On the evening of August 21, the company released its 2024 semi-annual report. The first half of 2024 achieved revenue, return to mother, and deduction of 27.079, 0.639 billion yuan, respectively, +0.24%, +33.91%, and +61.20% year on year; gross sales margin 15.51%, +2.09pct year on year; net sales margin of 3.09%, year on year +1.25pct year on year, respectively. The company's new business orders continue to increase. Among them, the automotive safety business has achieved full coverage of the top ten customers in the NEV sales list.
2024Q2 has shown results in cost reduction and efficiency. 2024Q2 achieved revenue, return to mother, and deduction of 13.801, 0.33, and 0.327 billion yuan respectively, of +0.06%, +19.88%, and +24.36% year-on-year, respectively, and +3.94%, +7.75%, and +5.11% month-on-month respectively. Gross profit margin 15.50%, YoY +1.65pct, -0.01pct; net profit margin 3.31%, YoY +1.08pct, +0.45pct month-on-month.
2024H1, the company's new business orders are growing strongly. The total life cycle amount of new orders received worldwide is about 50.4 billion yuan, which can be expected in the future; among them, by power type, the amount of new orders related to new energy vehicles exceeds 30 billion yuan, accounting for more than 60%; by region, the Chinese market received about 23 billion yuan of new orders, accounting for more than 45%, and the share of orders from leading independent brands and new car builders continues to increase. In particular, the automotive safety business has achieved full coverage of the top ten customers in the NEV sales list.
Vehicle safety systems: 2024H1's revenue was 18.765 billion yuan, +0.02% year over year; gross profit margin was 13.94%, +3.29pct year over year. The business in Europe and America continued to improve. The four major global business regions have all achieved profits, achieved continuous quarterly increases in performance, and obtained new orders for the entire life cycle amount of about 39.8 billion yuan.
Next-generation remote side airbag 2.0: The relevant safety requirements for the Chinese market began to be implemented in 2024, and mass production has already begun.
Foldable hidden steering wheel: The company will launch a folding hidden steering wheel that can be mounted on smart driving class L3 and above to maximize leg space to meet the autonomous driving needs of future L3 and above vehicles.
Automotive electronic systems: 2024H1 has revenue of 8.134 billion yuan, gross profit margin of 19.37%, maintains a relatively stable trend, and obtains a lifetime value of about 10.6 billion yuan for new orders.
Intelligent driving: Intelligent driving domain controllers based on various chip platforms such as Qualcomm, Horizon, and Black Sesame have been released one after another. Frontier products such as Smart Driving Domain Control nDriveH based on Qualcomm chips, Smart Driving Domain Control NDrive M series based on Horizon chips, and the central computing unit NCCU have been shown. Some of these projects have completed A-type development and verification tests.
Vehicle Road Cloud Collaboration: It has successfully obtained the Ningbo High-tech Zone Vehicle Road Cloud Integration Project to support the construction of smart cities with technology.
Intelligent vehicle body area: Actively explore the layout of ZCU (Zonal Control Unit area control unit) and UWB technology services (digital keys, cockpit live detection, etc.), and successfully achieved some business breakthroughs, and integrated UWB technology with Starlight standards to provide intelligent solutions for travel technology.
Smart cockpit: Accelerate the development of intelligent empathy cockpit with multi-screen linkage, multi-modal interaction, and active AI interaction, lay out smart cockpit derivatives business, and advance new business orders for products such as amplifiers from luxury high-end brands.
Intelligent connectivity: Improve the mass production capacity of existing orders, promote the application of V2X products in overseas markets, and help domestic and overseas markets land in both directions.