On February 23, the Tuhu car maintenance (shares 9690.HK) released a positive profit trailer, which achieved the first years profit.The announcement shows that as of December 31, 2023, the net profit after adjustment of the Tuhu car is expected to not be less than 450 million yuan.
For the first time, it has achieved annual profitability. It is another milestone after the listing of Tutu car raising in September 26 last year.This is not only the success of the original business model of Tuhu car maintenance, but also the leading position and strong strength of its industry.
Tuhu car maintenance is also disclosed in the announcement, it is expected that the official performance announcement will be released in mid -March.At that time, various financial data such as store size, commodity category, and number of users will be disclosed in detail. The true face of this reinforced iron bone unicorns will emerge soon, and it is also worth looking forward to.
The first realization of annual profitability continues to increase
Compared with historical and financial data, it is not difficult to find.The improvement of profitability has actually been reflected.
From 2019 to 2022, the gross profit margin of Tuhus car raising was 7.4%, 12.3%, 16.0%, and 19.7%, respectively, until the first half of 2023 reached 24.2%, a record high.
The continuous, stable, and healthy growth of revenue is the primary guarantee for the improvement of Tuhus profitability, and the main driving force of income comes from the rapid growth of users and the rapid expansion of the service network.The prospectus shows that as of the first half of 2023, Tuhu car maintenance has 5129 workshop stores, which has covered all provinces in Mainland China; registered users of about 105 million, with an average monthly active user of 9.9 million.According to the Burning Consultation Report, Tuhu car maintenance has become the largest owner community gathered by Chinese car service providers. Based on the annual revenue scale of 2022 and the number of car service stores operated by the end of March 2023Independent car service platform.
With the continuous expansion of the store scale and user scale of Tuhu car maintenance, the scale effect has begun to appear, the operating costs of Tuhu continue to dilute, and the effectiveness of human effects has gradually increased.The improvement of bargaining power in the industry has also brought a huge advantage in cost.Finally, after 13 years of establishment, Tuhu car raising for the first time to achieve annual profit. It is expected that the net profit after adjustment is not less than 450 million yuan.
If the profitability of Tuhu car raising in 2023, it will be found that since 2023, Touhus car maintenance is not only in a state of continuous profit, but also continuously expands the profit.Capability is still increasing.
In the first quarter of 2023, the net profit of Tunhus car raising was 90.849 million yuan. By the second quarter, the data increased by about 123 million yuan, an increase of more than 35%.In the first half of 2023, the net profit after adjustment of the Tuhu car was 214 million yuan. As a result, the net profit after adjustment in the second half of 2023 will exceed 236 million yuan.Essence
The business model running the flywheel effect continues to take effect
The profitability of the Tiger car maintenance continues to expand, and it also directlyIt proves the success of the Tuhu business model.
According to the information disclosed in the performance forecast, the reasons for the turn of losses include: further expansion and continuous customer base of the Touhu Factory Store Network;Tuhu can obtain better business terms from the supplier, combine the change of products and service categories, which brings improvement of gross profit margin; operating efficiency has improved.
In -depth, whether it is the expansion of the store and the user, the bargaining power of the upstream and the upstream supplier, or the improvement of the operating efficiency, it comes from the business model of the Tuhu car raising for many years.Formation of front feedback flywheel effect.
Relying on the innovative service model of online and offline integrated, Tuhu solves the pain points such as decentralized, prices and quality of the traditional automobile market, which greatly enhances the user experience.A large number of users.
On the one hand, more traffic can attract more franchisees to join, thereby bringing more storeThe improvement can bring more traffic.On the other hand, the increase in sales of more traffic also enhances the bargaining power of Tuhu to upstream, enhancing the price advantage of Tunhu, and then attracting potential customers and bringing more traffic.At the same time, a more standardized system can also bring stronger peoples goods management and control capabilities, thereby improving user experience and increasing user traffic.
In this positive cycle, Tuhus car raising successfully runs the business model and creates a car including car owners, suppliers, service stores and other participantsService ecosystem.This is a multi -win -win system, and Tuhu can also attract many high -quality partners.As the flywheel effect continues to take effect, the leading advantage of the Tuhu industry is becoming more and more obvious, and high barriers have been established.
Continuous development of new business growth space in the future
It is worth noting that Tuhu has maintained positiveState, continue to explore and open up new products, new businesses, and new markets.
In terms of new products, Tuhu continues to increase the proportion of specialized products and its own brand with higher gross profit margins. In the future, the sales structure will be further improved, and the profitability is expected to continue to improveEssenceIn the first quarter of 2019 to 2023, the revenue contribution of Touhus dedicated brand increased from 17.5%to 36.5%, and the contribution of its own brands revenue increased from 4.7%to 30.1%.
In the new business, Payigon began to explore fast repair, collision maintenance and other businesses in addition to mature businesses such as tires, maintenance, and car washing.More service categories.
At the same time, Tuhu also actively deployed new energy vehicle maintenance business. At present, 6 new energy vehicle maintenance projects such as power battery specialization, charging pile maintenance, and beauty are launched.Taking power batteries specializing as an example, as of the end of 2021, Tuhu conducted power battery maintenance in more than 300 cities in 25 provinces.In 2022, Tuhus car raising also completed about 20,000 batteries and charging pile maintenance orders.
In addition, Tuhu continues to expand the size of stores and continuously open up new markets.In 2024, Tigeri issued a preferential policy. It plans to reduce the operating pressure of the new workshop store through management fees, franchise fees, and return, and quickly expand the scale of stores and cover the target market.In the future, with the continuous increase in the scale of workshop stores, Tuhus revenue will also increase.
In the capital market, the business model of Tuhus innovative business and solid performance monetization have also been recognized and recommended by a large number of well -known brokerage analysts, such as CICC, CITIC Securities, the United States, the United States, and the United StatesA number of well -known securities firms analysis agencies such as Bank Securities, UBS, Guohai Securities, open source securities, China Merchants Bank, and Jiaotin International have recently covered Tuhu maintenance for the first time, and they have given "buy" rating.
