CITIC Lyon: expects that the media service revenue of Autohome (02518) will resume growth in the third quarter and maintains a "hold" rating.

Citi Research released a research report stating that Autohome (02518) had a total revenue of 1.76 billion RMB in the second quarter of this year, which was 1% higher than the bank's expectations. However, media service revenue was lower than expected, but was offset by strong growth in the online market. The group's interim dividend date is still uncertain, but management has assured the market that the annual dividend of 1.5 billion RMB will remain unchanged, which means a dividend yield of approximately 6%, maintaining a "hold" rating for the group. The report points out that as the price war between automakers gradually eases, the bank expects media service revenue to resume growth in the third quarter. Autohome's goal is to add 500 new stores by the end of the year, requiring more cost investment.