【行业研究报告】汽车之家-S-生态系统及数据优势将支撑复苏；首予“买入”评级

Weinitiatewitharatingof"Buy"andatargetpriceofHK$80.66,
representing19.0x,16.6xand15.1x2022-2024non-GAAPPER.We
forecastnon-GAAPshareholders’netprofitin2022-2024toincreaseyoyby
-25.2%,15.0%and10.1%toRMB1,932million,RMB2,221millionand
RMB2,444million,respectively.
ThemarketmaybeconcernedaboutATHM'sslowingusergrowthand
userengagement,butwethinkthatsynergiesinitsecosystemenable
userengagement,butwethinkthatsynergiesinitsecosystemenable
theATHMplatformtobeapowerfultoolusedinautomotive
transactions.Basedonthebusinessmodelof"ATHM+TTP+PingAn",the
Companyisabletolinkbuyerswithsellersandtoprovideone-stopand
professionalservicestorelatedpartiesduringtransactions.
AnotheradvantageofATHMisitsdatamoat.Ontheonehand,ATHM's
dataproductshelpsOEMsanddealerstofulfiltheirurgentneedsfor
marketingdigitalization.Ontheotherhand,ATHMisactivelyexploringitsnew
retailingmodeltohelpNEVbrandstoexpandcustomerbase.
Catalysts:1)FurtherrecoveryofautoindustryandprosperityofNEVmarkets
toboostdemandindataproductsandreboundinads,2)morefavorable
policiesonusedcarstransactionstofurthersupportrevenuegrowthofTTP.
Risks:1)PotentialinfluencefromDTCmodelofNEVbrands,2)postponed
launchofnewcars,3)pressureonprofitabilityduetoseverecompetition.
和15.1倍2022-2024年非GAAP市盈率。我们预测公司2022-2024年非GAAP股东净利
润将分别同比增长-25.2%、15.0%和10.1%至人民币19.32亿元、人民币22.21亿元和人
民币24.44亿元。
市场或对汽车之家的用户增长放缓以及用户参与度存在担忧，但我们认为其生态系统的协
同作用将使得汽车之家平台成为一个用于汽车交易的强大工具。基于“汽车之家+天天拍车