泉峰汽车(603982) - 2024 Q2 - 季度业绩预告

Key Content Alert The company anticipates a significant net loss attributable to parent company shareholders and a non-recurring net loss for the first half of 2024 2024 Semi-Annual Performance Forecast (Preliminary Estimate) | Indicator | Estimated Amount (Million Yuan) | | :--- | :--- | | Net Profit Attributable to Parent Company Shareholders | -280 to -230 | | Net Profit Attributable to Parent Company Shareholders After Non-Recurring Items | -270 to -220 | I. Current Period Performance Forecast The company has disclosed its 2024 semi-annual performance forecast, projecting a net loss, and emphasizes this forecast is a preliminary, unaudited estimate (I) Performance Forecast Period This performance forecast covers the financial period from January 1, 2024, to June 30, 2024 - The performance forecast period is from January 1, 2024, to June 30, 2024[3][12] (II) Performance Forecast Details The company expects both net profit attributable to parent company shareholders and non-recurring net profit to be negative for the first half of 2024 2024 Semi-Annual Performance Forecast (Preliminary Estimate) | Indicator | Estimated Amount (Million Yuan) | | :--- | :--- | | Net Profit Attributable to Parent Company Shareholders | -280 to -230 | | Net Profit Attributable to Parent Company Shareholders After Non-Recurring Items | -270 to -220 | (III) Nature of Performance Forecast This performance forecast is a preliminary estimate based on the company's operations, unaudited by a certified public accountant, with no significant uncertainties affecting its accuracy - This performance forecast is a preliminary estimate based on the company's operating conditions and has not been audited by a certified public accountant[13] - The company has no significant uncertainties affecting the accuracy of this performance forecast[8] II. Prior Period Performance The company was already in a loss-making position in the prior year, with the current period's projected loss expected to be larger Prior Period (2023 Semi-Annual) Performance | Indicator | Amount (Million Yuan) | | :--- | :--- | | Total Profit | -265.1465 | | Net Profit Attributable to Parent Company Shareholders | -233.7189 | | Net Profit Attributable to Parent Company Shareholders After Non-Recurring Items | -240.3718 | | Basic Earnings Per Share | -0.8858 Yuan | III. Key Reasons for Performance Change in Current Period The company's loss is primarily due to substantial investments during its transformation, under-absorbed fixed costs from capacity ramp-up, low initial efficiency of new projects, high R&D expenses, significant interest expense growth, and one-time costs, despite notable sales growth and positive gross margin in new energy vehicle components - The company is undergoing a transformation from traditional automotive components to new energy vehicle components and from small-to-medium sized components to large-sized components[14] - The establishment of new production bases in Ma'anshan, Anhui, and Hungary, Europe, led to a significant increase in fixed costs, which were not adequately absorbed due to the capacity ramp-up phase[7] - Many new projects are in the initial ramp-up phase for production efficiency and pass-through rates, resulting in higher unit variable costs[7] - With numerous new projects under development, R&D expenses remain high[7] - Increased business scale led to a rapid rise in bank borrowings and a significant increase in interest expenses[7] - To enhance operational efficiency, the company terminated leases on some external workshops and integrated production lines, incurring certain one-time expenses[7] 2024 First Half Operating Highlights | Indicator | Data | | :--- | :--- | | Sales Revenue | 1.002 Billion Yuan | | New Energy Vehicle Component Sales Revenue | 556 Million Yuan (12% YoY growth) | | New Energy Vehicle Component Revenue Share | 55% | | Ma'anshan, Anhui Production Base Output Value | 353 Million Yuan | - Some production lines at the European Hungary production base have commenced operation[14] - The company's gross margin turned positive year-on-year in the first half of 2024, indicating an improving operating performance[16] IV. Risk Warning The company advises investors that the performance forecast data is preliminary, and final financial figures will be based on the officially disclosed semi-annual report, implying investment risks - The forecast data is only a preliminary estimate; the specific and accurate financial data will be subject to the company's officially disclosed 2024 semi-annual report[15] - Investors are kindly reminded to be aware of investment risks[15] V. Other Explanatory Notes The company is actively implementing cost reduction and efficiency improvement measures to address operating losses, which have shown initial success, with gross margin turning positive year-on-year and an improving operating performance trend - The company is actively implementing cost reduction and efficiency improvement measures, including product line integration, efficiency enhancement and yield improvement for key projects, and operational management expense control[16] - These measures have achieved initial results, with the company's gross margin turning positive year-on-year in the first half of 2024, demonstrating an improving operating performance[16]