AUTOHOME-S(02518.HK):EMPOWERING THE NEW RETAIL ECOSYSTEM IN THE AUTO INDUSTRY NAVIGATING THE PATH TO NEW ENERGY SUSTAINABILITY
AUTOHOME-S(02518.HK):EMPOWERING THE NEW RETAIL ECOSYSTEM IN THE AUTO INDUSTRY NAVIGATING THE PATH TO NEW ENERGY SUSTAINABILITY
We maintain "Buy" investment rating and revise our target price to HK$67.08, representing 14.5x 2024 P/E. Autohome's 2023 revenue rose 3.5% YoY to RMB7.18 bn, with net income to shareholders up 4% at RMB1.88 bn, aligning with our previous expectations. The Company bought back US$200 mn in shares by year-end. Given market uncertainties, we've modestly decreased our 2024-2025 revenue outlook by around 2.7%, but maintain our net profit forecasts, expecting EPS to be RMB4.19, RMB4.52, and RMB4.82 for 2024-2026, respectively.
我們維持 “買入” 投資評級，並將目標價格上調至67.08港元，相當於2024年市盈率的14.5倍。汽車之家2023年收入同比增長3.5％，至人民幣71.8億元，股東淨收益增長4％，至人民幣18.8億元，符合我們先前的預期。截至年底，該公司回購了2億美元的股票。鑑於市場的不確定性，我們將2024-2025年的收入前景適度下調了約2.7％，但維持了淨利潤預期，預計2024-2026年的每股收益將分別爲人民幣4.19元、4.52元和4.82元人民幣。
The wholesale volumes of cars reflect an expansion in domestic demand. Based on the China Passenger Car Association's statistics, China's passenger car sales volume saw 22% growth in 2023, with a 19.6% QoQ increase in Q4, indicating robust domestic demand. With current cost control capabilities, the sales prices of 800V fast-charging new energy vehicles are expected to decline to the RMB200,000 level, likely boosting China's car sales growth volume in 2024.
汽車的批發量反映了國內需求的擴大。根據中國乘用車協會的統計數據，2023年中國乘用車銷量增長22％，第四季度環比增長19.6％，表明國內需求強勁。根據目前的成本控制能力，800V快速充電新能源汽車的銷售價格預計將降至20萬元人民幣的水平，這可能會提振2024年的中國汽車銷量增長。
Autohome is enhancing the burgeoning second-hand car market through data and technology-driven products. Its "One-Stop Car Check" service, with over a million monthly uses, provides comprehensive pricing data across the industry, while the "Top-Seller's Toolkit" has improved customer engagement for over 10,000 car dealers. In addition, Autohome has also launched the "Dealer Hub" for the used car market, providing dealers with a comprehensive information management service via a cloud platform, which currently extends to over 20,000 car dealerships.
汽車之家正在通過數據和技術驅動的產品來增強蓬勃發展的二手車市場。其 “一站式汽車檢查” 服務每月使用量超過一百萬次，爲整個行業提供了全面的定價數據，而 “暢銷工具包” 則提高了10,000多家汽車經銷商的客戶參與度。此外，汽車之家還爲二手車市場推出了 “經銷商中心”，通過雲平台爲經銷商提供全面的信息管理服務，該服務目前已擴展到20,000多家汽車經銷商。
Autohome faces industry uncertainties but shows promise with its growth initiatives and generous dividend policy. Autohome paid substantial dividends of US$0.58 and US$1.15 per ADS in 2023. Additionally, Autohome announced plans for consistent semi-annual dividends from 2024 to 2026, ensuring a minimum total of RMB1.5 bn annually.
汽車之家面臨行業的不確定性，但其增長計劃和慷慨的股息政策顯示出希望。汽車之家在2023年爲每臺廣告支付了0.58美元和1.15美元的巨額股息。此外，汽車之家還宣佈了從2024年到2026年持續派發半年股息的計劃，確保每年至少分紅15億元人民幣。
Major Risks: 1) Weaker-than-expected automotive sales in China; 2) Intense competition from peers; 3) A macroeconomic slowdown.
主要風險：1）中國汽車銷量低於預期；2）來自同行的激烈競爭；3）宏觀經濟放緩。
譯文內容由第三人軟體翻譯。