汽车之家-生态系统及数据优势将支撑复苏；首予“买入”评级-220929（20页）.pdf

1、 See the last page for disclaimer Page 1 of 20 Equity Research Equity Research Report Company Report 股股票票研研究究 公公司司报报告告 证证券券研研究究报报告告 互联网行业互联网行业 Internet Sector 汽车之家汽车之家-S Autohome-S(02518 HK)Company Report:Autohome-S(02518 HK)Vincent Liu 刘健威(86755)2397 6680 公司报告：汽车之家-S(02518 HK).hk 29 September 2022

2、Advantages on Ecosystem and Data to Support Recovery;Initiate With Buy 生态系统及数据优势将支撑复苏；首予“买入”评级 We initiate with a rating of Buy and a target price of HK$80.66,representing 19.0 x,16.6x and 15.1x 2022-2024 non-GAAP PER.We forecast non-GAAP shareholders net profit in 2022-2024 to increase yoy by-25.2%

3、,15.0%and 10.1%to RMB1,932 million,RMB2,221 million and RMB2,444 million,respectively.The market may be concerned about ATHMs slowing user growth and user engagement,but we think that synergies in its ecosystem enable the ATHM platform to be a powerful tool used in automotive transactions.Based on t

4、he business model of ATHM+TTP+Ping An,the Company is able to link buyers with sellers and to provide one-stop and professional services to related parties during transactions.Another advantage of ATHM is its data moat.On the one hand,ATHMs data products helps OEMs and dealers to fulfil their urgent

5、needs for marketing digitalization.On the other hand,ATHM is actively exploring its new retailing model to help NEV brands to expand customer base.Catalysts:1)Further recovery of auto industry and prosperity of NEV markets to boost demand in data products and rebound in ads,2)more favorable policies

6、 on used cars transactions to further support revenue growth of TTP.Risks:1)Potential influence from DTC model of NEV brands,2)postponed launch of new cars,3)pressure on profitability due to severe competition.我们我们首次覆盖首次覆盖公司公司，给予给予“买入”的评级，目标价为“买入”的评级，目标价为 80.66 港元，相当于港元，相当于 19.0 倍、倍、16.6 倍倍和和 15.1 倍