Autohome (ATHM) Q3 2024 earnings summary

Executive summary

• Advanced integrated online-to-offline ecosystem strategy, expanding presence in lower-tier cities and optimizing business structure.

• Net revenues for Q3 2024 were RMB 1.77 billion, down from RMB 1.91 billion year-over-year.

• User base growth continued, with average mobile daily active users up 5.6% year-over-year to 72.87 million in September.

• Leveraged AI and digitalization to enhance product offerings and operational efficiency.

• Strengthened collaboration with Ping An Group, launching innovative products and services.

Financial highlights

• Net revenues for Q3 2024 were RMB 1.77 billion.

• Online marketplace and others' revenues grew 3.1% year over year to RMB 617.8 million.

• NEV brand revenues increased 54% year over year, outpacing industry growth.

• Gross margin was 77%, down from 80.4% in Q3 2023.

• Operating profit was RMB 83 million, compared to RMB 166 million in Q3 2023.

• Adjusted net income attributable was RMB 497 million, down from RMB 604 million year over year.

• Non-GAAP EPS was RMB 1.02, compared to RMB 1.23 in Q3 2023.

Outlook and guidance

• Plans to further strengthen local presence in lower-tier markets and expand store network.

• Continued focus on product innovation, digitalization, and leveraging Ping An Group's resources.

• Management expects continued expansion across the automotive sector and further operational efficiency improvements.

• Ongoing focus on maximizing shareholder value through dividends and share repurchases.

• Optimistic about long-term growth potential of China's auto market despite ongoing price wars.