报告名称：Autohome Alert(ATHM.US)Access China conference highlights
报告类型：海外市场
报告日期：2016-01-13
研究机构：德意志银行
页数：1
简介：“Steady growth” envisioned for subscription business in 2016
Autohome joined Access China 2016 for the first couple days of theconference. Management shared with investors evidence of solid subscriptioncontract renewal progress. We believe that the company expects 2016subscription revenue of over 30% YoY. Such growth in our minds might implyvolume growth of 5-6% YoY, and price rises of over 20% YoY. We expect 2016dealer subscription revenues to amount to 34% of ATHM total top line.
Margin likely still under heavy pressure due to new business expansion
The company appears confident of having delivered margin of around 30% in2015. Management seems focused on driving absolute net profit at a healthyclip in 2016. We expect 22% YoY growth in non-GAAP net profit in 2016. Anexpansion in direct sales and growth in commission-based revenues, however,will likely drag down margins significantly (DBe non-GAAP net margin to fallfrom 38% to 32% between 2015 and 2016)). We expect investment in newbusinesses in 2016 to exceed RMB300mn. We expect an emphasis on salesforce expansion for direct sales of new cars and second-hand cars.
Cannibalization risks. Maintaining caution on fragility of auto vertical in 2016
To avoid product cannibalization, ATHM will expand its direct sales model byselling some ¨tailor-made〃 SKUs, mainly SUVˇs and MPVˇs. The companyreports that domestic brands tend to be more willing to undertake suchcollaboration with ATHM. The company, however, expects to penetratebroader, diversified brands going forward.
Please Save the Date: dbAccess China global call Friday, Jan15 at 10am
Please do consider joining our dbAcess China global internet summary call thisFriday, January 15th at 10am ET, 3pm London time. Please approach DB salesfor other dial-in numbers.
US Toll-Free Dial-In Number: +1 (800) 309-8606. International Dial-In: +1(706) 679-0645.
Conference ID 24638255.
We would also deeply appreciate any support you can render DB Chinainternet research in the ongoing Asia II poll. You can request a ballot at:http://www.institutionalinvestor.com/rankingassistance.

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