国泰君安证券(香港)：汽车之家-S（02518）港股公司研究报告-EmpoweringtheNewRetailEcosystemintheAutoIndustry,NavigatingthePatht

汽车之家-S(02518) Wemaintain"Buy"investmentratingandreviseourtargetpricetoHK$67.08,representing14.5x2024P/E.Autohome's2023revenuerose3.5%YoYtoRMB7.18bn,withnetincometoshareholdersup4%atRMB1.88bn,aligningwithourpreviousexpectations.TheCompanyboughtbackUS$200mninsharesbyyear-end.Givenmarketuncertainties,we'vemodestlydecreasedour2024-2025revenueoutlookbyaround2.7%,butmaintainournetprofitforecasts,expectingEPStobeRMB4.19,RMB4.52,andRMB4.82for2024-2026,respectively. Thewholesalevolumesofcarsreflectanexpa