Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company reported a revenue of 172 million yuan for the first half of 2024, representing a year-on-year increase of 3.83%. The net profit attributable to shareholders was 74 million yuan, down 3.01% year-on-year, while the net profit excluding non-recurring items was 64 million yuan, up 0.12% year-on-year. The earnings per share (EPS) stood at 0.06 yuan [1]. - The company's performance showed stable growth, with a significant increase in gross margin in Q2. The gross margin for H1 2024 was 72.07%, up 1.40 percentage points year-on-year, and Q2's gross margin reached 73.87%, up 2.09 percentage points year-on-year and up 9.88 percentage points quarter-on-quarter [1]. - The official operation of the intelligent connected vehicle testing ground marks the beginning of the company's second growth curve. The new testing ground, covering approximately 4,000 acres with an investment of about 1.511 billion yuan, is expected to generate an annual steady-state output value of 450 million yuan [1]. - The increase in operating expenses is attributed to the early investment in the intelligent connected vehicle testing ground. In H1 2024, the R&D expense ratio increased by 0.44 percentage points to 4.34%, while the sales expense ratio rose by 0.47 percentage points to 1.67% [1]. Financial Forecasts - The company is expected to achieve revenues of 487 million yuan, 705 million yuan, and 807 million yuan for the years 2024 to 2026, respectively. The net profit attributable to shareholders is projected to be 195 million yuan, 319 million yuan, and 384 million yuan for the same period. The diluted EPS is forecasted to be 0.15 yuan, 0.24 yuan, and 0.29 yuan, with corresponding price-to-earnings (PE) ratios of 34.15, 20.88, and 17.37 [2][6].
中汽股份：2024年半年报业绩点评：业绩稳中有升，开启智能网联新成长曲线