HASCO(SH:600741) Ping An Securities·2024-08-29 09:43Investment Rating - The report maintains a "Recommendation" rating for the company, indicating expected performance to be better than the market by 10% to 20% over the next six months [3][8]. Core Views - The company achieved a revenue of 77.29 billion yuan in the first half of 2024, a year-on-year increase of 0.4%, and a net profit attributable to shareholders of 2.86 billion yuan, up 0.8% year-on-year [4]. - The company has successfully expanded its customer base outside of SAIC, mitigating the decline in sales from SAIC-related clients, with 62% of its revenue coming from non-SAIC customers in the first half of 2024 [5][6]. - Cost control measures have been effectively implemented, with management and R&D expenses reduced by 3.5 billion yuan and 5.5 billion yuan respectively compared to the previous year, contributing to stable core business profitability [6]. Summary by Sections Financial Performance - In the first half of 2024, the company's main business revenue reached 73.69 billion yuan, with a gross profit margin of 12.1%, down 1.1 percentage points year-on-year, leading to a gross profit decline of 780 million yuan [4]. - The second quarter saw a revenue of 40.27 billion yuan, with a quarter-on-quarter growth of 8.8% and a net profit of 1.6 billion yuan, reflecting a significant increase of 26.7% quarter-on-quarter [4]. Revenue and Profit Forecast - The revenue forecast for 2024 to 2026 has been adjusted to 58.8 billion yuan, 64.3 billion yuan, and 70.9 billion yuan respectively, reflecting a downward revision due to short-term sales pressures from SAIC clients [8]. - The company is positioned as a leading player in the automotive parts industry, with strong bargaining power in the supply chain and a notable market position [8]. Customer Base and Market Strategy - The company has diversified its customer base, with significant contributions from new clients such as Seres, which has seen strong sales of its AITO series, helping to offset declines from traditional SAIC clients [5][6]. - The strategic focus on expanding outside of SAIC has proven effective in maintaining revenue stability despite challenges in the core customer segment [8].