2024 年1-6 月，公司销售轻客车型3.8 万辆，同比增长14.78%；皮卡3.7万辆，同比增长33.43%；SUV5.6 万辆，同比增长3.8%。轻卡产品6 月单月同比增长4.83%，带动累计销量负增长收窄至-8.83%的水平。公司上半年综合销量16 万辆，同比增长9.11%。作为公司主力业务，轻客产品表现亮眼，带动业绩稳步上行。受高价值量皮卡、SUV 新品进入带动、轻客盈利性产品快速增长，以及公司进一步降本增效，公司实现收入增长显著快于销量增长，利润增长高于收入增长的高质量发展。Incidents:
On July 23, 2024, the company released its semi-annual performance report, achieving operating income of 17.9 billion yuan, a year-on-year increase of 16.14%, net profit of 0.895 billion yuan, a year-on-year increase of 22.77%, after deducting net profit of 0.811 billion yuan, an increase of 94.19% year-on-year.
Rapid release of base products, both revenue and profit growth
From January to June 2024, the company sold 0.038 million light buses, up 14.78% year on year; 0.037 million pickup trucks, up 33.43% year on year; and 0.056 million SUVs, up 3.8% year on year. Light truck products increased 4.83% year-on-year in a single month in June, driving the negative cumulative sales growth to narrow to -8.83%. The company's consolidated sales volume in the first half of the year was 0.16 million vehicles, up 9.11% year over year. As the company's main business, light passenger products performed well, driving a steady upward trend in performance. Driven by the introduction of new high-value pickups and SUVs, the rapid growth of profitable light passenger products, and the company's further cost reduction and efficiency, the company achieved high-quality development with revenue growth significantly faster than sales growth, and profit growth higher than revenue growth.
Electric intelligent layout is ready to actively promote accelerated transformation
Facing the development trend of “new four modernizations”, the company actively lays out electrification and intelligent connectivity technologies and scenarios, and has been working on new energy vehicles since 2017. In 2019, we vigorously promoted R&D and sales of pure electric vehicles based on commercialization scenarios, and developed hydrogen fuel and methanol fuel vehicle technologies with advantageous partners. In 2023, the company's new brand “Jiangling Lexing New Energy” and the first model “Jiangling Lexing E-Rudder” were officially released. In the field of intelligent driving, the company has cooperated with Huawei, Tencent, Jingwei Hengrun, etc. to carry out intelligent connectivity related business since 2020. In September 2021, it also collaborated with autonomous driving startup Wenyuan Zhixing to launch the L4 unmanned same-city freight product “Robovan”. In July 2024, the driverless freight vehicle cooperated by the two parties was approved to carry out “pure unmanned tests” and “cargo tests” for autonomous urban freight vehicles in Guangzhou, becoming the first L4 class autonomous freight vehicle in an open urban road scenario in China. Currently, it has been officially applied to the same city freight scenario on open roads.
Investment advice and profit forecasting
As a former domestic light commercial vehicle company, the company is actively promoting intelligent electric transformation. At the same time, it is leading the development in the field of autonomous freight, and new light trucks and pickup trucks are highlighted frequently. The company's revenue for 2024-2026 is estimated to be 382.57\ 427.47\ 46.581 billion yuan, and net profit to mother is 18.23\ 21.29\ 2.476 billion yuan, respectively. According to the latest current share capital estimates, the corresponding basic earnings per share are 2.11\ 2.47\ 2.87 yuan, respectively, which is equivalent to PE 11.02\ 9.43\ 8.11 times PE according to the latest stock price. Considering that the company's stock price declined a lot in the early period, the rating was raised to “buy.”
Risk warning
There are risks that BRONCO order delivery falls short of expectations, light truck recovery falls short of expectations, new energy transformation costs are higher than anticipated, etc.
