《Economic Information Daily 4th Special Report》JP Morgan maintains a "Neutral" rating on Autohome (02518), but lowers the target price for Hong Kong stocks from HKD 40 to HKD 32, a decrease of 20%, still based on a forecasted price-to-earnings ratio of 13 times for 2026. The target price for US stocks is also reduced from USD 20 to USD 17.

JP Morgan's research report indicates that Autohome's first-quarter performance confirms the continued downturn in the automotive industry, putting significant pressure on core revenue streams, and it is expected that the second quarter will also struggle to recover significantly.

JP Morgan anticipates that the decline in media service revenue will narrow quarter-on-quarter, mainly driven by OEM spending related to the Beijing Auto Show, but this is not a structural improvement; lead service revenue will still face pressure; the new O2O transaction service business is still in a very early experimental stage, with unclear prospects for scaling.

JP Morgan maintains its revenue forecasts for the company for 2026 and 2027, but due to the first-quarter earnings performance falling short of expectations, it adjusts the adjusted earnings per share for the same period down by 11% and 3%, respectively. (rh)

\* Editor's Note: This article is for reference only and does not constitute an offer, solicitation, invitation, inducement, or any representation or establishment of any proposal and recommendation of any kind or form. Readers are advised to use their independent thinking ability to make their own investment decisions. If any losses arise from the relevant recommendations, it has nothing to do with《Economic Information Daily》, the editor, and the author