2024 年H1，公司实现营收73.72 亿元，同比减少1.80%，主要系去年同期包含无锡雄伟高强度钢冲压件业务，若剔除该业务进行同口径比较，营收同比增长4.32%；实现归母净利润3.98 亿元，同比增加24.93%；扣非后归母净利润为3.59 亿元，同比增加26.94%。分业务看，2024 年H1 汽车金属部件轻量化业务实现营收60.89 亿元，同比下降 2.22%。报告期内，该业务订单较为充足，整体销量同比上涨，但受无锡雄伟出表影响，致使营收同比减少。2024 年H1 公司通航飞机创新制造业务实现营收12.83 亿元，同比增长 0.22%。2024H1 公司毛利率18.49%，同比减少2.39pct，其中汽车零部件业务毛利率为17.07%，同比减少3.33pct，飞机制造业务毛利率为25.25%，同比增加1.98pct。2024H1 公司期间费用率为9.93%，同比降低0.94pct。[Case: _S Gongum Isamu Issuance Statement] 2024 semi-annual report.
Comment:
The core business grew steadily, and the year-on-year increase in revenue showed resilience
In 2024 H1, the company achieved revenue of 7.372 billion yuan, a year-on-year decrease of 1.80%, mainly including the Wuxi Xiongwei high-strength steel stamping parts business in the same period last year. If this business was excluded for the same caliber comparison, revenue increased 4.32% year over year; realized net profit of 0.398 billion yuan, an increase of 24.93% year on year; net profit after deducting back to mother was 0.359 billion yuan, an increase of 26.94% year on year. By business, the H1 automotive metal parts lightweight business achieved revenue of 6.089 billion yuan in 2024, a year-on-year decrease of 2.22%. During the reporting period, the business had sufficient orders, and overall sales increased year on year, but due to the impact of Wuxi Xiongwei's presentation, revenue declined year on year. In 2024, H1's innovative general aviation aircraft manufacturing business achieved revenue of 1.283 billion yuan, an increase of 0.22% over the previous year. 2024H1's gross profit margin was 18.49%, a year-on-year decrease of 2.39 pcts. Among them, the gross margin of the auto parts business was 17.07%, a year-on-year decrease of 3.33pct, and the gross margin of the aircraft manufacturing business was 25.25%, an increase of 1.98 pcts year-on-year. The 2024H1 company's expense ratio during the period was 9.93%, a year-on-year decrease of 0.94 pct.
Lightweight magnesium alloys lead the transformation of automobiles, and a new blue ocean of low-altitude economy opens. Driven by the “dual carbon” goal, automobile weight reduction has become an industry consensus, and magnesium alloy materials have become a key development direction due to their advantages. As a global leader in the deep processing of new lightweight magnesium alloy materials, the company has established strategic cooperation with many mainstream car companies with strong production capacity, technical advantages and rich product lines, and card new energy racetracks. The company is in a leading position in the field of lightweight materials, and will continue to seek transformation in the automotive industry and expand the global market in the future. The company has an advantage in the field of low-altitude economy, and has built leading technical barriers by achieving autonomous control of key components, especially the design and production of core components such as engines and aircraft fuselage wings. In the future, the company will seize opportunities for low-altitude economic development, expand various application scenarios such as private flights and aviation school training, accelerate research and development of new aircraft such as electric aircraft and eVTOL, and work with strategic partners to expand a new blue ocean in the low-altitude market.
Investment advice and profit forecasting
As an international company with advanced manufacturing as the core in the field of transportation, two-wheel drive in the automotive metal parts lightweight industry and the innovative manufacturing industry for general aviation aircraft, we expect the company to achieve revenue of 16.587/18.06/19.849 billion yuan in 2024-2026, with an EPS of 0.45/0.52/0.61 yuan, corresponding to PE28/24/21X, maintaining an “gain” rating.
Risk warning
The risk of macroeconomic and industry fluctuations, the risk of barriers to international trade, the risk of fluctuations in raw materials and energy prices, the risk of exchange rate fluctuations, and the risk that domestic air space is less open than expected.
