经纬恒润：系列点评一：亏幅环比收窄 产品布局全面推进

Investment Rating - The report maintains a "Recommend" rating for the company [2][4] Core Views - The company's revenue in 2024H1 reached 2,027 million yuan, a year-on-year increase of 19.43%, while net profit attributable to the parent company was -333 million yuan, with an expanded loss margin [2] - In 2024Q2, revenue was 1,138 million yuan, up 18.72% year-on-year and 27.92% quarter-on-quarter, with a net profit attributable to the parent company of -142 million yuan, showing a narrowed loss margin quarter-on-quarter [2] - The company is actively expanding its product portfolio, with regional controllers already in mass production for a new energy vehicle model, and smart driving products covering intelligent sensors, integrated driving and parking, and high-level autonomous driving controllers [2] - The company is also advancing its internationalization strategy, securing product approvals from multiple global OEMs/Tier1s and establishing a factory in Malaysia to enhance supply chain integration [2] - The report forecasts the company's revenue for 2024-2026 to be 5,721/7,009/8,254 million yuan, with net profit attributable to the parent company of -15/294/501 million yuan, and EPS of -0.12/2.45/4.17 yuan [2][3] Financial Performance and Forecast - 2024Q2 gross margin was 20.91%, down 7.59 percentage points year-on-year and 3.77 percentage points quarter-on-quarter, while net profit margin was -12.45%, down 12.29 percentage points year-on-year but up 9.11 percentage points quarter-on-quarter [2] - The company's sales/management/R&D/financial expense ratios in 2024Q2 were 7.26%/8.13%/21.70%/-0.94%, with R&D expenses decreasing significantly quarter-on-quarter [2] - The report predicts the company's revenue growth rates for 2024-2026 to be 22.3%/22.5%/17.8%, with net profit growth rates of 93.2%/2088.8%/70.6% [3][5] - The company's gross margin is expected to remain stable at around 25.57%-27.48% from 2024 to 2026, with net profit margins turning positive from 2025 onwards [5] Business Development - The company is accelerating the iteration of distributed automotive electronic products and expanding its business boundaries by launching domain-integrated products [2] - Key products such as chassis domain controllers and AR-HUD have been successfully deployed in multiple vehicle models, with AR-HUD entering mass production for a mainstream model [2] - The company has achieved full coverage of vehicle electronic control products, aligning with the industry trend of transitioning from distributed to centralized electronic control systems [2] International Expansion - The company has secured product approvals from international clients including Stellantis, Scania, Navistar, and Magna, among others [2] - The Malaysia factory has been completed and is ramping up production, supporting the company's global supply chain strategy [2] - The company's electronic products are also being supplied to domestic customers' export models, meeting regulatory requirements in multiple countries [2]