数字维修业务稳健增长，数字能源业务厚积薄发实现高速增长。2024 年上半年分主要业务来看，1）数字维修业务收入稳健增长，实现营业收入14.38 亿元，同比增长 18.04%。其中，汽车综合诊断产品实现收入6.08 亿元，同比增长1.78%；TPMS 系列产品实现收入3.29 亿元，同比增长33.83%；ADAS 智能检测标定产品实现收入1.77 亿元，同比增长23.97%；软件升级服务实现收入2.11 亿元，同比增长26.32%。公司充分挖掘细分领域市场，巩固公司在全球诊断、检测领域的技术优势和市场优势。2）数字能源业务高速增长，实现营业收入3.78 亿元，同比增长 92.37%。公司解决方案全面升级，进一步完善充电设备产品矩阵，充电软件与解决方案持续开发与完善核心产品，同时深耕能源管理领域，灵活应对市场多样化需求、持续引领行业发展。北美收入9.55亿元，同比+31%；欧洲收入3.2 亿元，同比+39%，受益于充电桩、ADAS、TPMS 的销售增长，海外营收占比达95%。Matters:
On August 1, the company released its 2024 semi-annual report. The first half of 2024 achieved operating income of 1.842 billion yuan, a year-on-year increase of 27.22%; net profit to mother of 0.387 billion yuan, an increase of 104.51%; after deducting non-net profit of 0.289 billion yuan, a year-on-year increase of 52.59%. In Q2 2024, revenue was 0.979 billion yuan, up 31.98% year on year; net profit to mother was 0.262 billion yuan, up 123.67% year on year.
Commentary:
The digital maintenance business grew steadily, and the digital energy business achieved rapid growth. Looking at the main business in the first half of 2024, 1) The revenue from the digital maintenance business grew steadily, achieving revenue of 1.438 billion yuan, an increase of 18.04% over the previous year. Among them, comprehensive automotive diagnostic products achieved revenue of 0.608 billion yuan, up 1.78% year on year; TPMS series products achieved revenue of 0.329 billion yuan, up 33.83% year on year; ADAS intelligent testing and calibration products achieved revenue of 0.177 billion yuan, up 23.97% year on year; and software upgrade services achieved revenue of 0.211 billion yuan, up 26.32% year on year. The company fully explores market segments and consolidates the company's technical and market advantages in the field of global diagnosis and testing. 2) The digital energy business grew rapidly, achieving revenue of 0.378 billion yuan, an increase of 92.37% over the previous year. The company's solutions have been fully upgraded to further improve the charging equipment product matrix. Charging software and solutions continue to develop and improve core products, while also deepening the field of energy management to respond flexibly to the diverse needs of the market and continue to lead the development of the industry. North America's revenue was 0.955 billion yuan, +31% year over year; European revenue was 0.32 billion yuan, +39% year over year. Benefiting from sales growth in charging stations, ADAS, and TPMS, overseas revenue accounted for 95%.
Profitability has increased dramatically, and cost rates have improved due to scale effects. The gross margin for the first half of 2024 was 56.28%, +2.16pct year on year, 19.55%, and +6.75pct year on year. This was mainly due to structural improvements in the company's business and an increase in the share of products such as smart charging network solutions and TPMS. In terms of cost ratios, sales, management, and R&D expenses were 13.63%, 7.10%, and 16.43%, respectively. Compared with -1.78 pct, -0.59 pct, and -0.67 pct, the overall cost ratio improved due to scale effects; net operating cash flow was 0.345 billion billion yuan, an increase of 0.21 billion yuan over the previous year. The company transferred 5% of the shares in the subsidiary Cybersecurity Technology, generating an investment income of about 99 million yuan.
Technology continues to innovate and consolidate core competitiveness. The company has continued technological innovation for a long time, consolidating technology as its core competitiveness. The digital maintenance business continues to maintain technological leadership, and the digital energy business continues to break through technical highlands, launching MaxiCharger AC Pro, the latest domestic/commercial AC pile product. The power far exceeds traditional household standards, while also developing a new charging software and solution “Charging AI Algorithm” to lead the market. The US NEVI Act will invest 7.5 billion US dollars to build a nationwide electric vehicle charging network. The goal is to build 0.5 million charging stations by 2030. All subsidized electric vehicle charging stations must be built in the US, and as the penetration rate of intelligent driving increases, it will significantly drive downstream demand, and the company will benefit.
Investment advice: Consider that overseas demand exceeds expectations, add significant improvements in the company's business structure, and raise profit forecasts. We expect revenue for 2024-2026 to be 4.17/5.226/6.358 billion yuan, corresponding growth rates of 28.3%/25.3%/21.7%, respectively; net profit to mother of 0.587/0.706/0.834 billion yuan, corresponding growth rates of 227.7%, 20.2%, and 18.2%, respectively (original 2024-2025 forecast value of 0.524/0.699 billion yuan). Referring to the company's historical valuation and comparable company valuation level, the company was given 26 times PE in 2024, corresponding to a target price of 33.8 yuan, maintaining a “strong” rating.
Risk warning: Overseas market policy risks, increased market competition, exchange rate fluctuation risks, etc.
