Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company expects a year-on-year increase in net profit attributable to shareholders of 30%-45% for H1 2024, reaching between 3.07 billion to 3.42 billion RMB, with a midpoint of 3.24 billion RMB, representing a 37.5% increase [3] - The wholesale sales volume for heavy trucks in H1 2024 is projected to be 504,000 units, showing a quarter-on-quarter increase of 3.3% and a year-on-year increase of 19.3% [3] - The company’s single-vehicle profit is expected to improve to 23,000 RMB, reflecting a year-on-year increase of 28% [3] - The company aims to enhance its competitiveness in both domestic and international markets, focusing on high-end markets in the Middle East and Latin America, while also improving product development and marketing strategies [3] Financial Forecasts - The company’s total revenue is projected to grow from 85.78 billion RMB in 2023 to 101.52 billion RMB in 2024, representing a year-on-year growth of 18.35% [2][4] - The net profit attributable to shareholders is expected to increase from 5.32 billion RMB in 2024 to 7.81 billion RMB in 2025, with an EPS of 2.47 RMB for 2024 and 2.83 RMB for 2025 [2][4] - The P/E ratio is forecasted to decrease from 9.80 in 2023 to 7.65 in 2024, indicating an attractive valuation [2][4]
中国重汽：2024H1业绩预告点评：H1业绩超预期，销量及单车盈利同比增长