汽车：宝马集团FY24Q2业绩点评及业绩说明会纪要-24Q2 EBIT利润率10.5%，电动化加速

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [37]. Core Insights - The report highlights that BMW Group's Q2 2024 EBIT margin is 10.5%, with a focus on accelerating electrification [1][3]. - The company reported a revenue of €36.9 billion for Q2 2024, remaining flat year-on-year, while the pre-tax profit was approximately €3.9 billion, reflecting an 8.6% decline [3][9]. - The report emphasizes the strong demand for luxury electric vehicles, particularly in the BMW and BMW M brands, which continues to exceed strategic targets [9]. Summary by Sections 1. Financial Performance - In Q2 2024, the group's revenue was €36.9 billion, with a pre-tax profit of approximately €3.9 billion, resulting in an EBIT margin of 10.5%, down 0.8 percentage points year-on-year [3][9]. - The passenger car segment generated €32.1 billion in revenue, a 1.4% increase year-on-year, and an EBIT of €2.7 billion, reflecting a 7.4% decline [3][10]. 2. Sales Performance - BMW Group delivered 620,000 vehicles in Q2 2024, a 1.3% decrease year-on-year, while the BMW brand deliveries increased by 2.2% to 570,000 units [4][15]. - Electric vehicle deliveries reached 146,000 units, accounting for 23.7% of total deliveries, marking a 2.1 percentage point increase year-on-year [4][15]. 3. Company Strategy and Goals - The company supports efficient engines and plug-in hybrid technologies while expressing skepticism about the feasibility of the EU's 2035 ban on combustion engines [5][22]. - BMW opposes punitive tariffs, arguing that they do not enhance European OEM competitiveness and may hinder the decarbonization of transportation [5][23]. - The company has initiated a share buyback program, with a total of €5 billion planned for completion by the end of 2024 [5][24]. - For 2024, BMW expects a slight decline in EBIT but anticipates a modest increase in automotive revenue, driven by new models and electric vehicle sales [5][25]. 4. New Models - The new X3 model is expected to launch in Q4 2024, with the NEUE KLASSE electric vehicles set to begin production by the end of 2025 [4][19]. - The company aims to enhance its technological leadership through the NEUE KLASSE platform, which will support various drive technologies [19][20].