-W(09690.HK) 23.62 Huachuang Securities: Maintains a "recommended" rating for Tuhu-W (09690.HK) with a target price of 23.62 Hong Kong dollars.

Zhicheng Financial APP learned that Huachuang Securities issued a research report stating that it maintains a "buy" rating on Tuhu-W (09690.HK) and expects the company's adjusted net profit for the years 2025-2027 to be 8.09/9.92/12.03 billion yuan, with a target price of 23.62 Hong Kong dollars. Considering the current competitive environment of the fragmented, chaotic, and small domestic automotive aftermarket, Tuhu Car Maintenance continues to strengthen its leading position in the industry through digital capabilities, standardized services, and supply chain advantages. In the first half of 2025, the company achieved revenue of 7.877 billion yuan, yoy +10.5%, gross profit of 1.982 billion yuan, yoy +7.4%, gross profit margin of 25.2%, and adjusted net profit of 410 million yuan, yoy +14.6%.