Argus Research Initiates Equity Report Coverage on Cheche Group Inc. (NasdaqCM: CCG).
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
[email protected]
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
[email protected]
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