2024 年H1 公司收入20.3 亿元，同比+19.4%，其中Q2 收入11.4 亿元，同比+18.7%，环比+27.9%。分业务看，电子产品/研发服务及解决方案业务分别实现收入16.8/3.4 亿元，同比分别+32.9%/-19.1%，汽车电子配套业务回暖明显。2024 年H1 公司优质产品AR-HUD/区域控制器/5G T-BOX 等放量明显，根据高工智能汽车数据，上半年公司AR-HUD 出货量市占率为8.35%，位列行业第五；公司为小米SU7配套前、左、右区域控制器、5G T-BOX 和电动尾门尾翼控制器等产品，单车价值量可观，小米SU7 上市后交付快速爬升，6 月单月交付即超过10000 台，我们预计2024 年全年交付有望超过10 万辆，优质产品持续放量带动公司收入向上。occurrences
The company released its 2024 mid-year report, achieving operating income of 2.03 billion yuan, +19.4% year-on-year; net profit to mother of -0.33 billion yuan, increasing the year-on-year loss margin. Among them, Q2 achieved revenue of 1.14 billion yuan, +18.7% year-on-year, and +27.9% month-on-month; realized net profit to mother of -0.14 billion yuan, increasing year-on-year losses and narrowing month-on-month losses.
High-quality products are being mass-produced one after another, and the automotive electronics supporting business is growing rapidly
In 2024, H1's revenue was 2.03 billion yuan, +19.4% year over year, of which Q2 revenue was 1.14 billion yuan, +18.7% year over year, and +27.9% month on month. By business, the electronic product/R&D service and solution business achieved revenue of 1.68/0.34 billion yuan respectively, +32.9%/-19.1% year-on-year, respectively. The automotive electronics supporting business picked up significantly. In 2024, H1's high-quality products such as AR-HUD/area controller/5G T-BOX were significant. According to Gaogong smart car data, the company's AR-HUD shipment market share in the first half of the year was 8.35%, ranking fifth in the industry; the company supplied the Xiaomi SU7 with products such as front, left, and right area controllers, 5G T-BOX, and electric tailgate tail controllers. The bicycle value is impressive. Delivery of the Xiaomi SU7 climbed rapidly after launch. Delivery is expected to exceed 10,000 units in June. 0.1 million vehicles. Continued release of high-quality products led to an increase in the company's revenue.
Active R&D expenses are under pressure in the short term, and the scale effect is expected to gradually show that H1 lost 0.33 billion yuan in 2024, of which Q2 lost 0.14 billion yuan, a month-on-month loss. The losses in the first half of the year were mainly due to the decline in the company's gross margin and high R&D investment intensity. The company's gross margin in the first half of the year was 22.6%, or 5.0 pct year on year. Among them, Q2 gross margin was 20.9%, -7.6pct year on year, and -3.8pct month-on-month. The decline in gross margin was mainly due to increased competition among downstream OEMs. On the cost side, the company adheres to an R&D-driven strategy. The R&D expenditure rate in the first half of the year reached 26.5%, +1.4pct year on year, of which Q2 was 21.7%, -1.3 pct year on year, and -11.0 pct month on month. The cost ratio is still at a high level, but Q2 has improved month-on-month, mainly due to an increase in revenue scale. As the company launches smart driving domain controllers/area controllers and other products one after another, the scale effect is expected to gradually become apparent.
Investment advice
Considering that the company is still in a high-intensity investment period, we expect the company's revenue for 2024-2026 to be 5.66/6.93/8.21 billion yuan, with year-on-year growth rates of 21.1%/22.4%/18.4%, respectively; net profit to mother is -0.13/0.13/0.37 billion yuan, respectively, with year-on-year growth rates of 40.3%/200.2%/182.1%, and EPS of -1.08/3.05 yuan/share, respectively. Considering that the company's core products are beginning to be released, costs are expected to steadily show a downward trend, so it is recommended to continue to pay attention.
Risk warning: Vehicle sales fall short of expectations; new product development falls short of expectations.
