FAW Jiefang(SZ:000800) Soochow Securities·2024-09-01 07:40Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a 19.2% year-on-year increase in net profit attributable to shareholders for the first half of 2024, driven by strong performance in natural gas and exports [1][3] - The company achieved a revenue of 35.6 billion yuan in H1 2024, representing a 7.8% year-on-year growth [3] - The market share for heavy trucks improved year-on-year, with significant growth in export volumes [3] Financial Performance Summary - H1 2024 total revenue was 35.6 billion yuan, with a year-on-year increase of 7.8% and a net profit of 478 million yuan, up 19.2% year-on-year [3] - In Q2 2024, heavy truck sales were 47,000 units, with a year-on-year decline of 17.7% [3] - The average selling price (ASP) of commercial vehicles decreased by 0.84 million yuan year-on-year to 225,000 yuan [3] - The gross margin for Q2 2024 was 6.95%, showing a year-on-year decline but a quarter-on-quarter increase [3] Profit Forecast and Valuation - The profit forecast for the company remains unchanged, with net profits projected at 1.03 billion yuan for 2024, 1.70 billion yuan for 2025, and 2.42 billion yuan for 2026 [4] - Corresponding EPS for 2024, 2025, and 2026 are expected to be 0.22 yuan, 0.37 yuan, and 0.52 yuan, respectively [4] - The P/E ratios for the same years are projected to be 34.76, 21.05, and 14.74 [4] Market Data - The closing price of the stock is 7.73 yuan, with a market capitalization of approximately 35.74 billion yuan [6] - The stock has a price-to-book ratio of 1.47 [6] Basic Data - The company has a total share capital of approximately 4.62 billion shares, with a net asset value per share of 5.25 yuan [7]