NEW
YORK, July 11, 2024 /PRNewswire/ -- Argus
Research, an independent investment research firm, has launched
Equity Report Coverage on Cheche Group Inc. (NasdaqCM:
CCG).
Click Here to view full Argus Equity Report.
COMPANY HIGHLIGHTS: Excerpts (as conveyed by Argus
Analyst Steve Silver) include:
CCG: A leading "Digital Connector" for the NEV Auto Insurance
Ecosystem
- In our view, Cheche Group is an emerging Insurtech company in
China, connecting auto insurers
and ecosystem stakeholders, including new electric vehicle (NEV)
manufacturers, insurance intermediaries and affiliates, and their
customers. The company is in the early stages of scaling its
business to serve the world's second-largest auto market, which
accounts for approximately 60% of the electric vehicles on the road
globally.
- We expect that the NEV sector will continue to benefit from
favorable government policies that are driving the growth of
China's automobile insurance
industry.
- In 2023, Cheche Group's activity within the NEV market in
China saw a more than five-fold
increase in the number of digital embedded policies to 416,000, and
written premiums with a value of more than $204 million. We view this market as being in the
early stages of a long-term growth cycle.
- For the full year of 2024, Cheche expects 6%-12% net revenue
growth to RMB3.5 billion-RMB3.7 billion, and 8.4%-17.3% growth in total
written premiums placed to RMB24.5
billion- RMB26.5 billion.
- As of March 31, 2024, CCG had
RMB234.0 million (US$32.4 million) in total cash, cash equivalents,
and short-term investments, and a positive working capital position
of RMB 264.9 million ($37 million, a current ratio of 1.5). We are
encouraged by its 35.7% narrowed adjusted net loss in 2023, and
think CCG could potentially reach profitability in 2025.
- Cheche Group shares and warrants trade on the Nasdaq market
under ticker symbols CCG and CCGWW, respectively.
FULL COMPANY DESCRIPTION & INVESTMENT ANALYSIS: Click
Here to view full Argus Equity Report and Investment
Analysis.
About Cheche Group Inc. (NasdaqCM:
CCG). www.chechegroup.com
Established in 2014 and headquartered in Beijing, China, Cheche Group is a leading auto
insurance technology platform with a nationwide network more than
100 local branches licensed to distribute insurance policies across
25 provinces, autonomous regions, and municipalities in
China. Capitalizing on its leading
position in auto insurance transaction services, with a focus on
the new electric vehicle (NEV) market, Cheche Group has evolved
into a comprehensive, data-driven technology platform that offers a
full suite of services and products for digital insurance
transactions and insurance SaaS solutions in China.
For more information please contact:
Investor Relations
IR@chechegroup.com
About Argus Research Corp.
Headquartered in NYC, Argus Research (www.argusresearch.com) is
a leading independent equity research firm (est. 1934)
̶ providing fundamental and quantitative research coverage on
more than 1,600 companies across all 11 sectors of the S&P 500,
as well as macroeconomic and equity market forecasts, thematic
research, model portfolios and IPO research. In addition, Argus has
recently committed to providing a company sponsored research
solution for small & mid-cap companies seeking coverage.
Argus's CSR Research Reports & earnings estimates (if
applicable) are available on major research / earnings estimate
aggregator platforms, including Bloomberg, Thomson Reuters, Factset
and S&P Global.
For more Information please contact:
Darrell Stone
646-747-5438
dstone@argusresearch.com
Argus Research Co. has received a flat fee from the company
discussed in this report as part of a Sponsored Research agreement
between Argus and the company. No part of Argus Research's
compensation is directly or indirectly related to the content of
this assessment or to other opinions expressed in this report.
Please refer to the full Argus report and the disclaimer for
complete disclosures.
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SOURCE Argus Research