本来讲市场会比较担忧在二季报以前市场会比较担忧的就是它的一个客户结构占比的一个问题但实际上我们做了一个比较详细的一个订单的一个拆解和客户的这样的一个拆分那我们其实可以看到从二三年到二四年的二季度基本上公司的客户结构发生了一个非常非常大的一个改变二三年前五大客户里面来看的话呢像呃 合资品牌的占比差不多是在接近百分之四十。自主品牌里面占比最高的就是奇畏,它的整体的占比大概是在百分之十七左右。再往后的话,其实就是像一些红旗,占比大概是在百分之八左右。像传统的一个新势力,就是蔚来理想小同。 加上华为,整体的一个在客户结构里面的一个占比大概就是在10%不到的这样一个水平。但是我们可以看到,到24年的一季度,一方面随着去年下半年陆续拿到了新势力的核心放量车型的定点,另外一方面是公司进入了,公司拿到了。 塞斯的那个M9这样的一个定点的顺利的一个放量以及包括奇瑞我们可以看到在今年上半年总量的一个同比乘数其实是超过了接近的50%那在自主以及新人员客户的一个快速的一个放量的一个对比下面到2024年1季度上的一个节点17大中的一个占比其实只有25%奇瑞的一个占比提升到了20% 同期的一个占比大概是在8%左右,而塞力斯的占比大概是在 ...

证券研究报告·公司点评报告·汽车零部件 星宇股份（601799） 2024 年半年度报告点评：2024Q2 业绩超预 期，客户结构加速转型 2024 年 08 月 18 日 买入（维持） | --- | --- | --- | --- | --- | --- | |----------------------------|--------|----------|----------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 8248 | 10248 | 12858 | 15823 | 18640 | | 同比（%） | 4.28 | 24.25 | 25.47 | 23.06 | 17.80 | | 归母净利润（百万元） | 941.42 | 1,102.13 | 1,502.23 | 1,902.67 | 2,288.28 | | 同比（%） | (0.85) | 17.07 | 36.30 | 26.66 | 20.27 | | EPS-最新摊薄 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 159.5 CNY [1]. Core Insights - The company reported a record high revenue of 3.3 billion CNY in Q2 2024, representing a year-on-year increase of 32% and a quarter-on-quarter increase of 37% [1]. - The net profit attributable to shareholders for Q2 2024 was 351 million CNY, up 34% year-on-year and 45% quarter-on-quarter, with a net profit margin of 10.6% [1]. - The company is positioned in a competitive sector with a focus on high-quality new energy projects, which are expected to drive further growth [1]. - The company has seen a significant increase in sales from new energy vehicle projects, contributing to its revenue growth [1]. - The company is expected to benefit from a strong partnership with Huawei and an accelerated global expansion strategy [1]. Financial Summary - Total revenue for 2023 is projected at 10,248 million CNY, with expected growth rates of 29.4% in 2024, 18.6% in 2025, and 19.3% in 2026 [2]. - The net profit for 2024 is estimated at 1,519 million CNY, reflecting a year-on-year growth of 37.8% [2]. - Earnings per share (EPS) are projected to increase from 3.86 CNY in 2023 to 5.32 CNY in 2024 [2]. - The company’s price-to-earnings (P/E) ratio is expected to decrease from 31 times in 2023 to 23 times in 2024 [2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant growth in revenue and profit in Q2 2024, with a year-on-year revenue increase of 32.07% and a net profit increase of 33.61% [2][3] - The company's profitability has improved, with gross and net profit margins increasing to 20.37% and 10.64% respectively in Q2 2024 [3] - The company is benefiting from increased sales from core customers, particularly in the domestic market, which is becoming a major driver of revenue growth [3] Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 5.417 billion yuan, a year-on-year increase of 29.20%, and a net profit of 594 million yuan, up 27.34% [2] - For Q2 2024, revenue reached 3.304 billion yuan, with a year-on-year growth of 32.07% and a quarter-on-quarter growth of 36.98% [2] - The net profit for Q2 2024 was 351 million yuan, reflecting a year-on-year increase of 33.61% and a quarter-on-quarter increase of 44.77% [2] Profitability and Cost Management - The company's gross margin and net margin improved to 20.37% and 10.64% respectively in Q2 2024, with significant reductions in various expense ratios [3] - The sales, management, R&D, and financial expense ratios decreased, indicating effective cost management [3] Market Position and Customer Base - The company has established a diverse customer base, including partnerships with luxury brands and domestic automakers, which has helped mitigate the impact of declining sales from joint venture brands [3] - The sales performance of key customers in Q2 2024 indicates a mixed trend, with some domestic brands showing significant growth [3] Future Outlook - The company is projected to achieve revenues of 12.944 billion yuan, 15.931 billion yuan, and 19.213 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 26%, 23%, and 21% [5][6] - The forecasted net profit for the same period is expected to be 1.523 billion yuan, 1.922 billion yuan, and 2.405 billion yuan, with growth rates of 38%, 26%, and 25% [5][6]

[ T able_StockInfo] 2024 年 08 月 15 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：116.36 元 星宇股份（601799）汽车 目标价：——元（6 个月） 费用控制有效，客户结构不断优化 [Table_Summary 事件：公司发布] 2024年半年报，24H1实现营收 57.17亿元，同比+29.2%；归 母净利润 5.94亿元，同比+27.3%，毛利率 20.1%，同比-1.7pp，净利率 10.4%， 同比-0.2pp。其中 24Q2实现营收 33亿元，同比+32.1%，环比+37%；归母净 利润 3.51 亿元，同比+33.6%，环比+44.8%。 客户结构不断丰富，费用控制有效。 24Q2 行业乘用车销量同环比分别 +2.5%/+10.7%（中汽协），公司大幅跑赢行业，主要来自客户销量增长，其中 奇瑞同环比+39%/+8.6%，问界+588%/+2%，理想+25.5%/+35.1%，蔚来 +144%/+90.9%，公司客户结构持续优化，新能源转型升级不断推进。24Q2毛 利率 20.4%，同比-1.5pp，环比+0.8pp；净利率 10.6%， ...

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 151.39 [2][3]. Core Views - The company's Q2 performance exceeded expectations, showcasing growth momentum with H1 revenue of RMB 57.17 billion, a year-on-year increase of 29.20%, and a net profit of RMB 5.94 billion, up 27.34% year-on-year [3][4]. - The significant contribution from new energy vehicle models, particularly the AITO M9, is expected to drive further revenue growth [4][6]. - The company maintains a strong gross margin of 20.37% in Q2, with a net margin improvement to 10.64% [5][6]. Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of RMB 57.17 billion, with a net profit of RMB 5.94 billion and a non-recurring net profit of RMB 5.58 billion [3]. - Q2 revenue reached RMB 33.04 billion, reflecting a year-on-year growth of 32.07% and a quarter-on-quarter increase of 36.98% [3]. - The company forecasts EPS for 2024-2026 to be RMB 5.62, RMB 7.64, and RMB 9.88 respectively [3]. Growth Drivers - The AITO M9 model's sales surged, contributing significantly to Q2 revenue, with production increasing by 278% to 48,000 units [4]. - Other new energy models, such as the Li Auto L6, are also expected to contribute to revenue growth as they ramp up production [4]. - The company is strategically positioned with new energy vehicle clients, enhancing its growth potential [6]. Profitability Metrics - The gross margin for Q2 was 20.37%, with a slight increase from the previous quarter [5]. - The net profit margin improved to 10.64%, indicating effective cost management despite increased impairment losses [5]. - The company anticipates further improvements in net profit margins as high-value projects enter production [5][6]. Market Position and Strategy - The company is advancing its global expansion, with production capacity in Serbia and new entities established in Mexico and the USA to capture more North American clients [6]. - The company holds a competitive edge in the automotive lighting sector, with a focus on high-value new energy vehicle projects [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 5.717 billion yuan for H1 2024, representing a year-on-year increase of 29.2%, and a net profit attributable to shareholders of 594 million yuan, up 27.3% year-on-year [2] - The gross margin for H1 2024 was 20.1%, down 1.7 percentage points year-on-year, while the net margin was 10.4%, down 0.2 percentage points year-on-year [2] - The company significantly outperformed the industry in Q2 2024, with a revenue of 3.3 billion yuan, a year-on-year increase of 32.1% and a quarter-on-quarter increase of 37% [2] - The customer structure is continuously optimized, and effective cost control measures have been implemented, with a cost rate of 9.1% for H1 2024, down 0.6 percentage points year-on-year [2] Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of 5.717 billion yuan and a net profit of 594 million yuan, with a gross margin of 20.1% and a net margin of 10.4% [2] - In Q2 2024, the revenue was 3.3 billion yuan, with a net profit of 351 million yuan, marking a year-on-year increase of 33.6% and a quarter-on-quarter increase of 44.8% [2] Customer and Product Development - The company is expanding its customer base and optimizing its product offerings, with significant growth in sales for key clients such as Chery and NIO [2] - The average selling price (ASP) of products increased by 25.4% year-on-year to 162.1 yuan in 2023, driven by the transition to more advanced lighting technologies [2] Global Expansion - The company is accelerating its global layout, with production capacity in Serbia gradually being released and new entities established in Mexico and the United States to support overseas market expansion [2] - The company maintains a competitive edge due to its fully independent technology and cost advantages compared to foreign competitors [2] Earnings Forecast - The projected earnings per share (EPS) for 2024-2026 are 5.06, 5.99, and 7.10 yuan, respectively, with a corresponding price-to-earnings (PE) ratio of 23, 19, and 16 times [3] - The compound annual growth rate (CAGR) for net profit attributable to shareholders is expected to be 22.5% over the next three years [3]

Investment Rating - The report maintains a "Recommended" investment rating for the company [3][8]. Core Views - The company's performance growth is driven by the increase in sales from independent new energy customers, despite a high proportion of joint venture brand support [4][8]. - The company is a significant supplier of automotive lighting systems, with a strong vertical integration capability in design, development, and manufacturing [8]. - The company has expanded its overseas market presence, with a factory in Serbia and operations in North America to enhance service capabilities for local clients [5][8]. Financial Performance - In the first half of 2024, the company achieved revenue of 5.72 billion yuan, a year-on-year increase of 29.2%, and a net profit attributable to shareholders of 590 million yuan, up 27.3% year-on-year [4]. - The second quarter of 2024 saw revenue of 3.30 billion yuan, with year-on-year growth of 37.0%, and a net profit of 350 million yuan, reflecting a year-on-year increase of 44.8% [4]. - The company plans to distribute a dividend of 2.0 yuan per 10 shares (tax included) for the first half of 2024 [4]. Future Projections - Revenue projections for 2024 to 2026 are set at 13.91 billion yuan, 17.62 billion yuan, and 21.01 billion yuan, respectively, with corresponding net profit estimates of 1.48 billion yuan, 1.92 billion yuan, and 2.38 billion yuan [5][10]. - The company is expected to maintain a steady growth trajectory, with net profit growth rates projected at 34.3% for 2024 and 29.5% for 2025 [11]. Market Position - The company is positioned as one of the largest comprehensive solutions providers for automotive lighting systems in China, benefiting from the increasing value of automotive lighting as vehicles become more intelligent [8]. - The company has a diversified customer base, including traditional independent brands and new energy vehicle manufacturers, which supports its revenue growth [4][5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 142.56 yuan based on a 27x PE valuation for 2024 [2][4]. Core Insights - The company's performance met expectations with a revenue of 5.717 billion yuan in the first half of the year, representing a year-on-year growth of 29.2%. The net profit attributable to shareholders was 594 million yuan, up 27.3% year-on-year, and the non-recurring net profit was 558 million yuan, reflecting a 35.7% increase [1]. - In the second quarter, revenue reached 3.304 billion yuan, a 32.1% year-on-year increase and a 37.0% quarter-on-quarter increase. The net profit attributable to shareholders was 351 million yuan, up 33.6% year-on-year and 44.8% quarter-on-quarter [1]. - The company plans to distribute a dividend of 2 yuan for every 10 shares for the first half of 2024 [1]. - The gross margin in the second quarter rebounded sequentially, with a gross margin of 20.4%, a year-on-year decrease of 1.5 percentage points but an increase of 0.7 percentage points from the previous quarter [1]. - The company successfully expanded its customer base, adding 38 new vehicle development projects in the first half of 2024, which is an increase of 19 projects compared to the same period in 2023 [1]. Financial Summary - The company forecasts earnings per share (EPS) of 5.28 yuan, 6.52 yuan, and 7.79 yuan for 2024, 2025, and 2026 respectively [2]. - The projected revenue for 2024 is 12.409 billion yuan, with a year-on-year growth of 21.1% [7]. - The net profit attributable to shareholders is expected to reach 1.509 billion yuan in 2024, reflecting a year-on-year growth of 36.9% [7]. - The gross margin is projected to improve to 23.3% in 2024 [7].

Investment Rating - The report maintains an "Outperform" rating for the company [5][3]. Core Insights - The company has entered a new growth cycle following a comprehensive adjustment of its customer structure, shifting from joint ventures with German and Japanese brands to focusing on domestic and new energy vehicle clients [1][6]. - In Q2 2024, the company achieved a record high revenue of 3.5 billion yuan, representing a year-on-year increase of 34%, with a total revenue of 57.17 billion yuan for H1 2024, up 29.2% year-on-year [1][6]. - The company's revenue growth outpaced the automotive industry by 28 percentage points in Q2 2024, driven by the increase in existing customer sales and the launch of new models from various brands [1][13]. Financial Performance - For H1 2024, the company reported a gross margin of 20.06% and a net margin of 10.40%, with Q2 2024 gross margin at 20.37% and net margin at 10.64% [1][8]. - The company adjusted its revenue forecasts for 2024, 2025, and 2026 to 132.7 billion, 163.2 billion, and 205.4 billion yuan respectively, while lowering net profit estimates to 14.5 billion, 18.5 billion, and 23.8 billion yuan for the same years [3][4]. Market Trends - The automotive lighting industry is experiencing a trend towards electronic and intelligent features, with advancements in headlight technology such as ADB and DLP systems [16][18]. - The average price of the company's lighting products increased by 25% in 2023, reflecting the industry's overall price growth [2][6]. Global Expansion - The company is enhancing its global footprint with the establishment of subsidiaries in Serbia, Mexico, and the USA, which supports its international market expansion [1][31]. - In H1 2024, the company secured 38 new model development projects, successfully launching 22 of them, indicating strong future growth potential [27][30].