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均胜电子(600699):盈利能力稳定向上 新订单规模增长

Joyson Electronics (600699): Profitability stabilizes and increases in the volume of new orders

財通證券 ·  Aug 22

Incident: Joyson Electronics released its semi-annual report on August 21. The company achieved operating income of 27.079 billion yuan, an increase of 0.24% year on year; net profit attributable to shareholders of listed companies was 0.637 billion yuan, an increase of 33.91% year on year.

Revenue is in line with expectations, and profitability is improving steadily. The company achieved revenue of 13.801 billion yuan in 2Q24, which was basically the same, and net profit to mother was 0.33 billion yuan, up 19.96% year on year and 7.75% month on month; the company's gross profit margin and net interest rate for the second quarter were 15.50% and 3.31%, respectively, -0.01pct and +0.45pct month-on-month respectively, and profitability continued to improve. In terms of cost ratios, the company's 2Q24 sales expense ratio, management expense ratio, and R&D expense ratio were 0.89%, 4.34%, and 3.80%, respectively, year-on-year, -0.20pct, -0.26pct, and -0.75pct, respectively. The decline in the interval rate contributed mainly to the increase in net interest rates. We believe that the steady increase in the company's net interest rate confirms its ability to manage the post-integration cycle, and its profitability is expected to continue to rise steadily to an international level in the future.

Seize market opportunities and increase the volume of new orders. The company's automotive safety business and automotive electronics business achieved revenue of 18.765 billion yuan and 8.134 billion yuan respectively in the first half of 2024, which is basically the same as the same period last year. The company's new business orders continued to grow strongly in the first half of the year. The total life cycle amount of new orders received around the world was about 50.4 billion yuan; the automotive safety business received about 39.8 billion yuan of new orders; the automotive electronics business received about 10.6 billion yuan of new orders; and the amount of new orders related to new energy vehicles exceeded 30 billion yuan, accounting for more than 60%. In addition, the company's cooperative relationships with domestic independent brands/new forces have been continuously strengthened. The amount of new domestic orders received is about 23 billion yuan, accounting for more than 45%, and the share of orders from leading independent brands and new car builders continues to increase. In particular, the automobile safety business has completed full coverage of the top 10 customers in the new energy sales list.

Investment suggestions: The company's automotive safety business is marginally improving; downstream orders for the automotive electronics business are booming. We expect the company to achieve revenue of 60.124, 63.479, and 67.181 billion yuan in 2024-2026, and net profit to mother of 1.353, 1.687, and 1.982 billion yuan, respectively. Corresponding to current PE valuations of 15x, 12x, and 10x, respectively, maintaining the “gain” rating.

Risk warning: the development of automobile intelligence and electrification falls short of expectations; the risk of the development of the automotive safety industry falling short of expectations; the risk of a sharp rise in raw materials and freight; and macroeconomic downside risks.

The translation is provided by third-party software.


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