sntonly(834599) 国海证券·2024-08-29 05:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6]. Core Views - The company has shown a recovery in performance in Q2 2024, achieving a record high quarterly profit, with significant progress in the fields of new energy and autonomous driving [1][6]. - Despite a slight decline in revenue and profit year-on-year for H1 2024, Q2 performance rebounded significantly, with revenue of 1.615 billion yuan and a net profit of 179 million yuan, reflecting a quarter-on-quarter increase of 34.95% and 50.97% respectively [2][3]. - The company is benefiting from improved gross margins and strong financial resilience, with the launch of new products and the completion of a new production facility [3][6]. Summary by Sections Financial Performance - For H1 2024, the company reported revenue of 2.812 billion yuan, down 14.91% year-on-year, and a net profit of 297 million yuan, down 11.16% year-on-year [2]. - The gross margin for H1 2024 was 22.97%, an increase of 3.68 percentage points year-on-year [3][5]. - The company achieved a net cash flow from operating activities of 151 million yuan, up 23.55% year-on-year [2]. Product and Market Development - The company has made significant advancements in the new energy sector, with a notable increase in sales of electric and alternative fuel vehicles [6]. - The penetration rate in the open-pit coal mining market is expected to increase, supported by national policies aiming for higher production from open-pit mines [6]. - The company has also expanded its presence in international markets, with a focus on enhancing its market share in overseas operations [6]. Profitability Forecast - The company is projected to achieve revenues of 6.12 billion yuan, 7.51 billion yuan, and 8.69 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 637 million yuan, 849 million yuan, and 1.013 billion yuan [6][7]. - The expected growth rates for net profit are 4%, 33%, and 19% for the years 2024, 2025, and 2026 respectively [6][7].