sntonly(834599) 开源证券·2024-08-29 02:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the technology for new energy vehicles is becoming increasingly refined, and the commercial application of autonomous vehicles is on the verge of large-scale deployment [1][4] - The company has experienced a decline in revenue and net profit in the first half of 2024, with revenue at 2.812 billion yuan (down 14.91%) and net profit at 296.76 million yuan (down 11.16%) [3] - Despite the domestic market downturn and slowing overseas growth, the report maintains a positive outlook on the company's international market expansion and new product competitiveness [3] Financial Summary - In H1 2024, the company's revenue was 2.812 billion yuan, with a net profit of 296.76 million yuan, and a non-recurring net profit of 288.44 million yuan [3] - The gross profit margin improved year-on-year, with Q2 2024 revenue at 1.615 billion yuan, a quarter-on-quarter increase of 35%, and net profit at 178.51 million yuan, a quarter-on-quarter increase of 51% [3] - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 609 million yuan, 679 million yuan, and 751 million yuan respectively, with corresponding EPS of 1.33, 1.49, and 1.64 yuan per share [3] Product and Market Development - The company has made significant progress in product innovation, with R&D expenses reaching 74.16 million yuan (up 60%) [3] - The domestic first dual-bridge drive "rigid truck" TLD125 has begun mass production and has been delivered to Ecuador's metal mines, marking a new entry into the high-end South American market [3] - The report notes that the company has completed nearly 300 orders for autonomous driving products, with over 200 vehicles operating in mines, achieving an attendance rate improvement from over 80% to 90% [4]