汽零业务：亚新科业务开拓值得期待，SEG 降本增效盈利水平显著提升。24H1 汽车业务实现91.5 亿元营收，同比+3.6%；其中，24H1 亚新科实现营业收入26.7 亿元，同比+20.4%。从盈利来看，汽零板块24H1 实现归母净利润0.9 亿元，同比+54.1%。其中，24Q2 实现归母净利润0.6 亿元，同环比分别+42.5%/+62.8%。Core views:
The company's 24Q2 performance exceeded expectations, and the profit margin performance was impressive. According to the interim report, the company's 24H1 achieved revenue of 18.95 billion yuan, and realized net profit of 2.16/1.94 billion yuan without pre/backward return, or +28.7%/+29.3%; of these, 24Q2 achieved operating income of 9.28 billion yuan, +3.1%/-4.0% year-on-month, and realized net profit of 1.12/1.01 billion yuan without front/back return to mother, respectively, +24.6%/+20.3%, month-on-month + 7.4%/+9.0% The company's 24H1 gross margin/net margin was 24.1%/12.3%, +2.0pct/+2.4pct, respectively; of these, 24Q2 gross margin was 24.3%, +1.0pct/+0.4pct, respectively, the net profit margin was 12.5%, and +2.0pct/+0.4pct, respectively.
Coal machine business: Maintain a leading position in the industry and actively adjust to changes in the industry. The 24H1 coal machine sector achieved net profit of 2.07 billion yuan, or +27.6% year over year. Among them, 24Q2 achieved net profit of 1.06 billion yuan to mother, +23.8%/+5.5% month-on-month; the outstanding performance of coal engines was mainly due to revenue structure optimization, declining material costs, and an increase in the current revenue share of products with higher profit margins.
Auto parts business: ASIMCO's business development is worth looking forward to, and SEG's profit level has increased significantly by reducing costs and increasing efficiency. The 24H1 automotive business achieved revenue of 9.15 billion yuan, +3.6% year over year; of these, 24H1 ASIMCO achieved revenue of 2.67 billion yuan, +20.4% year over year. In terms of profit, the auto parts sector 24H1 achieved net profit of 0.09 billion yuan to mother, +54.1% over the same period last year. Among them, 24Q2 achieved net profit of 0.06 billion yuan to mother, +42.5%/+62.8% year-on-month, respectively.
Profit forecasting and investment suggestions: The company is an outstanding high-end manufacturing enterprise led by management with a methodology and a focus on medium- to long-term development strategies after further optimization of the governance structure. The growth of coal engines comes from intelligence and socialization, and zero automobile growth comes from new energy sources and (reverse) internationalization. We expect the company's 24-26 EPS to be 2.11/2.16/2.26 yuan/share. Considering the subsequent growth and share increase in automotive business performance, refer to comparable company valuations, and give A shares 10 times PE in 24 years, with a reasonable value of 21.1 yuan/share; considering the current discount of H shares compared to A shares, the reasonable value of H shares is HK$15.9 per share (HK$1.10 = 1 RMB at the exchange rate); maintaining the “buy” rating for A/H shares.
Risk warning: The boom in coal mining is declining; the improvement in the automobile business falls short of expectations, etc.
