New highs for Bitauto after Q2 beat, strong guidance; ATHM also up

In addition to beating Q2 estimates, Bitauto (BITA +7.5%) has guided for Q3 revenue of $88.7M-$91.9M, above an $87.4M consensus.

Non-GAAP profit is expected to rise to $20.2M-$21.3M from Q2's $20M. With the Q2 profit figure good for EPS of $0.45, that suggests Q3 EPS should handily beat a $0.39 consensus.

The ad business saw revenue rise 67% Y/Y to RMB294.8M. The Sales for the EP auto listing platform rose 59% to RMB168.1M on the back of 14M sales leads (up from 12M+ in Q1). EP paid subscription months rose to 41.9K from 36.4K in Q1.

Digital marketing revenue rose 7% Y/Y to RMB53.7M, and revenue fell 2.7% to RMB5.9M.

Gross margin rose to 80.3% from 75.5% a year ago. Sales/administrative spend grew 40.4% Y/Y to $41.3M, and R&D 42.5% to $5.1M.

Rival Autohome (ATHM +2.6%) is also rallying on a good day for Chinese Internet stocks. Autohome posted a Q2 beat last week.

Q2 results, PR

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