技术研发投入，新品开发持续：车型方面，华为与公司开展鸿蒙智行合作，华为深度参与产品定义和整车设计以及渠道销售，预计享界品牌首款车型享界S9 共同开发费用前置至2024 上半年，同时自有品牌极狐阿尔法S5、极狐考拉2024 款等车型2024 上半年陆续上市，多车型开发对公司期间费用产生拉动。研发投入方面，4 月11 日，极狐汽车在北京发布全新达尔文2.0 技术体系，构建七大技术板块，公司主要在核心三电技术、平台架构及开发体系等方面研发持续投入。Incident: On July 9, 2024, the company released the 2024 semi-annual report performance forecast. The company expects to achieve net profit of -24 to -2.7 billion yuan, -1.98 billion yuan for the same period last year, 24.5 to -2.75 billion yuan after deducting net profit to mother, and -2.512 billion yuan for the same period last year. The performance is in line with expectations.
The Q2 performance was in line with expectations, and there was a marginal improvement in bicycle losses: 24Q2 company performance was -13.84 to -1.684 billion yuan, net profit center was -1.534 billion yuan, 23Q2 was -1.088 billion yuan, and 24Q1 was -1.016 billion yuan.
In 24Q2, BAIC Blue Valley's overall sales volume was 0.0179 million vehicles, -10.90% YoY and +76.73% YoY. The total sales volume of the 24Q2 Jihu brand was 0.0148 million vehicles, up 170.27% year on year and 391.61% month-on-month, accounting for 83%, which contributed significantly to the company's month-on-month sales growth. Based on the net profit center, the company's net bicycle profit for the second quarter was -0.0858 million yuan, an increase of 0.0316 million yuan compared to the year-on-year bicycle loss, and a month-on-month narrowing of 0.0146 million yuan. Huawei increased losses ahead of model development costs, and the marginal increase in bicycle profitability was remarkable, driven by increased model sales.
Investment in technology research and development continues: In terms of models, Huawei and the company are cooperating with Hongmeng Zhixing. Huawei is deeply involved in product definition, vehicle design and channel sales. It is expected that the co-development costs of the first model of the Xiangjie brand, the Xiangjie S9, will be raised until the first half of 2024. At the same time, models such as the self-owned brand Jihu Alpha S5 and Jihu Koala 2024 will be launched one after another in the first half of 2024. Multiple model development will drive the company's expenses during the period. In terms of R&D investment, Jihu Auto released the new Darwin 2.0 technology system in Beijing on April 11, building seven major technology segments. The company mainly continues to invest in R&D in core Sandian technology, platform architecture and development systems.
The Xiangjie S9 is about to be launched, and the new product cycle continues: in terms of models, the first model of the Xiangjie brand, the Xiangjie S9 luxury flagship sedan, has a pre-sale price of 0.45-0.55 million yuan. It is expected to be officially launched in early August, and subsequent extended versions are expected to be launched. The Jihu brand plans to launch models such as the Alpha T and Alpha S mid-term facelift. In 2025, technology upgrades will be carried out based on the company's product portfolio to further improve the sedan, SUV, and MPV product matrices. In terms of sales channels, the company plans to increase from 244 to 300 by the end of 2023, and achieve a marketing service network covering 100+ cities and 380+ outlets by 2025, and the overall level of service capacity is expected to improve.
Profit forecast: The company is expected to achieve revenue of 45.557, 81.868, and 113.175 billion yuan in 2024-2026, and net profit to mother of -4.751, -1.476, and 2.992 billion yuan, giving it a “recommended” rating.
Risk warning: New energy penetration rate falls short of expectations; model sales fall short of expectations; industry competition intensifies.
