中集车辆：Q2业绩持续改善，各业务与集团全面发展

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company has shown continuous improvement in Q2 performance, with a significant recovery in domestic semi-trailer business and a solid global market position [4][5]. - The company reported a revenue of 10.7 billion yuan in H1 2024, a year-on-year decrease of 20.56%, but Q2 net profit showed a quarter-on-quarter increase of 12.46% [4][5]. - The company is expected to face challenges due to a slowdown in North American business, but overall growth is anticipated in the coming years [5]. Summary by Sections Financial Performance - Revenue forecast for 2024 is 25.91 billion yuan, with a growth rate of 3% year-on-year, and net profit is expected to be 1.38 billion yuan, reflecting a decrease of 43.8% [1][5]. - The company achieved a net profit of 5.63 billion yuan in H1 2024, down 70.33% year-on-year, with Q2 contributing 2.98 billion yuan [4][5]. Business Segments - The Starlink Lighthouse Pioneer Group saw a sales increase of 24.67%, with revenue reaching 2.63 billion yuan, indicating strong growth in the flatbed and derivative vehicle market [5]. - The Strong Crown Business Group focused on expanding overseas markets, achieving revenue of 2.50 billion yuan with improved gross margins [5]. - North American operations generated revenue of 3.68 billion yuan, returning to normal levels after previous highs [5]. - European and other operations reported revenue of 1.51 billion yuan, maintaining a leading market share in the UK [5]. Valuation Metrics - The company’s P/E ratios for 2024, 2025, and 2026 are projected to be 11.3, 9.3, and 8.1 respectively [1][5]. - The report anticipates a gradual recovery in profitability, with net profit expected to grow by 20.7% in 2025 and 15.9% in 2026 [5].