HASCO(600741) Guolian Securities·2024-09-01 07:00Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook compared to the market index performance [7][15]. Core Insights - The company's H1 2024 revenue reached 77.292 billion yuan, a year-on-year increase of 0.42%, while the net profit attributable to shareholders was 2.863 billion yuan, up 0.76% year-on-year [10][11]. - The company has successfully diversified its customer base, with major clients including Tesla, Seres, BYD, Geely, and Chery, contributing to stable revenue and profit despite a decline in sales from SAIC Group [10][11]. - The company’s strategic shift in customer structure has resulted in 62% of its main business revenue coming from clients outside of SAIC Group in H1 2024, with a year-on-year growth rate of over 19% for the top ten non-SAIC clients [10][11]. Financial Performance Summary - In H1 2024, the company reported a revenue of 77.292 billion yuan, with a Q2 revenue of 40.27 billion yuan, reflecting a year-on-year increase of 0.29% and a quarter-on-quarter increase of 8.78% [10][11]. - The gross profit margin for Q2 2024 was 11.7%, showing a slight decrease of 0.8 percentage points year-on-year and quarter-on-quarter, while the net profit margin improved to 4.0%, up 0.5 percentage points year-on-year and 0.6 percentage points quarter-on-quarter [10][11]. - The company forecasts revenues of 177.3 billion yuan, 188.0 billion yuan, and 198.2 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 7.562 billion yuan, 8.141 billion yuan, and 8.707 billion yuan [10][11]. Product and Market Strategy - The company is focusing on promoting its core business capabilities in smart cockpits, body platforms, smart driving platforms, and smart power platforms, which are expected to enhance the value per vehicle [10][11]. - The company has secured key model projects for various components, including interior parts, zero-gravity seats, smart steering wheels, and transmission systems, indicating a positive trend in product integration and market acceptance [10][11].