2024Q2 规模效应显现，逐步释放盈利能力。新能源汽车销售成为公司业绩增长的主要驱动力，今年上半年公司新能源汽车销售20.09 万辆，同比增长348.55%，显示了市场对公司的高度认可。上半年公司毛利率提升至25.04%，其中，2Q24 毛利率达27.47%，同/环比+23.3pct/+5.96pct；期间费用率整体保持平稳， 2Q24 公司销售/ 管理/ 研发费率为15.4%/1.9%/4.9%。公司成本控制与产品价值的优化取得了显著成果。Core views
Company announcement: Excellent performance in the first half of 2024, achieving total revenue of 65.044 billion yuan, an increase of 489.58% over the previous year. Net profit to mother reached 1.625 billion yuan, turning a loss into a profit compared to the same period last year. 2024Q2's revenue for a single quarter was 38.484 billion yuan, +547.7%/+44.9% year-on-month, net profit for Q2 was 1.405 billion yuan, and Q2 net profit after deducting non-return to mother for the single quarter was 1.323 billion yuan.
Comment:
The scale effect of 2024Q2 is showing, gradually unlocking profitability. Sales of new energy vehicles became the main driving force for the company's performance growth. In the first half of this year, the company sold 0.2009 million vehicles, an increase of 348.55% over the previous year, showing the high recognition of the company in the market. The company's gross margin increased to 25.04% in the first half of the year. Among them, 2Q24 gross margin reached 27.47%, +23.3pct/month-on-month; the overall cost ratio remained stable during the period, and the 2Q24 sales/management/ R&D rate was 15.4%/1.9%/4.9%. The company's cost control and product value optimization have achieved remarkable results.
The continued strength of the questioning brand is the biggest highlight of the company's performance growth. Product iteration and new models drive the company's continued expansion. The large-scale delivery of the flagship AITO Genjie M9, and the launch of the new Genjie M5 and Genjie M7 Ultra have not only enriched the product line, but also met the market's demand for diverse and high-end products. According to the announcement, the M9 has accumulated over 0.12 million vehicles, demonstrating the company's strong competitiveness in the luxury car market.
Cash purchases are expected to increase profits and strengthen the position of a strategic partner by 10% of the shares. This time, the company participated in shares in cash. The company's exam preparation profit was 1.8 billion yuan, an increase of 11.1% compared to the net profit of 1.62 billion yuan returned to mother in the first half of the year. After taking a share, the company can nominate 1 board seat and nominate 1 audit member seat to further strengthen the company's strategic cooperative position with Huawei. The cooperation with Celis also marks a new stage in the relationship between the two sides. The business and equity relationships are fully deepening, and the NEV business is being expanded and strengthened together.
Profit Forecast and Valuation:
In view of the competitiveness of the Quanjie brand in the field of intelligence and the continuity of the company's product iteration, we expect the company's revenue from 2024 to 2026 to 2026 to be 147.1 billion yuan, 166.87 billion yuan, and 19091 billion yuan, respectively, and net profit to mother of 5.07 billion yuan, 7.8 billion yuan, and 9.83 billion yuan, respectively. The first coverage gives a “buy” rating.
Risk warning: Competition in the domestic automobile sales market has exceeded expectations, the company's product launch has fallen short of expectations, and the increase in the company's profitability has fallen short of expectations.