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Tuhu Car Service 2024 ESG Report: Redefining the value chain of the Car Service Industry with Technology.
In recent years, Car Service in China has developed rapidly, with the national private car ownership surpassing 0.3 billion by the end of 2024. Along with the increase in car penetration rates, the size of the aftermarket continues to grow, while car owners have higher demands for service quality. Furthermore, as the owner demographic becomes younger, the demand for personalized and refined car maintenance continues to emerge. How the Car Service Industry keeps up with the changing demand structure and transitions towards high-quality development has become a pressing issue in the industry's upgrading process. On April 29, the 2024 ESG report from Tuhu Car Service was released, where we see that a transformation is taking place in the automotive aftermarket, breaking traditional models and reshaping the industry.
TUHU-W: 2024 ANNUAL REPORT
Tuhu Auto Service appeared at the Shanghai Foreign Trade Expansion and Domestic Sales Connection Conference to discuss the plan for foreign trade enterprises to shift their exports to domestic sales.
On April 18, at the "Shanghai E-commerce Helps Foreign Trade Expand Domestic Sales Matchmaking Conference" hosted by the Shanghai Municipal Commission of Commerce, the leading brand in the automotive aftermarket, Tuhu Maintenance, connected with nearly 80 foreign trade enterprises present and introduced an innovative path to assist foreign trade companies in transitioning to domestic sales through its own brand Global Strategy. In addition, Tuhu Maintenance announced a series of supportive measures to provide new momentum for the market. Collaborating with quality local manufacturers to open new sales channels and create "new national goods", Tuhu Maintenance has currently formed deep cooperation with over 3,200 upstream partners, including high-quality local manufacturers like Double Coin, Double Star, and Petrochina. Through C2M reverse customization.
Orient: Consumer stimulus policies have been implemented, and the consumer sentiment among residents has significantly rebounded.
The trend of Consumer recovery is good, the momentum of online retail continues to be released, and the increase in Trade volume in the e-commerce Industry is strongly supported, maintaining a Bullish rating for the Industry.
Western Securities: TUHU-W's market leadership position continues to consolidate, with simultaneous increases in user scale and stickiness.
West Securities recently released a commentary Research Report on TUHU-W (9690.HK) for its 2024 performance, believing that TUHU Car Service, as the largest integrated online and offline car service provider in the country, achieved dual-wheel growth in performance and scale during the reporting period, further consolidating its leading position in the Industry, with simultaneous enhancement in user scale and engagement. The company maintains a 'Buy' rating and forecasts that the company's revenue for 2025-27 will be 16.2/17.9/19.7 billion yuan, and the Net income attributable to the parent will be 0.65/0.83/1.07 billion yuan. Steady growth, market leadership position further solidified. TUHU announced on March 20.
[Brokerage Focus] SWHY maintains a Buy rating for Tuhu (09690), stating that the company's main business continues to grow and its profitability is expected to gradually recover.
Jinwu Finance News | SWHY released a Research Report indicating that Tuhu (09690)'s 2024 annual report shows: during the period, the company's revenue was 14.76 billion yuan, +8.5% year-on-year; adjusted Net income was 0.62 billion yuan, +29.7% year-on-year; gross margin was 25.4%, +0.7pct year-on-year. Among them, 24H2 achieved revenue of 7.63 billion yuan, +7.8% year-on-year; adjusted Net income was 0.27 billion yuan, -0.5% year-on-year. Overall performance met expectations. The bank stated that the main business maintains growth, and profitability is expected to gradually recover. In 2024, Tuhu is expected to achieve revenue of 14.759 billion yuan, +8.5% year-on-year.
