Autohome (NYSE:ATHM) Stock

Autohome

Founded in 2008 as a media content platform, Autohome is the leading online automobile platform in China, ranking first among automotive service platforms in terms of mobile daily active users, according to QuestMobile. Through its two websites, autohome.com.cn and che168.com, Autohome delivers comprehensive, independent and interactive content and tools to automobile consumers as well as a full suite of services to automakers and dealers. According to iResearch, the company was the largest online automotive advertising and lead generation service provider with 30% market share, in terms of media services and lead generation revenue, in China's online auto platform media advertising market.

Autohome Inc. American Depositary Shares, each representing four class A ordinary shares.

Autohome Inc

Autohome (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ATHM#NYSE">ATHM</a>) reported quarterly earnings of $0.49 per share which beat the analyst consensus estimate of $0.46 by 6.52 percent. This is a 12.5 percent decrease over earnings of $0.56 per share from the same period last year. The company reported quarterly sales of $200.34 million which missed the analyst consensus estimate of $201.41 million by 0.53 percent. This is a 10.10 percent decrease over sales of $222.85 million the same period last year.

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Autohome Q1 Adj. EPS $0.49 Beats $0.46 Estimate, Sales $200.34M Miss $201.41M Estimate

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Earnings Scheduled For May 8, 2025

JP Morgan analyst Alex Yao upgrades Autohome (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ATHM#NYSE">ATHM</a>) from Neutral to Overweight and raises the price target from $24 to $36.

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JP Morgan Upgrades Autohome to Overweight, Raises Price Target to $36

General

Autohome shares are trading higher after the company reported better-than-expected Q4 adjusted EPADS results.

Management

Autohome Names Song Yang As An Executive Director And CEO, Effective February 20, 2025; Tao Wu Resigns From His Positions

Upon the completion of the Share Transfer, Yun Chen will hold 23.916 million ordinary shares of the Company, and Yun Chen will cease to be the controlling shareholder of the&nbsp;Company.

Autohome Reports Ping Subsidiary Yun Chen's Sale Of 41.91% Stake To Haier Unit CARTECH For $1.8B

Autohome Q4 Adj EPADS $0.55 Beats $0.51 Estimate, Sales $244.33M Miss $244.65M Estimate

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Earnings Scheduled For February 20, 2025

U.S. stock futures were higher this morning, with the Dow futures gaining over 100 points on Friday.
Shares of J.B. Hunt Transport Services, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JBHT#NASDAQ">JBHT</a>) fell sharply in today's pre-market trading as the company reported weaker-than-expected earnings for its <a href="https://www.benzinga.com/quote/JBHT/earnings">fourth quarter on Thursday</a>.
JB Hunt Transport reported quarterly earnings of $1.53 per share which missed the analyst consensus estimate of $1.63 per share.
J.B. Hunt Transport Services shares dipped 10.3% to $167.00 in pre-market trading
Here are some other stocks moving lower in pre-market trading.
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<li>Autohome Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ATHM#NYSE">ATHM</a>) fell 5.3% to $25.10 in pre-market trading.</li>
<li>Alvotech (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALVO#NASDAQ">ALVO</a>) fell 5% to $12.60 in pre-market trading.</li>
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JB Hunt Transport Posts Weak Earnings, Joins JetBlue Airways And Other Big Stocks Moving Lower In Friday's Pre-Market Session

<h4>Key Takeaways:</h4>
<ul>
<li>Cango is aggressively building up a customer base and support services to export Chinese cars to the rest of the world, with 60,000 registered users for its AutoCango.com site</li>
<li>The car trader&rsquo;s 3.8 billion yuan in cash and short-term investments is one of its most important assets as it looks to build up its new global and domestic businesses</li>
</ul>
By Doug Young
It&rsquo;s all about making a good impression.
That was one of the key messages in the&nbsp;<a href="https://www.prnewswire.com/news-releases/cango-inc-reports-third-quarter-2024-unaudited-financial-results-302295249.html">latest results</a>&nbsp;from car-trading services provider&nbsp;Cango Inc.&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cang#NYSE">CANG</a>), which is in the process of broadening its focus from China&rsquo;s domestic auto market to the global stage. Specifically, Cango aims to position itself as a leading exporter of used Chinese cars to other countries, piggybacking on China&rsquo;s recent rise to become the world&rsquo;s largest exporter of new cars.
At the same time, Cango isn&rsquo;t completely shifting out of its home China market, which is the world&rsquo;s largest car market despite recent sluggish sales. But the company has shifted gears from its original aim of directly engaging in car trading in China. Now, it&rsquo;s moving its focus to the higher-margin, lower-risk business of facilitating vehicle trading between others, earning money from fees and providing related services in the process.
The company&rsquo;s international foray is quite new, starting with the launch of its AutoCango.com site in March. Its older U-Car service isn&rsquo;t much older, launched early last year, meaning the company has yet to generate much revenue from two businesses it hopes will become its two main growth engines in the future.
Cango does continue to generate some income from interest on its large cash reserves and its original car financing services that it is now winding down. But investors will be watching closely for the first revenues to start rolling in from its international business, and for its fledgling domestic car trading-services to scale up.
Following AutoCango.com&rsquo;s launch just eight months ago, Cango is working on several fronts to get it up to speed to record its first transactions &ndash; and revenue &ndash; for car-trading and related services. One of the most basic requirements is simply getting noticed, which most often happens when its name comes up in search results. That&rsquo;s where making a good impression comes in, as we initially observed.
In the brief period since its launch, AutoCango has logged over 370,000 page views, the company said in its results. By comparison, the older U-Car service has had a smaller 280,000 page views in its nearly two years of operation. Much of AutoCango.com&rsquo;s traffic has come in the last few months, as the site&rsquo;s number of registered users nearly tripled to almost 60,000 at present from just 20,000 at the end of August.
That&rsquo;s not bad for a site that&rsquo;s starting from scratch, and speaks to Cango&rsquo;s recognition that visibility in search engine results will be key to its future success. Speaking on the call to discuss the company&rsquo;s latest results, CEO Lin Jiayuan said search engine optimization and other efforts have helped AutoCango.com to log more than 2.41 million impressions on search results pages so far. He added the figure is expected to top 4 million impressions by the end of this year.
The site currently lists 65,000 car models and 100,000 total products. Lin said the company has already received inquiries from over 130 countries and regions regarding vehicle purchases and noted that the site would be available in 15 languages by early next year.
<h3>Emerging Markets</h3>
Cango hasn&rsquo;t specified what markets it will target yet in its global drive, but developing markets look like one of the most logical places for the used Chinese cars it hopes to export. Customs data shows China exported about 4 million vehicles in the first eight months of this year, up 39% year-on-year, as more manufacturers looked overseas to offset slow sales at home. Their top destinations were all developing markets, led by Russia, followed by Mexico, the United Arab Emirates and Brazil.
Nearly all those exports are new cars, and Cango would be largely developing an entirely new market with its focus on used vehicles. That could work to its advantage since it won&rsquo;t face much competition, and used cars are unlikely to face any of the trade barriers some countries are now erecting against new Chinese cars.
But the choice of used cars means Cango will have to deal with smaller, less sophisticated buyers who will require more support in a wide range of areas, from inspecting cars still in China to clearing customs in their home countries. Cango is working with a range of partners to provide such services and, on its latest call, said it has already established customs clearance partnerships in four markets.
The company&rsquo;s strategy is to &ldquo;gradually develop a business agency framework in Africa &hellip; providing services to potential clients in key areas such as customs clearance and logistics among others,&rdquo; Lin said. He hinted at the possibility of some global M&amp;A to achieve some of those aims, saying: &ldquo;We are also actively pursuing forward-looking strategic investment opportunities on a global scale.&rdquo;
Back at home, Cango is still working to develop its domestically focused U-Car platform, whose 280,000 cumulative page views to date was up 21% from three months earlier. Cango continues to develop more services for third-party traders that use the platform, including its recent introduction of a rapid vehicle inspection and listing service conducted through close collaboration with professional third-party inspection teams.
Cango&rsquo;s car trading services generated a modest 1.2 million yuan ($169,000) in the third quarter, while revenue from its after-market services totaled about 8 million yuan. Its overall revenue for the quarter totaled 27 million yuan, down sharply from 354 million yuan a year earlier, as it moved away from its previous business of direct car trading.
The company posted net income of 67.9 million yuan for the period, thanks largely to non-operational factors such as interest income and a large gain related to its old auto financing business. As a result, it managed to boost its cash and short-term investments to about 3.8 billion yuan from 3.65 billion yuan three months earlier.
That cash is currently one of Cango&rsquo;s most important assets, since it will be necessary to fund its international push, including any future M&amp;A, and the development of international talent and the systems needed to conduct such car trading.
In the meantime, investors seem willing to give the company time to develop its latest roadmap. Cango&rsquo;s stock rose 1.1% the day after publication of its latest results. The shares have nearly tripled this year, including a 60% rise since mid-September alone. By comparison, domestic rival and industry leader&nbsp;Autohome&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/athm#NYSE">ATHM</a>) is roughly unchanged for the year, while the smaller&nbsp;Uxin&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/uxin#NASDAQ">UXIN</a>) is down more than 40%.
This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.

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Cango Builds Up Global Capabilities In Search Of New Direction

Autohome Q3 EPADS $0.58 Beats $0.52 Estimate, Sales $252.87M Beat $247.54M Estimate

Autohome Q3 2024 Adj. EPADS RMB $4.08 Beats RMB3.71 Estimate, Sales RMB1.775B Beat RMB1.763B Estimate

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Citigourp Global Markets 2% Protected Notes Linked To The Djia

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Shares of US-listed Chinese stocks are trading lower after Chinese planning officials reportedly fell short of investor stimulus expectations.

<h4>Key Takeaways:</h4>
<ul>
<li>Cango&rsquo;s used car exporting platform has listed more than 60,000 car models and signed up more than 20,000 registered users since its launch in March</li>
<li>The company is shifting gears from direct car trading to an asset-light model of providing related services to reduce its inventory risk as China&rsquo;s car market slows</li>
</ul>
By Doug Young
When its history is written, the story of&nbsp;Cango Inc.&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cang#NYSE">CANG</a>) will be a tale that in many ways parallels the many twists and turns in China&rsquo;s rapidly evolving car industry.
The company initially focused on car finance, as it profited from a booming auto market that passed the U.S. to become the world&rsquo;s largest, fueled by a new Chinese middle class racing to buy new vehicles. Later, the company shifted gears and began providing domestic auto trading services after China began reining in private financial companies over concerns about their lack of risk management experience.
About a year ago Cango also put the brakes on its fledgling business of directly trading in autos, worried about getting stuck with unsold inventory as China&rsquo;s car market began to slow. Now, its&nbsp;<a href="https://www.prnewswire.com/news-releases/cango-inc-reports-second-quarter-2024-unaudited-financial-results-302233913.html">latest results</a>&nbsp;released last week show it&rsquo;s tapping the accelerator on its latest initiative to export used Chinese cars to the rest of the world. At the same time, the company is continuing to develop its domestic car-trading business, but with a focus on providing related services that typically carry much higher margins than its previous focus on self-trading.
All those changes, most within just the last three years, have caused the company&rsquo;s revenue to rapidly shrink, in large part because it no longer buys and sells cars and instead only generates revenue from fees related to such trading. That shifting of gears led the company&rsquo;s revenue to tumble by 93% in the second quarter year-on-year to 45.1 million yuan ($6.4 million) from 675.4 million yuan a year earlier.
Investors seem to like the company&rsquo;s conservative approach as China&rsquo;s car market undergoes a painful correction after more than two decades of explosive growth. Cango&rsquo;s shares are up 74% so far this year, in sharp contrast with leading car trading services provider&nbsp;Autohome&rsquo;s&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/athm#NYSE">ATHM</a>) 10.8% decline over that period and an even larger 78% drop for smaller rival&nbsp;Uxin&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/uxin#NASDAQ">UXIN</a>), which directly buys and sells used cars. The stock gave back a little of those gains after the results came out, closing down 2.8% the next day.
One of Cango&rsquo;s biggest assets is its huge cash pile, which the company can use to weather the current downturn while it determines what direction it will ultimately take. The company had 3.65 billion yuan in cash and short-term deposits at the end of June, which was up slightly from three months earlier, thanks to its cautious posture that allowed it to earn a profit for the latest reporting period. It has maintained those high cash levels despite authorizing $250 million in share buybacks and doling out three large special dividends in the six years since its 2018 IPO.
Cango CEO Lin Jiayuan has watched China&rsquo;s car market sputter over the last year, frequently noting how a majority of dealers are losing money as the market remains gripped in near-constant price wars. He repeated that refrain with the latest results, saying a sluggish car market in the second quarter created &ldquo;significant challenges for the industry.&rdquo; He pointed out that sales of vehicles made in China fell 2.7% in June year-on-year to 2.55 million units.
The rate of decline accelerated to 5% in July, according to the China Association of Automobile Manufacturers. Sales of China-made passenger vehicles inside China tumbled by an even bigger 10% for the month, though that was partly offset by a 20% jump to 400,000 locally made Chinese vehicles that were exported during the month.
<h3>Focus On Exports</h3>
With Chinese car exports booming, even as the domestic market stalls, it&rsquo;s not difficult to see why Cango is shifting its focus to strong global demand for Chinese cars. Seeing that opportunity, the company launched its Autocango.com site in March, and reported the site had attracted more than 20,000 registered users in 207 countries and regions worldwide by the end of August. It added that Autocango.com now lists more than 60,000 car models covering 85,000 actual products and got an average of more than 10,000 views per day in June.
Lin said that Autocango.com has &ldquo;quickly gained traction among global audiences.&rdquo;
&ldquo;In the second quarter, we significantly expanded Autocango.com&rsquo;s market coverage as well as its range of products and services offerings,&rdquo; he said on the earnings call. &ldquo;Ultimately, we aim to position Autocango.com as the premier gateway for exporting Chinese used cars.&rdquo;&nbsp;
Cango is making its export drive as China tied or passed Japan to become the world&rsquo;s biggest car exporter last year, depending on which statistics you look at. China&rsquo;s vehicle exports continued to zoom in the first half of 2024, rising 30.5% to nearly 2.8 million units, meaning it&rsquo;s almost certain to take the undisputed global crown as the world&rsquo;s top exporter this year.
China&rsquo;s broader export drive has started to meet with some pushback in markets including the U.S., Europe and Canada, which have levied big tariffs to prevent a flood of Chinese imports. But so far, at least, those other markets haven&rsquo;t announced tariffs against used Chinese cars that are Cango&rsquo;s export focus. The company didn&rsquo;t give any data for revenue or transactions from Autocango.com so far, meaning the numbers are probably still relatively small.
On the domestic front, Cango continued to refine its Cango U-Car platform in the second quarter to focus on the more asset-light model of providing services to car traders rather than directly engaging in actual car trading. The platform, which was only launched early last year, facilitated 266 vehicle transactions during the second quarter and successfully auctioned 124 vehicles. It currently has over 260,000 vehicle listings.
&ldquo;Over the past quarter, we focused on enhancing the competitiveness of Cango U-Car by ensuring a consistent supply of high-quality vehicles, optimizing dealer experiences and supply chain management, and improving the convenience and security of cross-regional deliveries,&rdquo; said Lin.
Cango forecast its revenue would continue dropping to between just 20 million yuan and 25 million yuan in the third quarter, which would represent a 94% year-on-year decline at the midpoint. But the figure doesn&rsquo;t really tell too much about the company&rsquo;s latest direction, since most of it comes from other things besides Cango&rsquo;s core car-trading business.
Under its more asset-light model, Cango reduced its cost of sales to 58.8% of revenue in the second quarter from a much higher 91.2% a year earlier. The company is also being quite cautious with most of its expenses, with the exception of general and administrative expenses, which rose by a modest 6.5% in the second quarter. As a result, it was able to more than double its net profit for the quarter to 86 million yuan from 36.2 million yuan a year earlier.
This article is from an unpaid external contributor. It does not represent Benzinga&#39;s reporting and has not been edited for content or accuracy.

Cango Jumps On China Car Export Bandwagon With Focus On Used Vehicles

Autohome shares are trading higher after the company announced it approved a new share repurchase program to buy up to $200 million worth of shares.

Buybacks

Autohome's Board Of Directors Approved A New Share Repurchase Program To Buy Up To $200M Worth Of Shares Over The Next 12 Months, Effective September 4, 2024

Autohome (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ATHM#NYSE">ATHM</a>) reported quarterly Adj Earnings Per ADSof $0.65 per share which beat the analyst consensus estimate of $0.56 by 16.07 percent.&nbsp;

Autohome Q2 Adj Earnings Per ADS $0.65 Beats $0.56 Estimate

Autohome Q2 2024 Adj. Earnings Per ADS RMB4.71 Beats RMB4.09 Estimate, Sales RMB1.873B Inline

Benchmark analyst Fawne Jiang downgrades Autohome (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ATHM#NYSE">ATHM</a>) from Buy to Hold.

Downgrades

Benchmark Downgrades Autohome to Hold

Citigroup analyst Brian Gong downgrades Autohome (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ATHM#NYSE">ATHM</a>) from Buy to Neutral and lowers the price target from $31 to $28.

Citigroup Downgrades Autohome to Neutral, Lowers Price Target to $28

Press Releases

Autohome Inc. Announces Unaudited Third Quarter 2024 Financial Results

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