CIMC VEHICLES(301039) 东吴证券·2024-08-27 03:42Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q2 performance showed a sequential recovery, with the Starlink plan demonstrating significant results. The overall sales of various vehicles reached 62,000 units in H1 2024, with a focus on the domestic semi-trailer market, which saw a 24.67% growth in the Starlink semi-trailer business [3][4] - The company is actively innovating in the semi-trailer design and production technology, aiming to restructure the production organization and optimize resource allocation in the industry [4] - The company is also focusing on the development of new energy products, including autonomous trucks and smart logistics transportation [4] Financial Performance Summary - In H1 2024, the company achieved total revenue of 10.7 billion yuan, a year-on-year decrease of 20.6%, with a net profit attributable to shareholders of 563 million yuan, down 70.3% year-on-year. Q2 revenue was 5.547 billion yuan, with a year-on-year decrease of 19.4% but a sequential increase of 7.6% [3] - The company's gross profit margin in Q2 was 14.58%, with a year-on-year decline attributed to the North American market returning to normal pricing levels [3] - The company successfully privatized its H shares and returned to the domestic market, enhancing shareholder equity and increasing earnings per share by 7.66% [3] Earnings Forecast and Valuation - The company maintains its earnings forecast for 2024-2026, projecting revenues of 27.3 billion yuan, 32.3 billion yuan, and 36.4 billion yuan, respectively. The net profit attributable to shareholders is expected to be 1.42 billion yuan, 1.68 billion yuan, and 1.97 billion yuan for the same period [4] - The corresponding EPS for 2024, 2025, and 2026 is projected to be 0.76 yuan, 0.89 yuan, and 1.05 yuan, with P/E ratios of 11, 10, and 8 times, respectively [4]