Tuhu Car：A one-stop auto service ecosystem
As a leader in O2O auto service, Tuhu is expected to surf on the growing industry tailwinds, with in-depth control over workshops, franchisee-friendly ecosystem and strong supply chain. We expect its rev to grow at 20% CAGR in FY23-25E, driven by stores expansion, higher efficiency, monetization diversification and technological enhancement. Auto maintenance would be the key mid-term driver, while NEV initiatives and other services would unlock longer-term TAM. We initiate BUY with DCF-based TP of HK$50.1, for its resilient growth and clear margin expansion.