Autohome (NYSE: ATHM) reported Q1 EPS of $0.92, in-line with the analyst estimate of $0.92. Revenue for the quarter came in at $281.1 million versus the consensus estimate of $282.39 million.

First Quarter 2021 Highlights[1]

• Net Revenues in the first quarter of 2021 were RMB1,841.6 million ($281.1 million), an increase of 19.1% year-over-year.
• Online Marketplace and Others Revenues in the first quarter of 2021 were RMB539.1 million ($82.3 million), an increase of 74.0% year-over-year. Data Products achieved revenue growth of 64.9% year-over-year in the first quarter of 2021. Revenue contribution from TTP Car, Inc. (TTP) [2] in the first quarter of 2021 was higher than the Company's prior expectation.
• Net Income attributable to Autohome Inc. in the first quarter of 2021 was RMB633.8 million ($96.7 million), compared to RMB587.2 million for the corresponding period of 2020.
• Adjusted Net Income attributable to Autohome Inc. (Non-GAAP)[3] in the first quarter of 2021 was RMB734.9 million ($112.2 million), compared to RMB646.2 million for the corresponding period of 2020.

Mr. Quan Long, Chairman of the Board of Directors and Chief Executive Officer of Autohome, stated, "We are very pleased with our achievements in the first quarter with total revenues increasing 19.1% year-over-year, driven by our resilient core business and robust new initiatives. During the quarter, we deepened our cooperation with new energy vehicle ("NEV") automakers in order to capture more growth opportunities. We also upgraded our main App with a more streamlined interface and cleaner functionality, further enhancing our user experience and with younger demographics in mind."

Mr. Long added, "We're witnessing that changes are coming to the automotive industry. In the face of a challenging macro environment and fluctuation in automobile sales stemming from the pandemic, the auto industry has started to step up efforts towards a digital transformation. Emerging premium electric vehicle brands and the traditional auto manufacturers' investments in new energy vehicles have also accelerated the growth in the NEV space. In addition, some new players with extensive expertise in internet services are tapping into the smart automobile market, intensifying the competition in this field. All these trends are reshaping the automotive market landscape, including the overall industry value chain. Against the backdrop of this new market and industry dynamic, last year, we rolled out our 4.0 strategies, namely AI, Big data and Cloud capability, and SaaS strategies. Now, we are also planning an upgrade of these strategies by finetuning our action plans to the execution, as we seek to better capture industry opportunities and achieve continued high-quality developments. We expect to announce updates on these action plans in the second half of the year. As a platform with a massive and engaged user base of more than 40 million daily active users, solid business fundamentals, industry-leading innovative capability, as well as effective and strong execution capabilities, we are confident that Autohome can grow beyond its current standing and tap into new growth potentials."

Mr. Jun Zou, Chief Financial Officer of Autohome, added, "We kicked off the year with a solid first quarter. Our data products continued on its strong growth trajectory while TTP delivered a larger-than-expected contribution to our topline. These achievements reflect Autohome's leading position in these key areas. An additional notable milestone for us during the quarter was Autohome's successful listing on the Hong Kong Stock Exchange in mid-March. Besides, Autohome's Hong Kong-listed stock will be added to Hang Seng TECH Index and Hang Seng Composite Index, opening a new journey for Autohome. In the past few years, Autohome has been leading the development of the industry. As we move ahead, with our strong balance sheet and profitability, we're confident that Autohome will bring more value to both our users and customers and deliver long-term return to our shareholders"

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