HASCO(600741) Changjiang Securities·2024-09-02 10:41Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a revenue of 77.29 billion yuan for the first half of 2024, representing a year-on-year growth of 0.4%, and a net profit attributable to the parent company of 2.86 billion yuan, up 0.8% year-on-year [5]. - The company is accelerating the development of external customers, achieving stable growth despite pressure on major downstream customers' production and sales [6]. - The company aims for a revenue target of 170.6 billion yuan in 2024, with an expected year-on-year growth rate of 1.2% and a planned gross profit margin of over 13.0% [7]. Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 40.27 billion yuan, a year-on-year increase of 0.3% and a quarter-on-quarter increase of 8.8% [6]. - The gross profit margin for Q2 2024 was 11.7%, down 0.8 percentage points year-on-year and quarter-on-quarter, primarily due to rising raw material costs and intensified competition [6]. - The net profit for Q2 2024 was 1.6 billion yuan, reflecting a year-on-year increase of 13.7% and a quarter-on-quarter increase of 26.7%, with a corresponding net profit margin of 4.0% [6]. Market Position and Strategy - The company has increased its revenue from external customers, with revenue from customers outside of SAIC Group accounting for 62.0% of total revenue in the first half of 2024, up 6.6 percentage points year-on-year [7]. - The company is focusing on the smart electric trend and accelerating the innovation and transformation of core business technologies, achieving good progress in areas such as intelligent cockpits and electric drive systems [7]. - The company has completed the sale of a 45% stake in Shanghai Aidexia Machinery Co., optimizing resource allocation and reducing burdens [7]. Future Outlook - The company is expected to maintain steady growth supported by the continuous advancement of new products and customers, capitalizing on the explosive growth of the new energy vehicle market and the high-end positioning of independent brands [7]. - Forecasted net profits for 2024-2026 are 6.56 billion, 6.92 billion, and 7.34 billion yuan, respectively, with corresponding valuations of 7.1X, 6.7X, and 6.3X [7].