Autohome Earnings: Revenue in Line; Net Profit Beat on Reduced Marketing Activities

Following largely in-line results, we maintain our 2024-26 revenue and net profit estimates for Autohome. We continue to expect that the intense price competition among automakers will lead to a weaker appetite for advertising spending. In addition, rising content costs, as well as user acquisition and marketing expenses, will depress profitability and bottom-line growth.