利润端承压，主要受到汇兑损益波动及资产减值损益的影响。2024H1 归母净利润3.93 亿元，yoy-35.09%；扣非净利润3.48 亿元；2024Q2 归母净利润1.70 亿元，yoy-51.01%；扣非净利润1.49 亿元，yoy-48.63%。利润下滑的原因主要有：1）毛利率略有下滑：2024H1毛利率25.70%，同比-0.48pct；2）汇兑损益金额波动：23H1 汇兑收益贡献4553 万元，24H1 则为汇兑损失563 万元；3）资产减值损失：公司对红相股份长期股权投资计提减值损失6008 万元；同时公司根据会计政策计提信用减值损失2968 万元。Incident: The company released its 2024 mid-year report, and the results fell slightly short of expectations. 2024H1 revenue was 7.978 billion yuan, yoy +2.09%; net profit to mother was 0.393 billion yuan, yoy -35.09%; after deducting non-net profit of 0.348 billion yuan, yoy -31.85%. 2024Q2 revenue was 4.237 billion yuan, yoy +6.49%; net profit to mother was 0.17 billion yuan, yoy -51.01%; after deducting non-net profit of 0.149 billion yuan, yoy -48.63%.
Company reviews:
There was a slight increase in 2024H1 revenue, and the revenue changes of major participating holding companies were relatively stable. 2024H1 revenue was 7.978 billion yuan, yoy +2.09%; 2024Q2 revenue was 4.237 billion yuan, yoy +6.49%. In the first half of 2024, among the company's main controlling shareholding companies, the revenue of domestic industrial motor subsidiaries such as Nanyang Explosion-proof, Ouli Wolong, and Rongxin Transmission was 2.218, 0.227, 0.212 billion yuan, yoy -5%, +17%, and -9%, respectively, and net profit was 0.276, 0.018, 0.04 billion yuan, yoy -23%, +91%, and -4%; the revenue of the daily motor subsidiaries such as Jinan Electric and Huai'an Qingjiang Electric was 1.013 and 0.421 billion yuan respectively. YOY +22% and -13%, net profit was 0.044 billion yuan, 0.029 billion yuan, yoy +16%, and -18% respectively; the revenue of the electric transportation sector Wolong ZF was 0.216 billion yuan, yoy -36%, and net profit -0.025 billion yuan. The revenue of Wolong Electric America and Hong Kong Wolong Holdings, a subsidiary for overseas markets, was 0.7 billion yuan, 2.837 billion yuan, yoy -2%, and +6%, respectively, and net profit was 0.061, 0.038 billion yuan, yoy +1%, respectively.
The profit side is under pressure, mainly affected by fluctuations in exchange gains and losses and asset impairment gains and losses. 2024H1 net profit of 0.393 billion yuan, yoy -35.09%; deducted non-net profit of 0.348 billion yuan; 2024Q2 net profit of 0.17 billion yuan, yoy -51.01%; deducted non-net profit of 0.149 billion yuan, yoy -48.63%. The main reasons for the decline in profit are: 1) a slight decline in gross margin: 2024H1 gross profit margin of 25.70%, year-on-year -0.48pct; 2) fluctuations in exchange profit and loss: 23H1 contributed 45.53 million yuan in exchange earnings, and 24H1 represented an exchange loss of 5.63 million yuan; 3) asset impairment losses: the company accrued impairment losses of 60.08 million yuan on the company's long-term equity investment in Hongxiang shares; at the same time, the company calculated an impairment loss of 29.68 million yuan based on the company's accounting policy.
The cost ratio has increased, mainly due to an increase in sales and R&D expenses. 2024H1 sales, management, R&D, and financial expenses were 4.38, 0.641, 0.342, 0.117 billion yuan, yoy +17.12%, +3.69%, +16.95%, and +75.64%, respectively. The cost rates were 5.49%, 8.03%, 4.29%, and 1.47%, respectively, +0.70, +0.12, +0.54, and +0.62 pct.
The low-altitude economy sector continues to advance and actively participates in setting industry standards. According to the customs records announcement, the company hosted a seminar on “Airworthiness Standards for Multi-rotor Unmanned Aerial Vehicles” to actively participate in and promote the formulation of standards related to aeronautical electric power systems. Recently, the first 100 kilowatt variable configuration distributed electric power system in China, jointly developed by the company and COMAC, was publicly unveiled.
The profit forecast was lowered and the “buy” rating was maintained. Considering the performance situation in the first half of the year, we lowered our 24-26 net profit forecast to 0.917, 1.095, and 1.18 billion yuan (previously 1.088, 1.172, and 1.326 billion yuan), and the corresponding PE was 16, 13, and 12X. The company's motor business grew steadily, and the low-altitude drive system opened up room for growth and maintained a purchase rating.
Risk warning: macroeconomic and downstream sentiment risks, increased risk of market competition, risk of falling short of expectations when a low-altitude economy falls short of expectations.
