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This report provides an equity research analysis of Autohome-S (02518 HK), a company in the internet sector. The report initiates with a "Buy" rating and a target price of HK$80.66, representing 19.0x, 16.6x, and 15.1x 2022-2024 non-GAAP PER. The report forecasts non-GAAP shareholders' net profit to increase yoy by -25.2%, 15.0%, and 10.1% to RMB1,932 million, RMB2,221 million, and RMB2,444 million, respectively. The report highlights the company's ecosystem and data advantages that will support its recovery, and its business model of "ATHM + TTP + Ping An" that provides one-stop and professional services during transactions. The report also mentions the company's data moat, which helps OEMs and dealers fulfill their urgent needs for marketing digitalization and supports the company's new retailing model to help NEV brands expand their customer base. The report identifies two catalysts for the company: a further recovery of the auto industry and prosperity of NEV markets to boost demand in data products and rebound in ads, and more favorable policies on used car transactions to further support revenue.
