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

7、倍 2022-2024 年非年非 GAAP 市盈率。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同作用将使得使得汽车之家汽车之家平台平台成成为一个为一个用于用于汽车交易汽车交易的的强大强大工具。工具。基于“汽车之家+天天拍车+平安”的商业模式，公司能够将买家和卖家联系起来，并为交

8、易各方提供一站式的专业服务。汽车之家的另一个优势就是其数据汽车之家的另一个优势就是其数据护城河护城河。一方面，汽车之家数据产品帮助主机厂及经销商满足其营销数字化的迫切需求。另一方面，汽车之家正积极探索其新零售模式以助新能源汽车品牌扩大客户基础。催化剂：催化剂：1）汽车行业进一步复苏及新能源汽车市场的繁荣推动数据产品的需求以及广告的反弹；2）更多关于二手车交易的利好政策进一步支撑天天拍车的收入增长。风险：风险：1）来自新能源汽车品牌直面客户模式的潜在冲击；2）新车推迟发布；3）竞争激烈给盈利能力带来的压力。Rating:Buy Initial 评级：买入买入(首次覆盖)6-18m TP 目标价:

9、HK$80.66 Share price 股价:HK$58.750 Stock performance 股价表现 Change in Share Price 股价变动 1 M 1 个月 3 M 3 个月 1 Y 1 年 Abs.%绝对变动%(17.4)(24.5)(32.3)Rel.%to HS Index 相对恒指变动%(3.6)(3.0)(2.3)Avg.Share price(HK$)平均股价（港元）65.0 69.1 65.2 Source:Bloomberg,Guotai Junan International.Table_Year End Turnover Net Profit E

10、PS EPS PER BPS PBR DPS Yield ROE 年结 收入 股东净利 每股净利 每股净利变动 市盈率 每股净资产 市净率 每股股息 股息率 净资产收益率 12/31(RMB m)(RMB m)(RMB)(%)(x)(RMB)(x)(RMB)(%)(%)2020A 8,659 3,405 7.132 5.7 6.9 36.915 1.3 1.336 2.7 21.1 2021A 7,237 2,249 4.298(39.7)11.1 45.521 1.1 1.347 2.8 11.1 2022F 6,837 1,727 3.347(22.1)16.0 47.029 1.1 0.

11、949 1.8 7.5 2023F 7,478 2,028 3.924 17.2 13.7 50.635 1.1 0.669 1.2 8.3 2024F 8,017 2,250 4.338 10.6 12.4 54.466 1.0 0.785 1.5 8.5 Shares in issue(m)总股数(m)502.2 Major shareholder 大股东 Yun Chen Capital 44.80%Market cap.(HK$m)市值(HK$m)29,504.3 Free float(%)自由流通比率(%)46.3 3 month average vol.3 个月平均成交股数(000

12、)37.6 FY22 Net gearing(%)FY22 净负债/股东资金(%)Net Cash 52 Weeks high/low(HK$)52 周高/低(HK$)101.000/39.800 FY22 Est.NAV(HK$)FY22 每股估值（港元）88.5 Source:the Company,Guotai Junan International.Company Report See the last page for disclaimer Page 2 of 20 29 September 2022 Autohome-S 汽车之家-S(02518 HK)Table_PageHead

13、er Autohome-S(02518 HK)TABLE OF CONTENTS 1.Core Ideas.3 2.Earnings Forecasts and Valuation.4 2.1 Earnings Forecasts.4 2.2 Valuation.6 3.Market May Concern About Slowing User Growth and Ads Market.7 3.1 Under Pressure on User Growth and User Engagement.7 3.2 Recent Weakened Internet Ads Market.9 4.AT

14、HMs Integrated Ecosystem of the Auto Vertical.9 4.1 A Power Tool Used in Automotive Transactions.10 4.2 One-Stop Services for Used Cars Transactions.12 5.Maintaining a Competitive Edge-Data Moat.13 5.1 Opportunities Within Digitalization of OEMs and Auto Dealers.13 5.2 Opportunities Under the Rise i

15、n NEVs.15 6.Financial Performance.16 7.Risk Factors.18 Financial Statements and Ratios.19 RUjX8ZlXxUbWpUpU7NaO6MpNmMsQtRjMpPxOjMoMvM7NpOpQvPtPsONZrMnN Company Report See the last page for disclaimer Page 3 of 20 29 September 2022 Autohome-S 汽车之家-S(02518 HK)Table_PageHeader Autohome-S(02518 HK)1.Core

16、 Ideas Autohome(ATHM,or the Company)is a leading online platform for automobile(auto)consumers in China,which delivers comprehensive,independent and interactive content and tools to auto consumers as well as a full suite of services to automakers and dealers across the auto value chain.The Company p

17、lans to continue leveraging its SaaS(software as a service)capabilities together with core AI(artificial intelligence),big data,and cloud technologies(4.0 ABC+SaaS)to expand both horizontally and vertically.We think that ATHMs two largest advantages are its integrated ecosystem and data moat in the

18、auto vertical market.The market may be concerned about ATHMs slowing user growth and increasing pressure from competition from its major peers,Dongchedi(懂车帝,DCD)and BitAuto(易车),as well as the weakened internet advertising(ads)industry in recent quarters,but we think that the Company has been evolvin

19、g to realize its second growth curve based on its integrated ecosystem and data moat.Synergies in the ecosystem enable the ATHM platform to be a powerful tool used in automotive transactions.For new cars,ATHM links buyers with original equipment manufacturers(OEM),or automakers and car dealers at di

20、fferent steps of vehicle purchases and ownership,such as comparisons,test drive,transactions and motor insurance.For used cars,the business model of ATHM+TTP Car(TTP)+Ping An Group(Ping An)provides one-stop and professional services to related parties during transactions.ATHMs leading position in da

21、ta products energizes marketing strategies and digitalization of OEMs and dealers in the auto supply chain.As a leading auto vertical platform in China,ATHM has been operating for almost two decades,accumulating rich experience in knowing user demand.Massive amounts of useful and objective data is u

22、sed to make marketing decisions and give feedback and fulfil the urgent need for digitalization.Product data at the B2B side has become a new driver of ATHMs growth.Catalysts:1)Further recovery of the auto industry and prosperity of new energy vehicles(NEV)markets to boost demand for data products a

23、nd rebound in ads.2)More favourable policies on used cars transactions to further support revenue growth of TTP.Risk Factors:1)Potential impact on marketing demand due to distinguishing sales model of NEV compared with fuel vehicles.2)Decreasing demand on marketing and ads due to postponed launch of

24、 new cars because of potential factors such as short supply of chips and other materials and the Covid pandemic.3)Pressure on profitability due to severe competition with peers.Company Report See the last page for disclaimer Page 4 of 20 29 September 2022 Autohome-S 汽车之家-S(02518 HK)Table_PageHeader

25、Autohome-S(02518 HK)2.Earnings Forecasts and Valuation 2.1 Earnings Forecasts We forecast ATHMs total revenue in 2022-2024 to RMB6,837 million,RMB7,478 million and RMB8,017 million,respectively,representing yoy increase of-5.5%,9.4%and 7.2%.ATHMs revenue growth trend has diverged from Chinas interne

26、t ads market growth trend in the past few quarters.The Company traditionally provides online ads and marketing services for OEMs and automobile dealers.Passenger cars is an important vertical market for internet ads.As a result,the performance of companies that are specialized in the auto vertical i

27、s highly related to that of the overall internet ads market in China.However,the situation has changed since 2H2021.According to QuestMobile,a third-party data company,yoy growth of Chinas internet ads market scale decreased from 12.7%in 4Q2021 to-7.6%in 2Q2022,recording the first decline since the

28、Covid pandemic,while yoy growth of ATHMs revenue realized continuous marginal improvement,from-31.8%in 4Q2021 to-10.6%in 2Q2022.We think that there are two reasons for the divergence:1)shortage in chips for passenger cars slowed down production for OEMs,leading to delays in marketing plans and decli

29、ne in marketing budgets,so the auto vertical recorded weaker performance than others within the internet ads market,and 2)higher growth new business is contributing more revenue share,mainly due to urgent needs for digitalization upgrades.The overall internet ads market is still under pressure along

30、 with the weakened macroeconomy,while we think that internet ads of the auto vertical may rebound faster along with the recovery of the auto industry,with surge in the NEV market in particular.Figure-1:Growth of Revenue Has Diverged From That of Internet Ads Market Since 4Q2021 Source:QuestMobile,th

31、e Company,Guotai Junan International.We think that ATHMs revenue growth will further rely on auto sales volume and digitalized marketing expenditure of OEMs and dealers.Growth of selling and marketing expenses(S&M)of A-share listed passenger car companies and car services companies was similar to th

32、at of sales volume of passenger cars.According to China Passenger Car Association(CPCA),retail sales volume of Chinas generalized passenger cars in 7-8M2022 amounted to 3.74 million,up by 24.5%yoy,rebounding for the first time since 2H2021.We expect similar rebound of S&M of OEMs and dealers in 3Q20

33、22.Increase in S&M within the auto industry will support ATHMs revenue growth,the largest online platform in the auto vertical.ATHM generates its revenue mostly from marketing demand from OEMs and auto dealers mainly from promotions of new cars and sales of used cars.We think that the Companys reven

34、ue growth is similar to that of sales volume of passenger cars and used cars.Especially,benefitting from strong sales growth,NEVs are contributing more revenue share to ATHM and are achieving higher growth.According to CPCA,retail sales volume of Chinas passenger NEVs in 7-8M2022 continued to more t

35、han double yoy,at 115.3%.We expect ATHMs revenue growth from NEVs to accelerate its overall recovery.According to the China Automobile Dealers Association(CADA),sales volume of used cars in 7-8M2022 decreased by just 1.6%yoy,while sales amount rebounded and increased by 1.5%yoy.Considering further i

36、mplementation of favorable policies to promote the convenience of transfer of used cars,we expect TTP to achieve higher growth than before.We forecast revenue from media services(MS)in 2022-2024 to be RMB1,767 million,RMB2,000 million and RMB2,102 million,respectively,representing yoy growth of-12.1

37、%,13.2%and 5.1%,considering:1)headwinds within the auto industry Company Report See the last page for disclaimer Page 5 of 20 29 September 2022 Autohome-S 汽车之家-S(02518 HK)Table_PageHeader Autohome-S(02518 HK)in 1H2022,and 2)recovery of marketing expenditure of OEMs from 2H2022.We forecast revenue fr

38、om leads generation services(LGS)in 2022-2024 to be RMB3,044 million,RMB3,176 million and RMB3,290 million,respectively,representing yoy growth of 1.9%,4.4%and 3.6%,considering severe competition in the industry and higher customer acquisition cost for dealers.We forecast revenue from online marketp

39、lace and others(OM)in 2022-2024 to be RMB2,026 million,RMB2,302 million and RMB2,625 million,respectively,representing yoy growth of-9.5%,13.6%and 14.0%,mostly considering strong demand for data products for digitalization from auto dealers and OEMs.Figure-2:Growth of S&M of A-share Listed Passenger

40、 Car Companies and Car Services Companies Was Similar to That of Sales Volume of Passenger Cars Source:CPCA,iFinD,Guotai Junan International.Figure-3:ATHMs Revenue Growth Was Similar to That of Sales Volume of Passenger Cars,NEVs and Used Cars Source:CPCA,CADA,the Company,Guotai Junan International.

41、We forecast non-GAAP shareholders net profit in 2022-2024 to increase yoy by-25.2%,15.0%and 10.1%to RMB1,932 million,RMB2,221 million and RMB2,444 million,respectively,representing shareholders net profit margin(NPM)of 28.3%,29.7%and 30.5%.We forecast non-GAAP basic EPS in 2022-2024 to be RMB3.862,R

42、MB4.434 and RMB4.864,respectively.Our earnings forecasts are mainly based on the following assumptions:1)For gross profit margin(GPM),we forecast it to decline to 83.6%in 2022 and expect it to remain stable in 2023-2024,considering active investment in content in 2022.But we expect profitability of

43、data products to improve mainly due to economies of scale,and that of TTP to improve mainly due to synergies with the Company.2)We expect increase in S&M and product development expenses in 2022 mainly due to escalation of marketing and promotional spending and greater investment in research and dev

44、elopment(R&D)activities for digital products.We expect S&M and product development expenses in 2023 and 2024 to realize yoy growth but expenses to revenue ratios to fall back gradually mainly due to effective expense management.Company Report See the last page for disclaimer Page 6 of 20 29 Septembe

45、r 2022 Autohome-S 汽车之家-S(02518 HK)Table_PageHeader Autohome-S(02518 HK)3)We expect decline in operating profit margin(OPM)in 2022 due to increase in cost of services and operating expenses,but to recover steadily in 2023 and 2024.Table-1:ATHMs Earnings Forecasts RMB 000(unless indicated otherwise)20

46、20A 2021A 2022F 2023F 2024F Media services 3,455,056 2,011,446 1,767,178 2,000,302 2,102,347 Leads generation services 3,198,832 2,988,075 3,043,632 3,176,091 3,289,736 Online marketplace and others 2,004,671 2,237,483 2,025,996 2,301,733 2,624,916 Total Revenue 8,658,559 7,237,004 6,836,806 7,478,1

47、26 8,016,998 Gross Profit 7,697,389 6,189,112 5,713,920 6,250,421 6,722,887 Gross profit margin 88.9%85.5%83.6%83.6%83.9%Selling and marketing expenses 3,246,507 2,759,905 2,845,339 2,876,359 3,070,046 General and administrative expenses 381,843 543,799 528,812 560,007 599,437 Product development ex

48、penses 1,364,227 1,398,037 1,461,114 1,534,815 1,587,398 Operating Profit 3,148,027 1,781,612 1,276,081 1,700,771 1,919,566 Operating profit margin 36.4%24.6%18.7%22.7%23.9%Shareholders net profit 3,405,229 2,248,785 1,727,421 2,028,333 2,249,913 Net profit margin 39.3%31.1%25.3%27.1%28.1%Non-GAAP s

49、hareholders net profit 3,620,991 2,582,367 1,931,878 2,220,971 2,444,429 Non-GAAP net profit margin 41.8%35.7%28.3%29.7%30.5%EPS,basic(RMB)7.13 4.30 3.35 3.92 4.34 Non-GAAP EPS,basic(RMB)7.58 5.17 3.86 4.43 4.86 Source:the Company,Guotai Junan International.2.2 Valuation We forecast 19.0 x,16.6x and

50、 15.1x 2022-2024 non-GAAP PER for ATHM,equivalent to a target price of HK$80.66 and investment rating of Buy.PE valuation method:Considering ATHMs business,we refer to three groups of peers:1)cars related to online platforms such as and ;2)online ads and information platforms,such as Tencent,Weibo a

51、nd Sohu,where users can find auto channels on websites and on apps;and 3)SaaS companies such as Bairong and Ming Yuan Cloud,which specialize in finance and real estate verticals,respectively.We expect lower PE ratio for internet ads business,considering smaller overall user base compared with Tencen

52、t and Baidu.However,we think that ATHMs data products should be valued at higher PE by referring to SaaS companies,mainly due to relatively higher growth and larger market potential.To summarize,we give 16.6x 2023 non-GAAP PER for ATHM,representing target price of HK$80.66,indicating 37.3%upside pot

53、ential.DCF valuation method:We assume WACC of 15.0%and perpetuity growth rate(three-stage)of 1.0%.Our result is HK$88.49,9.7%higher than that from PE valuation.Taking a conservative approach,our target price adopts PE valuation.Company Report See the last page for disclaimer Page 7 of 20 29 Septembe

54、r 2022 Autohome-S 汽车之家-S(02518 HK)Table_PageHeader Autohome-S(02518 HK)Table-2:Peers Comparison Company Ticker Currency Last price PER(x)PS(x)PB PEG Market Cap 22F 23F 24F 22F 23F 24F 22F 22F-24F HK$(million)Cars Related Online Platforms Autohome 02518 HK HKD 58.750 13.7 12.0 10.9 4.0 3.6 3.4 1.1 0.

55、7 29,503 Cars.Com CARS US USD 12.010 9.8 8.6 5.6 1.2 1.2 1.1 n.a.0.3 6,398 Carparts.Com PRTS US USD 5.550 111.0 79.3 23.1 0.5 0.4 0.3 n.a.0.9 2,373 Simple Average 44.8 33.3 13.2 1.9 1.7 1.6 1.1 0.7 Weighted Average 19.1 15.6 10.8 3.3 3.0 2.8 0.8 0.7 Advertising and Information Platforms Tencent 0070

56、0 HK HKD 274.000 21.0 17.5 14.6 4.3 3.8 3.3 2.7 1.0 2,629,283 Baidu 09888 HK HKD 114.200 15.6 13.2 11.3 2.4 2.1 1.9 1.4 0.8 315,695 Weibo 09898 HK HKD 125.000 7.1 6.4 5.0 1.9 1.7 1.6 0.9 0.4 29,570 Sohu.Com SOHU US USD 16.870 n.a.n.a.52.7 0.8 0.7 0.7 n.a.n.a.4,467 Simple Average 14.6 12.4 20.9 2.3 2

57、.1 1.9 1.7 0.8 Weighted Average 20.3 17.0 14.2 4.0 3.6 3.2 2.5 1.0 SaaS Companies Salesforce*CRM US USD 150.170 31.7 26.5 21.4 4.8 4.2 3.6 2.4 1.5 1,178,789 Workday*WDAY US USD 156.850 45.8 34.9 27.2 6.5 5.4 4.6 7.2 1.5 315,194 Twilio TWLO US USD 73.290 n.a.446.9 105.5 3.5 2.7 2.1 1.3 n.a.105,353 Mi

58、ng Yuan Cloud 00909 HK HKD 5.400 n.a.n.a.42.9 4.6 3.9 3.3 1.7 n.a.10,543 Weimob 02013 HK HKD 2.890 n.a.n.a.74.1 3.2 2.6 2.2 2.0 n.a.7,368 Bairong 06608 HK HKD 7.900 22.6 18.2 15.0 1.9 1.5 1.2 0.8 1.0 4,065 Kingsoft Cloud KC US USD 2.080 n.a.n.a.n.a.0.4 0.3 0.3 0.4 0.1 3,976 Cloopen RAAS US USD 0.776

59、 n.a.n.a.n.a.0.6 0.4 n.a.0.3 0.1 1,001 Simple Average 33.4 131.6 47.7 3.2 2.6 2.5 2.0 0.8 Weighted Average 34.6 55.8 28.4 5.0 4.3 3.7 3.3 1.4 Overall Average 30.9 59.1 27.3 2.5 2.1 2.0 1.6 0.7 Overall Weighted Average 24.7 29.5 17.8 4.1 3.6 3.2 2.2 1.0 Source:Bloomberg.Note:*represents figures of FY

60、23/FY24/FY25 Figure-4:ATHMs PE Graph Figure-5:ATHMs PER Range Source:Bloomberg.Source:Bloomberg.3.Market May Concern About Slowing User Growth and Ads Market 3.1 Under Pressure on User Growth and User Engagement There may be concerns about user growth for ATHM compared with recent good performance o

61、f its peers,such as DCD.There are three major players in the online auto platforms industry:ATHM,DCD and BitAuto.According to MoonFox,a third-party data company,ATHMs new users amounted to 3.48 million and 3.19 million in 1Q2021 and 2Q2021,respectively,lower than 4.74 million/4.26 million of DCD and

62、 4.06 million/4.07 million of BitAuto.Monthly active users(MAU)of ATHM was 43.69 million in 1Q2021,maintaining the position of largest online auto platform in China,higher than that of DCD and BitAuto.But MAU slightly decreased to 43.61 million in 2Q2021,while that of DCD and BitAuto continued to in

63、crease to a larger extent.The Number of new users of ATHM increased to 5.30 million in 1Q2022 and further increased to 9.66 million in 2Q2022,defeating that Company Report See the last page for disclaimer Page 8 of 20 29 September 2022 Autohome-S 汽车之家-S(02518 HK)Table_PageHeader Autohome-S(02518 HK)

64、of DCD.But BitAuto achieved the largest numbers in 1Q2022 and 2Q2022,at 7.64 million and 11.15 million,respectively.The Company continues to face pressure from DCD and BitAuto.Although ATHM was still the largest platform in terms of MAU in 1H2021,their leading advantage has narrowed,and DCD exceeded

65、 BitAuto in 1H2022.Users were more active on the DCD platform than on the ATHM platform.According to MoonFox,average daily active users(DAU)of ATHM increased slightly from 11.2 million in 2Q2021 to 11.9 million in 2Q2022,while that of DCD increased significantly from 7.3 million to 11.0 million,narr

66、owing the gap to ATHM.As a result,DCDs leading advantage in user engagement in terms of DAU/MAU became larger in 2Q2022,at 31.8%.On the other hand,by taking BYD Han EV,Tesla Model 3 and BMW 3x for example,the number of subscribtion users at DCDs Cheyouquan(车友圈)was significantly higher than on ATHMs

67、forums(论坛)and BitAutos communities(社区),indicating more user engagement on DCD.In addition,according to MoonFox,the proportion of heavy users in 2Q2022 on DCD was slightly higher than that of ATHM,but the difference was minor.Figure-6:ATHM Under Pressure on New Users Figure-7:ATHMs Advantage on MAU W

68、eakened Source:MoonFox,Guotai Junan International.Source:MoonFox,Guotai Junan International.Figure-8:Larger Increase in DCDs DAU Figure-9:DCD Has Higher User Engagement(DAU/MAU)Source:MoonFox,Guotai Junan International.Source:MoonFox,Guotai Junan International.Company Report See the last page for di

69、sclaimer Page 9 of 20 29 September 2022 Autohome-S 汽车之家-S(02518 HK)Table_PageHeader Autohome-S(02518 HK)Figure-10:DCD with More Subscription Users Figure-11:DCD with Higher Proportion of Heavy Users Source:ATHM App,DCD App,BitAuto App,Guotai Junan International.Note:Data was collected at 18:00 on 13

70、 September,2022.Source:MoonFox,Guotai Junan International.Note(1):Light users are those who use an app with 1-3 days per month.Note(2):Moderate users are those who use an app with 4-8 days per month.Note(3):Heavy users are those who use an app with no less than 9 days per month.Note(4):Period of dat

71、a collected was in 2Q2022.3.2 Recent Weakened Internet Ads Market Recovery of Chinas internet ads market may be slower than expected in 2022.Mainly due to the resurgence of Covid-19 in 1Q2022,marketing plans were delayed or cut by advertisers,leading to a weakened internet ads market.Although daily

72、user time spent on auto information apps increased yoy to 20.7 minutes and 18.2 minutes in 1Q2022 and 2Q2022,respectively,according to MoonFox,we think that ads revenue from the auto vertical was still under pressure from weak demand from OEMs and auto dealers.According to QuestMobile,market scale o

73、f Chinas internet ads decreased yoy by 2.3%to RMB290.4 billion in 1H2022.Along with the resumption of production and marketing spending,QuestMobile expects recovery in 2H2022,up by 9.4%yoy to RMB391.3 billion.We expect ads from the auto vertical to rebound in 2H2022,considering:1)implementation of f

74、avorable policies on purchase of passenger cars and NEVs,and 2)several auto shows to be held to boost marketing demand.Figure-12:Internet Ads Market Suffered Decline in 1H2022 Figure-13:Users Spent More time on Auto Information Apps YoY Source:QuestMobile,Guotai Junan International.Source:MoonFox,Gu

75、otai Junan International.4.ATHMs Integrated Ecosystem of the Auto Vertical There may be concerns about user growth,user engagement and the weak internet ads market,but we think that ATHMs growth opportunities come more from changes in the B2B side,rather than the B2C side.Compared with its major cha

76、llengers,DCD and BitAuto,we think that advantages of ATHM are its integrated ecosystem and data moat.Company Report See the last page for disclaimer Page 10 of 20 29 September 2022 Autohome-S 汽车之家-S(02518 HK)Table_PageHeader Autohome-S(02518 HK)4.1 A Power Tool Used in Automotive Transactions Compar

77、ed with its major peers,we think that the ATHM platform is a powerful tool used in automotive transactions,with healthier and more sustainable growth.ByteDance has strategically invested in DCD and Tencent has strategically invested in BitAuto;DCD and Bitauto may significantly benefit from strong tr

78、affic volume due to their internet heritage,leading to higher user growth in the early stages.However,we think that this benefit is for the B2C side.User growth potential is getting smaller as penetration rate on the internet is approaching a bottleneck.On the other hand,to acquire more market share

79、,DCD and BitAuto may apply a low price strategy to attract new customers.In addition,internet giants,such as ByteDance and Tencent,have started to act less aggressively on investment and have reduced part of their investment portfolio,due to the recently weakened internet industry and earnings press

80、ure.As a result,we think that financial support from major shareholders from the internet industry may not be as strong as before and a low price strategy regardless of costs may not be sustainable.As for ATHM,we think that it useful for users and provides reliable,objective and comprehensive inform

81、ation before making their final decisions of purchase.For ATHMs customers,OEMs and auto dealers,advertisements and leads can be exposed to consumers with real demand for purchasing cars.In ATHMs ecosystem,the Company generates MS and OM revenue from OEMs or automakers,and LGS and OM revenue from car

82、 dealers:MS(media services):Provide automakers with targeted marketing solutions in connection with brand promotion,new vehicle model releases and sales promotions.ATHMs large and engaged user base of automobile consumers provides a broad reach for automakers marketing messages.LGS(leads generation

83、services):Enables auto dealer subscribers to create their own online stores,list pricing and promotional information,provide dealer contact information,place advertisements and manage customer relationships to help them reach a broad range of potential customers and effectively market their automobi

84、les to consumers online and ultimately generate sales leads.LGS also includes used car listing services,which provides a user interface that allows potential used car buyers to identify suitable listings and contact the relevant sellers.OM(online marketplace and others):Focus on providing facilitati

85、on services for new and used car transactions and other platform-based services for new and used car buyers and sellers.1)Data products leverage ATHMs intelligent big data analytics capabilities and massive pool of accumulated user data to provide end-to-end data-driven products and solutions for au

86、tomakers and dealers across different stages of the value chain.The Company believes that the breadth and depth of these products and solutions on its platform will allow the Company to build a robust and technology-driven automotive ecosystem that covers all aspects of the automobile ownership life

87、 cycle.2)ATHM also provides comprehensive auto-related services to users by integrating TTPs offline vehicle examination,ownership transfer services and other ancillary services with online services.3)Through auto financing business,ATHM provides services to cooperative financial institutions that i

88、nvolve facilitating the sale of their loans and insurance products to consumers and independent automobile sellers.ATHMs ownership structure is fundamental to its integrated ecosystem.Ping An,which is a leading company of motor insurance in China,has invested in ATHM,while ATHM has invested in TTP,a

89、 leading used car bidding platform in China.Ping An is a major shareholder of ATHM.As of March 31,2022,Yun Chen owned 44.8%of ATHMs total issued and outstanding ordinary shares.Yun Chen is a subsidiary of Ping An Group,which beneficially owns 44.8%of the total voting rights in the Company.Ping An Gr

90、oup is a world-leading technology-powered retail financial services group with a focus on the businesses of insurance,banking,asset management,and technology.ATHM is firmly embedded into the Ping An ecosystem as an important segment of Ping Ans auto ecosystem.According to the China Banking and Insur

91、ance Regulatory Commission,premiums for Chinas property and casualty insurers in 1H2022 amounted to RMB803.4 billion,where motor premiums accounted for the largest part,of 49.5%or RMB397.6 billion.According to Ping An,the second largest insurer in China next to PICC,premiums from property and casual

92、ty insurance amounted to RMB146.8 billion,where motor insurance amounted to RMB95.5 billion,accounting for 65.1%of total premiums.Market share of Ping Ans motor insurance was 24.0%in 1H2022,up by 0.2 ppt yoy.TTP is a consolidated subsidiary of ATHM.TTP was built in 2015,strategically invested in by

93、ATHM in 2018 and was consolidated by the Company in 2021.Company Report See the last page for disclaimer Page 11 of 20 29 September 2022 Autohome-S 汽车之家-S(02518 HK)Table_PageHeader Autohome-S(02518 HK)Figure-14:ATHMs Ecosystem Source:the Company.Company Report See the last page for disclaimer Page 1

94、2 of 20 29 September 2022 Autohome-S 汽车之家-S(02518 HK)Table_PageHeader Autohome-S(02518 HK)Figure-15:ATHMs Organizational Structure Source:the Company.4.2 One-Stop Services for Used Cars Transactions ATHMs leading auto bidding platform enables used car individual sellers to link tightly with buyers a

95、nd provides one-stop services to enhance the transaction process.With mobile internet and its self-developed real-time online auction trading system,TTP provides a revolutionary car selling experience,helps individual owners sell cars quickly at high prices,and provides one-stop used car trading ser

96、vices such as on-site inspection,online bidding,and package handling.TTP accounted for significant proportion of used car trading volume in China,with continuous increasing share.The Company is building a certified used car system,which has been launched to tens of cities in China.We believe that th

97、e business model of ATHM+TTP+Ping An will be able to exploit advantages along with the implementation of stimulus policies for used car transactions.According to CADA,GMV of used cars was RMB717.5 billion in 1-8M2022,up by 0.9%yoy and is resuming growth.Recent policies have eased restrictions on aut

98、o transfer between cities,and we expect it to boost further recovery of used car transactions.As a leading auto bidding platform,we believe that TTP will achieve higher growth than before.Company Report See the last page for disclaimer Page 13 of 20 29 September 2022 Autohome-S 汽车之家-S(02518 HK)Table

99、_PageHeader Autohome-S(02518 HK)Table-3:Recent Policy to Support Used Card Transactions Date Department(s)Policy Key Points 2022/7/7 the Ministry of Commerce of PRC,etc.Several Measures to Enliven Automobile Circulation and Expand Automobile Consumption 关于搞活汽车流通 扩大汽车消费的若干措施 1.Fully abolish the trans

100、fer restriction policy of used cars(including small non-operating cars complying with National V Emission Standards)and promote free circulation.2.Optimize transaction registration management and promote efficient circulation.3.Support dealer operations and promote large-scale development.2022/9/6 t

101、he Ministry of Commerce of PRC,the Ministry of Public Security of PRC Notice on Improving the Administration of Archival Filing and Vehicle Transaction Registration for Used Car Market Entities 关于完善二手车市场主体备案和车辆交易登记管理的通知 1.Improve record management of used car market entities 2.Standardize registrati

102、on and endorsement management of passenger cars of dealers 3.Facilitate transfer registration of used passenger cars 4.Standardize management of temporary vehicle license plates 5.Strengthen supervision over used car operations Source:Ministry of Commerce of PRC,Ministry of Public Security of PRC,Gu

103、otai Junan International.Figure-16:More Used Cars on Sales at ATHM App Source:ATHM App,DCD App,Guotai Junan International.Note:Data was collected at 15:20 on 14 September,2022.5.Maintaining a Competitive Edge-Data Moat 5.1 Opportunities Within Digitalization of OEMs and Auto Dealers We believe that

104、ATHMs data moat will enable the Company to grasp the opportunities associated with digitalization.Despite pressure from the NEV market,which may lead to pressure on earnings and decline in marketing spending,we think that there is still an urgent need and great potential for digitalization of tradit

105、ional OEMs and auto dealers to survive and compete with NEV brands.We think that demand for digitalization mainly comes from:1)increasing customized needs from auto buyers,2)intensive competition within the auto industry due to slowing overall growth,3)pressure on expense spending along with decreas

106、ing return on investment(ROI)of traditional practices,and 4)support from policy on industrial internet and digitalized upgrades.On the other hand,based on its leading position in data products,we think that ATHM can match demand and supply from marketing digitalization,especially from traditional OE

107、Ms and dealers.In terms of the breadth of data,we think that ATHMs advantage comes from its cultivation in the auto vertical for almost two decades.On the one hand,ATHM has a deep understanding about the changes in demand from auto buyers and sense of Company Report See the last page for disclaimer

108、Page 14 of 20 29 September 2022 Autohome-S 汽车之家-S(02518 HK)Table_PageHeader Autohome-S(02518 HK)latest development of market direction,which is vital under the switch from traditional fuel vehicles to NEVs.On the other hand,as regulation on data collection,such as the implementation of Personal Info

109、rmation Protection Law,has tightened,platforms with smaller user bases and with shorter operating hours may not be able to energize OEMs and dealers without enough breadth of data.Figure-17:Operating for Almost Two Decades and Building up Data Moat Source:ATHM.In terms of the depth of data,we think

110、that AHTMs authenticity and comprehensiveness of data will help build up its moat.Compared with DCD,ATHM may have fewer subscription users,but it has significantly more certified car owners,by taking BYD Han EV,Tesla Model 3 and BMW 3x for example,which indicates that potential buyers can receive re

111、al information and learn about experiences from car owners in ATHMs forums.On the other hand,the amount of content on ATHMs forums is also significantly higher than that on DCDs Cheyouquan and BitAutos communities,indicating more useful interaction on ATHMs platform.Figure-18:More Certified Car Owne

112、rs at ATHM Figure-19:More Information on ATHM Platforms Source:ATHM App,DCD App,Guotai Junan International Note:Data was collected at 18:00 on 13 September,2022.Source:ATHM App,DCD App,BitAuto App,Guotai Junan International.Note:Data was collected at 18:00 on 13 September,2022.The vast amount of com

113、prehensive data is the fundamental of ATHMs data products.Along with aggressive R&D investment,we expect ATHM to continue to keep its leading position on marketing digitalization and to achieve business transformation.In 2Q2022,the number of auto dealer customers using data products increased by 14%

114、yoy.In 1H2022,average revenue per dealer store and average number of data products adopted by each dealer store rose yoy by 20%and 32%,respectively.In addition,ATHM held more than 300 national and local online auto shows,reaching over 70 million people throughout China.Company Report See the last pa

115、ge for disclaimer Page 15 of 20 29 September 2022 Autohome-S 汽车之家-S(02518 HK)Table_PageHeader Autohome-S(02518 HK)5.2 Opportunities Under the Rise in NEVs There may be challenges from the rise in NEV brands from distinguished business models and delivery channels.NEV brands such as NIO,Xpeng and Li

116、Auto use a direct-to-customer(DTC)sales model,which bypasses the step of car dealers,while the majority of ATHMs revenue comes from LGS at present.As a result,the market may be concerned about ATHMs long-term growth along with the continuous development of NEV markets and contraction of dealer marke

117、ts.However,we think that there are still opportunities for ATHM under development of NEV markets,mainly considering:1)The urgent need for rapid expansion in the NEV market cannot simply rely on their DTC business model.NEV brands may be good at maintaining existing customers and improving customer l

118、oyalty,but their priority is to increase customer base,exploit economies of scale and to improve revenue growth and realize breakeven.ATHM with the largest user base of the auto vertical provides opportunities for NEV brands to expand customer base.2)Intermediaries between buyers and OEMs will not d

119、isappear.From the point of view of potential auto buyers,they need objective and comprehensive information to compare different types of cars and different brands before making decisions to test drive and purchase.ATHM is an appropriate intermediary with comprehensive,objective and professional info

120、rmation,no matter what kind of seller,OEMs or dealers,traditional brands or NEV brands.3)ATHM is exploring its new retailing model,embedding metaverse technology by introducing ATHM Energy Space(Energy Space).Energy Space is user-centred and aims to empower both B2C and B2B.For B2C users,they can sh

121、op for vehicles,test drive vehicles in less time and with less effort than traditional formats.For the B2B side,it can lower cost and improve sales volume for OEMs and dealers.In addition,Energy Space realized three innovations,or the ABC Model.A is for all in one,which provides one-stop services fo

122、r users.B is for belong to customers,which provides exclusive private service rooms to customers.C is for creative technology,which applies to the immersive metaverse experience and holographic technology to bring in-depth product analysis and more real technology experience.The first Energy Space w

123、as launched in Shanghai on 5 September 2022.NEV brand performance on the ATHM platform was strong in the past few quarters.Although revenue share was relatively small,according to the management,revenue in 1Q2022 surged by 156.1%yoy and yoy growth in 2Q2022 continued to significantly outpaced the ma

124、rket.According to CPCA,sales volume of NEVs in China increased yoy by 144.3%and 102.9%in 1Q2022 and 2Q2022,respectively.Figure-20:ATHM Energy Space Figure-21:Holographic Intelligent Cockpit at ATHM Energy Space Source:.Source:.Company Report See the last page for disclaimer Page 16 of 20 29 Septembe

125、r 2022 Autohome-S 汽车之家-S(02518 HK)Table_PageHeader Autohome-S(02518 HK)6.Financial Performance ATHMs total revenue in 2Q2022 amounted to RMB1,733 million,rebounding and up by 17.8%qoq.Yoy decline of revenue narrowed down to 10.6%,compared with 31.8%in 4Q2021 and 20.1%in 1Q2022,although still affecte

126、d by headwinds from both the auto industry and the internet ads industry.Revenue from MS decreased by 11.5%yoy but surged by 98.9%qoq to RMB531 million,mainly due to resumption of production of OEMs in major cities such as Shanghai.LGS increased by 1.2%yoy and 6.3%qoq to RMB753 million,accounting fo

127、r 43.4%of total revenue.OM amounted to RMB450 million,down 24.3%yoy and 9.4%qoq,mainly due to delayed demand from postponed new car launches.GPM,OPM and NPM increased qoq by 1.2 ppt,1.0 ppt and 3.5 ppt,respectively,while non-GAAP NPM decreased qoq by 2.5 ppt,mainly due to lower share-based compensat

128、ion and investment net loss added back.Shareholders net profit under GAAP and non-GAAP measures decreased yoy by 42.4%and 40.6%to RMB435 million and RMB472 million,respectively,representing NPM of 25.1%and 27.2%.For 1H2022,total revenue amounted to RMB3,204 million,down 15.2%yoy.Non-GAAP shareholder

129、s net profit decreased by 40.6%yoy to RMB910 million.There was marginal improvement in revenue growth and margins from 1Q2022 to 2Q2022,but non-GAAP NPM was not better off mainly due to lower share-based compensation and investment net loss,as well as further increase in S&M.Table-4:ATHMs Financial

130、Results RMB million(unless indicated otherwise)2Q21 1Q22 2Q22 YoY QoQ 1H21 1H22 YoY Media services 600 267 531 (11.5%)98.9%1,205 797 (33.8%)Leads generation services 744 708 753 1.2%6.3%1,442 1,461 1.3%Online marketplace and others 594 496 450 (24.3%)(9.4%)1,133 946 (16.5%)Total revenue 1,938 1,471

131、1,733 (10.6%)17.8%3,780 3,204 (15.2%)Gross profit 1,676 1,216 1,454 (13.3%)19.6%3,275 2,670 (18.5%)Gross profit margin 86.5%82.7%83.9%(2.6)ppt 1.2 ppt 86.6%83.3%(3.3)ppt Selling and marketing expenses 562 592 739 31.4%24.7%1,245 1,331 6.9%General and administrative expenses 177 137 127 (28.4%)(7.3%)

132、305 263 (13.8%)Product development expenses 335 355 362 8.2%2.0%639 717 12.2%Other operating income,net 70 109 75 6.1%(31.5%)154 184 19.0%Operating profit 673 241 301 (55.2%)24.9%1,240 542 (56.2%)Operating profit margin 34.7%16.4%17.4%(17.3)ppt 1.0 ppt 32.8%16.9%(15.9)ppt Shareholders net profit 755

133、 318 435 (42.4%)36.7%1,459 753 (48.4%)Net profit margin 39.0%21.6%25.1%(13.9)ppt 3.5 ppt 38.6%23.5%(15.1)ppt Non-GAAP shareholders net profit 795 438 472 (40.6%)7.9%1,530 910 (40.6%)Non-GAAP net profit margin 41.0%29.7%27.2%(13.8)ppt(2.5)ppt 40.5%28.4%(12.1)ppt EPS,basic(RMB)1.48 0.61 0.85(42.9%)38.

134、7%2.79 1.45(48.0%)Non-GAAP EPS,basic(RMB)1.58 0.87 0.94(40.2%)8.7%3.10 1.81(41.6%)Source:the Company,Guotai Junan International.Company Report See the last page for disclaimer Page 17 of 20 29 September 2022 Autohome-S 汽车之家-S(02518 HK)Table_PageHeader Autohome-S(02518 HK)Figure-22:YoY Decline of Rev

135、enue Continued to Narrow in 2Q2022 Figure-23:Revenue Share of Online Marketplace and Others Temporarily Declined in 2Q2022 Source:the Company,Guotai Junan International.Source:the Company,Guotai Junan International.Figure-24:Content-Related Costs Accounted for Almost Half of Total Cost of Services i

136、n 2021 Figure-25:Operating Expenses to Revenue Ratio Decreased in 2Q2022 Source:the Company,Guotai Junan International.Source:the Company,Guotai Junan International.Figure-26:GPM and Adjusted EBITDA Margin Improved QoQ in 2Q2022 Figure-27:OPM and NPM Rebounded in 2022 Source:the Company,Guotai Junan

137、 International.Source:the Company,Guotai Junan International.Company Report See the last page for disclaimer Page 18 of 20 29 September 2022 Autohome-S 汽车之家-S(02518 HK)Table_PageHeader Autohome-S(02518 HK)7.Risk Factors 1)Potential impact on marketing demand due to distinguished sales model of NEVs

138、compared with traditional fuel vehicles.NEV brands usually apply DTC sales model and bypass dealers,who may miss great opportunities under the rising NEV market.As a result,ATHM may face decreasing demand from LGS.2)Decreasing demand on marketing and ads due to postponed launches of new cars because

139、 of potential factors such as short supply of chips and other materials and the Covid pandemic.Negative factors may influence OEM launches of new cars.As a result,OEMs may reduce marketing requirements,leading to fluctuations in ATHMs revenue growth.3)Pressure on profitability due to severe competit

140、ion with peers.Vicious competition may harm sustainable long-term development in the industry if irrational low price strategies are applied,which may impact ATHMs profitability.Company Report See the last page for disclaimer Page 19 of 20 29 September 2022 Autohome-S 汽车之家-S(02518 HK)Table_PageHeade

141、r Autohome-S(02518 HK)Financial Statements and Ratios Income Statement Year end 31 Dec(RMB m)2020A 2021A 2022F 2023F 2024F Total revenue 8,659 7,237 6,837 7,478 8,017-Media services 3,455 2,011 1,767 2,000 2,102-Leads generation services 3,199 2,988 3,044 3,176 3,290-Online marketplace and others 2,

142、005 2,237 2,026 2,302 2,625 Cost of revenue(961)(1,048)(1,123)(1,228)(1,294)Gross profit 7,697 6,189 5,714 6,250 6,723 S&M(3,247)(2,760)(2,845)(2,876)(3,070)G&A(382)(544)(529)(560)(599)Product development expenses(1,364)(1,398)(1,461)(1,535)(1,587)Other operating income,net 443 294 397 422 454 Opera

143、ting profit 3,148 1,782 1,276 1,701 1,920 Interest and investment income 522 395 453 319 335 Earnings from equity investments(1)0(12)3(2)Profit before tax 3,669 2,177 1,718 2,022 2,253 Income tax(261)(34)(57)(72)(89)Profit after tax 3,408 2,143 1,661 1,950 2,163 Non-controlling interest(2)106 66 78

144、87 Shareholders profit/loss 3,405 2,249 1,727 2,028 2,250 Basic EPS(RMB)7.132 4.298 3.347 3.924 4.338 Non-GAAP shareholders profit 3,621 2,582 1,932 2,221 2,444 Non-GAAP EPS(RMB)7.584 5.166 3.862 4.434 4.864 Cash Flow Statement Year end 31 Dec(RMB m)2020A 2021A 2022F 2023F 2024F Profit for the year

145、3,408 2,143 1,661 1,950 2,163 D&A 279 431 484 448 420 Share-based compensation 211 206 195 213 228 Changes in investments 26 107 16(30)(29)Deferred income taxes(22)(151)(91)(95)(101)Others 18 52(76)27(1)Change in working capital(594)735 275(227)(154)Cash from operating activities 3,326 3,524 2,464 2

146、,285 2,527 Investing activities CAPEX(264)(219)(281)(262)(242)Short-term investments(2,082)(3,517)(2,472)(2,368)(2,372)Long-term investments(640)(77)(457)(49)(59)Cash from investing activities(2,985)(3,813)(3,210)(2,679)(2,674)Financing activities Issuance of shares 0 3,566 0 0 0 Dividend paid(651)(

147、673)(474)(335)(394)Others 104 6(622)0 0 Cash from financing activities(547)2,898(1,096)(335)(394)Cash at beg of year 1,993 1,769 4,332 2,487 1,754 Net changes in cash(207)2,609(1,842)(728)(541)FX change(18)(47)(2)(5)(6)Cash at end of year 1,769 4,332 2,487 1,754 1,207 Source:the Company,Guotai Junan

148、 International.Balance Sheet Year end 31 Dec(RMB m)2020A 2021A 2022F 2023F 2024F Cash&cash equivalents 1,769 4,332 2,487 1,754 1,207 Short-term investments 12,878 16,496 18,963 21,359 23,763 Accounts receivable 3,124 2,139 1,650 1,778 1,906 Amounts due from related parties 47 83 50 53 55 Others 563

149、280 476 548 603 Total current assets 18,382 23,331 23,626 25,491 27,533 Property and equipment 410 381 353 328 304 Intangible assets 440 357 374 389 400 Goodwill 4,071 4,071 4,071 4,071 4,071 Long-term investments 70 71 516 568 624 Amounts due from related parties 18 8 17 18 20 Deferred tax assets 8

150、0 176 211 254 304 Others 259 133 173 199 219 Total non-current assets 5,349 5,198 5,716 5,828 5,943 Total assets 23,731 28,529 29,342 31,318 33,476 Accrued Exp and other payables 2,578 2,045 2,249 2,362 2,480 Advance from customers 127 123 111 117 122 Deferred revenue 1,316 1,553 1,491 1,565 1,644 I

151、ncome tax payable 85 233 187 196 206 Others 80 32 32 33 35 Total current liabilities 4,186 3,986 4,069 4,273 4,486 Other liabilities 105 29 58 60 63 Deferred tax liabilities 632 577 521 468 417 Total non-current liabilities 736 605 578 528 481 Total liabilities 4,922 4,592 4,648 4,801 4,967 Total sh

152、areholders equity 17,626 22,754 23,525 25,363 27,372 Minority interest 1,183 1,183 1,170 1,154 1,137 Total equity 18,809 23,937 24,694 26,517 28,509 Financial Ratios 2020A 2021A 2022F 2023F 2024F Gross margin(%)88.9 85.5 83.6 83.6 83.9 Operating margin(%)36.4 24.6 18.7 22.7 23.9 Net margin(%)39.3 31

153、.1 25.3 27.1 28.1 Non-GAAP net margin(%)41.8 35.7 28.3 29.7 30.5 ROA(%)15.9 8.2 5.7 6.4 6.7 ROE(%)21.1 11.1 7.5 8.3 8.5 Company Report See the last page for disclaimer Page 20 of 20 29 September 2022 Autohome-S 汽车之家-S(02518 HK)Table_PageHeader Autohome-S(02518 HK)Company Rating Definition The Benchm

154、ark:Hong Kong Hang Seng Index Time Horizon:6 to 18 months Rating Definition Buy 买入 Relative Performance15%;or the fundamental outlook of the company or sector is favorable.Accumulate 收集 Relative Performance is 5%to 15%;or the fundamental outlook of the company or sector is favorable.Neutral 中性 Relat

155、ive Performance is-5%to 5%;or the fundamental outlook of the company or sector is neutral.Reduce 减持 Relative Performance is-5%to-15%;or the fundamental outlook of the company or sector is unfavorable.Sell 卖出 Relative Performance 5%;or the fundamental outlook of the sector is favorable.Neutral 中性 Rel

156、ative Performance is-5%to 5%;or the fundamental outlook of the sector is neutral.Underperform 跑输大市 Relative Performance-5%;Or the fundamental outlook of the sector is unfavorable.DISCLOSURE OF INTERESTS(1)The Analysts and their associates do not serve as an officer of the issuer mentioned in this Re

157、search Report.(2)The Analysts and their associates do not have any financial interests in relation to the issuer mentioned in this Research Report.(3)Except for SF REIT(02191 HK),JINSHANG BANK(02558 HK),BANKOFZHENGZHOU(06196 HK),XPENG-W(09868 HK),Guotai Junan and its group companies do not hold equa

158、l to or more than 1%of the market capitalization of the issuer mentioned in this Research Report.(4)Guotai Junan and its group companies have not had investment banking relationships with the issuer mentioned in this Research Report within the preceding 12 months.(5)Guotai Junan and its group compan

159、ies are not making a market in the securities in respect of the issuer mentioned in this Research Report.(6)Guotai Junan and its group companies have not employed an individual serving as an officer of the issuer mentioned in this Research Report.There is no officer of the issuer mentioned in this R

160、esearch Report associated with Guotai Junan and its group companies.DISCLAIMER This Research Report does not constitute an invitation or offer to acquire,purchase or subscribe for securities by Guotai Junan Securities(Hong Kong)Limited(Guotai Junan).Guotai Junan and its group companies may do busine

161、ss that relates to companies covered in research reports,including investment banking,investment services,etc.(for example,the placing agent,lead manager,sponsor,underwriter or invest proprietarily).Any opinions expressed in this report may differ or be contrary to opinions or investment strategies

162、expressed orally or in written form by sales persons,dealers and other professional executives of Guotai Junan group of companies.Any opinions expressed in this report may differ or be contrary to opinions or investment decisions made by the asset management and investment banking groups of Guotai J

163、unan.Though best effort has been made to ensure the accuracy of the information and data contained in this Research Report,Guotai Junan does not guarantee the accuracy and completeness of the information and data herein.This Research Report may contain some forward-looking estimates and forecasts de

164、rived from the assumptions of the future political and economic conditions with inherently unpredictable and mutable situation,so uncertainty may contain.Investors should understand and comprehend the investment objectives and its related risks,and where necessary consult their own financial adviser

165、s prior to any investment decision.This Research Report is not directed at,or intended for distribution to or use by,any person or entity who is a citizen or resident of or located in any jurisdiction where such distribution,publication,availability or use would be contrary to applicable law or regu

166、lation or which would subject Guotai Junan and its group companies to any registration or licensing requirement within such jurisdiction.2022 Guotai Junan Securities(Hong Kong)Limited.All Rights Reserved.27/F.,Low Block,Grand Millennium Plaza,181 Queens Road Central,Hong Kong.Tel.:(852)2509-9118 Fax:(852)2509-7793 Website:.hk