销售费用率不断优化，研发持续投入。公司2Q24 毛利率30.8%，同减0.52pct，环减1.7pct，主要是两轮产品收入占比提升影响综合毛利率。公司24H1 四轮收入35.5 亿元，同减1.55%，两轮收入32.5亿元，同增41.95%。公司2Q24 净利率10.1%，同增0.2pct，环增0.6pct。销售费用不断优化，2Q24 销售费用率9.2%，同减1.8pct，环减1.2pct。研发保持高投入，2Q24 研发费用率6.0%，同增0.3pct，环减0.1pct。汇兑扰动财务费用，2Q24 财务费用率-1.7%，同增1.4pct，环增0.4pct。Key points of investment:
The target price was maintained at $189.13, and the increase in holdings rating was maintained. The company's product upgrades continue to be implemented. The company's 2024-2026 EPS forecast was raised to 9.03 (+0.74) /11.19 (+0.78) /13.67 (+1.02) yuan, and the target price was maintained at 189.13 yuan, corresponding to 21 times PE in 2024, maintaining an increase rating.
The interim report was in line with expectations, and revenue and performance were strong. The company announced its 2024 mid-year report. In January-June, the company achieved revenue of 7.53 billion yuan, a net profit of 15.7%, a net profit of 0.71 billion yuan, an increase of 28.5%, net profit after deducting non-return to mother of 0.69 billion yuan, an increase of 32.1%, two and four rounds of new product sales, and the industry sentiment rebounded. Under internal and external resonance, the company's revenue and performance grew rapidly. In 2Q24, the company achieved revenue of 4.47 billion yuan, a year-on-year increase of 23.2%, a 46% increase, and a net profit of 0.43 billion yuan, a year-on-year increase of 26.4%, a year-on-year increase of 55.4%, after deducting net profit from non-mother of 0.42 billion yuan, a year-on-year increase of 26.4% and a 55.4% increase.
The sales cost ratio is continuously optimized, and R&D is continuously invested. The company's 2Q24 gross profit margin was 30.8%, a decrease of 0.52 pct, and a circular decrease of 1.7 pct. This mainly affected the overall gross profit margin due to the increase in the share of product revenue in two rounds. The company's 24H1 four-round revenue was 3.55 billion yuan, a decrease of 1.55%. The two-round revenue was 3.25 billion yuan, an increase of 41.95%. The company's 2Q24 net profit margin was 10.1%, up 0.2 pct from the same period, and 0.6 pct. Sales expenses were continuously optimized. In 2Q24, the sales expense ratio was 9.2%, a decrease of 1.8 pct, and a circular reduction of 1.2 pct. R&D investment remained high. In 2Q24, the R&D cost rate was 6.0%, an increase of 0.3 pct, and a reduction of 0.1 pct. Foreign exchange disrupted financial expenses. The 2Q24 financial expense ratio was -1.7%, an increase of 1.4 pct, and a circular increase of 0.4 pct.
Exports were compounded by the upgrading of the product structure, and the company's profit increased sharply. The company's 450 series products continue to be popular. The product matrix will continue to be enriched from 2024-2025, and several new platforms are ready to launch, including the four-cylinder 500SR, the three-cylinder replica 675SR, the two-cylinder 250SR-R, and the public upgrade supercar. Multiple displacement segments have been added, and strong performance is expected to continue in the next two rounds of the strong product cycle. Four-round market repair combined with the company's product structure upgrade, laying a solid foundation for revenue performance. In terms of new energy, broaden the product spectrum, strengthen channel construction, and gradually enter the harvest period. Independent brands are going overseas at an accelerated pace, export demand remains high, and the company continues to benefit from the resonance of domestic and foreign markets, and the new product cycle continues to materialize. With export superimposed product structure upgrades and continuous optimization of profitability, the company is expected to achieve a sharp rise in quantitative profit.
Risk warning: New car sales fall short of expectations, trade policy risk, exchange rate fluctuation risk.
