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Huaxi Securities: There is huge room for improvement in the domestic IAM market, and Tourover's profitability is expected to continue to increase
Recently, according to the latest research report released by Huaxi Securities, Tourover (09690), as the number one brand in the automobile service chain, has strong bargaining power in the industrial chain, with outstanding cost performance for exclusive products and its own products. At the same time, with competitive barriers built on traffic, standardization, and scale construction, profitability is expected to continue to improve in the context where domestic IAM market share, linkage rate and concentration still have a lot of room to improve. First coverage, giving Tourover an “added” rating. Huaxi Securities believes that according to the Intelligent Research and Consulting Report, the size of the US authorized dealer channel declined from 46% in 2003 to 39% in 2018, and
Huaxi Securities: There is huge room for improvement in the domestic IAM market, and the profitability of Tourover (09690) is expected to continue to increase
Huaxi Securities was covered for the first time, giving Tourover an “increase in holdings” rating.
Tourover-W (09690.HK) gains 2,6395 million shares from FIL Limited
Glonghui, May 22丨According to the latest equity disclosure data on the Stock Exchange, on May 16, 2024, Tourover-W (09690.HK) received FIL Limited's share holdings of 2,6395 million shares at an average price of HK$25.7434 per share on the market, involving approximately HK$67.95 million. After the increase in holdings, FIL Limited's latest shareholding was 477.8866 million shares, and the shareholding ratio increased from 5.99% to 6.35%.
[Broker Focus] Goldman Sachs gave Tourover (09690) a “buy” rating optimistic about its production capacity and profit expansion over the years
Jinwu Financial News | According to Goldman Sachs Research Report, Tourover (09690) management said that thanks to the increase in the revenue mix of high-profit segments and private brand products, as well as the decline in the medium-term operating expenses ratio to around 20%, gross margin is expected to rise steadily to 30% in the next few years. According to the bank, the group is confident in the expansion of workshops, the growth of trading users, and business performance in terms of user quality since the beginning of the year, and expects that offline workshops will continue to enter low-tier cities while expanding different store formats to meet consumer demand. Based on the price-earnings ratio of 17 times in 2025, the target price for Tourover is HK$29, and the rating is “buy”
Tourover-W (09690.HK) gains 200,000 shares from FIL Limited
Glonghui, May 14 | According to the latest equity disclosure data on the Stock Exchange, on May 9, 2024, Tourover-W (09690.HK) received an increase of 200,000 shares from FIL Limited at an average price of HK$25.9404 per share, involving approximately HK$5.188 million. After the increase in holdings, FIL Limited's latest shareholding was 45.1783 million shares, and the shareholding ratio increased from 5.97% to 6.00%.
[Broker Focus] China Post Securities raised Tourover (09690) to “buy” rating, indicating that word-of-mouth and repurchase rates are rising, driving factory store revenue to continue to grow
Jinwu Financial News | According to China Post Securities Research, in 2023, the number of Tourover (09690) factory stores reached 5,909, +1,256 over the same period. The company increased its factory store layout in low-tier cities and optimized the investment promotion policy in low-tier cities. The number of factory stores is expected to continue to grow rapidly. The company broadens service and SKU categories and accelerates revenue growth in the car maintenance business. Combined with the upward repurchase rate brought about by good reputation, it is expected that factory store revenue will continue to grow. The company has adapted to the trend of electrification, cooperated with many OEMs and power battery manufacturers, and made positive progress in the electric vehicle aftermarket. This bank refers to a company
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