长安汽车：系列点评十四：业绩环比改善，新品周期密集

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company experienced a year-on-year revenue increase of 17.2% in 2024H1, with total revenue reaching 76.72 billion yuan. However, the net profit attributable to shareholders decreased by 63.0% to 2.83 billion yuan [2]. - The second quarter of 2024 saw total revenue of 39.7 billion yuan, a year-on-year increase of 28.3% and a quarter-on-quarter increase of 7.2%. The net profit attributable to shareholders was 1.67 billion yuan, up 12.7% year-on-year and 44.5% quarter-on-quarter [2]. - The increase in average selling price (ASP) was driven by a higher proportion of new energy vehicles, which accounted for 44.3% of sales in Q2 2024, up 14.8 percentage points from the previous quarter [2]. - The company is expected to benefit from cost reduction measures in H2 2024, with a projected improvement in profit margins [2]. - The launch of new models, including the Deep Blue S07, is expected to accelerate the company's transition to electric and intelligent vehicles [2]. Summary by Sections Financial Performance - In 2024H1, total revenue was 76.72 billion yuan, with a year-on-year growth of 17.2%. The net profit attributable to shareholders was 2.83 billion yuan, down 63.0% year-on-year. The adjusted net profit was 1.17 billion yuan, down 5.9% year-on-year [2]. - For Q2 2024, total revenue reached 39.7 billion yuan, with a year-on-year increase of 28.3% and a quarter-on-quarter increase of 7.2%. The net profit attributable to shareholders was 1.67 billion yuan, up 12.7% year-on-year and 44.5% quarter-on-quarter [2][6]. Sales and Margins - The company's gross margin for Q2 2024 was reported at 13.2%, with an adjusted gross margin of 14.98%, reflecting a quarter-on-quarter increase of 1.84 percentage points [2]. - The ASP for vehicles reached 93,000 yuan, an increase of 9,000 yuan year-on-year and 16,000 yuan quarter-on-quarter, driven by the higher proportion of new energy vehicles [2]. Future Outlook - The company is expected to see revenue growth of 183.0 billion yuan in 2024, 208.6 billion yuan in 2025, and 234.6 billion yuan in 2026, with net profits projected at 7.82 billion yuan, 10.49 billion yuan, and 12.88 billion yuan respectively [3][8]. - The report highlights the company's strong product pipeline and the acceleration of its transition to electric vehicles, supported by partnerships with technology firms like Huawei [2][3].