Guohai Securities·2024-09-03 16:00Investment Rating - The investment rating for the company is "Accumulate" (maintained) as of September 3, 2024 [1][6] Core Views - The company's revenue in the first half of 2024 decreased by 25.62% year-on-year to 45.808 billion yuan, with a net profit attributable to shareholders of 1.516 billion yuan, down 48.88% year-on-year [2][3] - The decline in revenue is attributed to a price war in the automotive industry, leading to both volume and price pressures [3] - The company is accelerating its smart and internationalization processes, with a focus on enhancing its autonomous brand and expanding overseas markets [4][3] Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 45.808 billion yuan, down 25.62% year-on-year, with a total sales volume of 863,000 vehicles, also down 25.79% year-on-year [2][3] - The average revenue per vehicle decreased due to the impact of the price war [3] - The company's joint venture brands faced short-term pressure, with a significant drop in investment income from joint ventures and associates, down 62.06% year-on-year [3][4] Future Outlook - The company is expected to enhance its smart technology and expand its international market presence, with a projected increase in overseas sales by 190% year-on-year in H1 2024 [4][3] - The company plans to launch its first collaborative model with Huawei in Q1 2025, focusing on smart electric technology [4][3] Earnings Forecast - The company is projected to achieve revenues of 118.781 billion yuan in 2024, with a year-on-year growth rate of -8%, and a net profit of 4.205 billion yuan, with a year-on-year decline of 5% [4][6] - The estimated earnings per share (EPS) for 2024 is 0.40 yuan, with a price-to-earnings (P/E) ratio of 18.29 [4][6]