that with a robust balance sheet (i.e., 3.2 billion USD in net cash, equivalent to 90% Market Cap), the stock offers a 6% regular dividend yield, with the latest dividend policy promising dividends of not less than 1.5 billion RMB annually from 2024 to 2026; and a potential Share Buyback yield of up to 3%.