AUTOHOME-S(02518.HK):STRATEGIC GROWTH IN NEW ENERGY AMID MARKET CHALLENGES
AUTOHOME-S(02518.HK):STRATEGIC GROWTH IN NEW ENERGY AMID MARKET CHALLENGES
By integrating online and offline services, leveraging AI for enhanced data analysis, and facilitating sales between dealerships and car manufacturers, Autohome demonstrates its commitment to long-term growth. Autohome has established a direct and franchise sales network across East, South, Southwest, and North China in the NEV sector after a year of experimenting with its franchise model, and added 8 NEV service stations in 1H2024. The Company strategically uses these service stations as nodes, extending its reach to surrounding areas through "satellite stores". This is in alignment with national initiatives to promote NEV services. Revenue from services related to NEVs has grown from less than 5% in 2021 to approximately 30% by 2Q2024, reflecting rapid market penetration in the NEV service chain and robust commercial partnerships with leading brands. This effectively addressed market concerns about establishing new collaborative relationships.We maintain "Buy" investment rating and revise our target price to HK$53.60; representing 13.0x 2024 P/E. Autohome reported total revenues of RMB3.48 bn in 1H2024, up 3.4% YoY. Online marketing and other business segments maintained double-digit growth in 1H2024, contributing 33.7% to total revenue. Data products and new energy sectors showed strong growth. Adjusted net profit was RMB1.05 bn in 1H2024, with a net profit margin of 31.3%. We project Autohome's EPS to be RMB3.44, RMB3.75, and RMB3.92 for 2024-2026, respectively.
我們維持"買入"投資評級，並將目標價調整爲53.60港元，對應2024年市盈率13.0倍。汽車之家在1H2024年報告總營業收入爲34.8億元人民幣，同比增長3.4%。在線營銷以及其他業務板塊在1H2024年度保持了兩位數增長，對總營業收入的貢獻率爲33.7%。數據產品和新能母基板塊增長強勁。除調整後的淨利潤爲10.5億元人民幣，淨利潤率爲31.3%。我們預計汽車之家的每股收益分別爲2024-2026年的3.44元人民幣，3.75元人民幣和3.92元人民幣。
We revise our revenue forecasts for Autohome's Media Services segment downwards by 13.7%, 15.4%, and 15.5% for 2024-2026, respectively. In contrast, we revise upwards our revenue forecasts for the Lead Generation Services by 1% for 2024-2026. For the Online Marketplace Services segment revenue, we anticipate an increase of 2% each year. Overall, we project 2024-2026 total revenue to decline by 2.3%, 2.7%, and 2.6%, respectively.
我們將汽車之家的媒體服務板塊的營收預測下調了分別爲2024-2026年的13.7%，15.4%和15.5%。相比之下，我們將引客服務的營收預測上調1%。對於在線市場服務板塊的營收，我們預計每年增長2%。總體而言，我們預計2024-2026年的總營業收入分別下降2.3%，2.7%和2.6%。
The reason for this adjustment is the unexpectedly severe price war among original equipment manufacturers (OEMs), which decreased both advertising income and the pre-owned vehicle market. We foresee a potential worsening of the new energy vehicle ("NEV") industry in 3Q2024. However, early signals suggest an improvement by 4Q2024. Despite these positive developments, the reduction in high-margin advertising revenues is likely to lead to a consistent drop in profit margins for the NEV industry in the latter half of 2024. We therefor adjust our earnings per share (EPS) projections downward for 2024-2026 by 19.5%, 17.6%, and 18.4%, respectively.
這一調整的原因是原始設備製造商之間意外激烈的價格戰導致廣告收入和二手車市場下降。我們預測新能源汽車行業在2024年第3季度可能會惡化。然而，早期信號表明在2024年第4季度會得到改善。儘管存在這些積極因素，高毛利廣告營收的減少很可能會導致新能源汽車行業利潤率在2024年後半年持續下降。因此，我們將2024-2026年的每股收益預測減少19.5%，17.6%和18.4%。
By integrating online and offline services, leveraging AI for enhanced data analysis, and facilitating sales between dealerships and car manufacturers, Autohome demonstrates its commitment to long-term growth. Autohome has established a direct and franchise sales network across East, South, Southwest, and North China in the NEV sector after a year of experimenting with its franchise model, and added 8 NEV service stations in 1H2024. The Company strategically uses these service stations as nodes, extending its reach to surrounding areas through "satellite stores". This is in alignment with national initiatives to promote NEV services. Revenue from services related to NEVs has grown from less than 5% in 2021 to approximately 30% by 2Q2024, reflecting rapid market penetration in the NEV service chain and robust commercial partnerships with leading brands. This effectively addressed market concerns about establishing new collaborative relationships.
汽車之家通過整合在線和離線服務、利用人工智能進行增強數據分析、並促進經銷商和汽車生產商之間的銷售，在長期增長方面展示了自己的承諾。在經過一年的特許經營模式試驗後，汽車之家在新能源汽車領域已在中國東部、南部、西南部和北部地區建立了直營和特許經營網絡，並在1H2024年新增了8個新能源站。該公司戰略性地利用這些服務站作爲節點，通過“衛星店”擴大業務覆蓋周圍地區。這與國家推進新能源汽車服務的倡議相一致。與行業領先品牌的堅實商業合作伙伴關係可以清楚地反映出新能源汽車服務鏈的快速市場滲透和穩健增長。這有效解決了市場對建立新夥伴關係的擔憂。
譯文內容由第三人軟體翻譯。