Investment Rating - The report assigns an "Accumulate-A" rating for the company, indicating a positive outlook for investment [1]. Core Insights - The demand for new energy vehicles is driving revenue growth, although profit margins are temporarily under pressure due to intensified competition among downstream customers [1][4]. - The company reported a revenue of 591 million yuan for the first half of 2024, a year-on-year increase of 14.78%, and a net profit attributable to shareholders of 47 million yuan, up 3.06% year-on-year [1][4]. - The gross profit margin has decreased by 2.26 percentage points due to competitive pressures in the market, leading to a slight decline in net profit growth compared to revenue growth [1][4]. Financial Performance - For the first half of 2024, the company achieved a revenue of 591 million yuan, with a year-on-year growth rate of 14.78%, which is higher than the previous year's growth of 2.99% [1][4]. - The net profit attributable to shareholders for the same period was 47 million yuan, reflecting a growth of 3.06% year-on-year, although the growth rate was lower than that of revenue [1][4]. - The company’s gross profit margin for Q2 2024 was 18.91%, down 2.85 percentage points from Q1 [1][4]. Market Position and Customer Base - The company has established partnerships with major new energy vehicle manufacturers, including XPeng, Geely, BYD, and Seres, which have shown significant sales growth in the first half of 2024 [1][4]. - The company has secured multiple project contracts with clients such as Huawei, BYD, and Geely, indicating a strong market presence and ongoing collaboration in the automotive sector [1][4][2]. Future Outlook - The company anticipates stable demand in the second half of 2024, supported by new model launches and government policies promoting vehicle upgrades [4]. - Revenue projections for 2024-2026 are estimated at 1.434 billion yuan, 1.634 billion yuan, and 1.857 billion yuan, with corresponding year-on-year growth rates of 19.3%, 14.0%, and 13.7% respectively [4][6]. - The expected net profit for the same period is projected to be 117 million yuan, 130 million yuan, and 145 million yuan, with growth rates of 3.4%, 11.1%, and 11.4% respectively [4][6]. Product Development - The company has made significant advancements in product development, including the mass production of electronic rearview mirrors and the ongoing development of 4D millimeter-wave radar technology [3][4]. - The electronic rearview mirror is expected to benefit from the trend towards automotive intelligence, enhancing its market penetration [3][4]. Valuation Metrics - The report provides a valuation analysis, indicating a P/E ratio of 37.0x for 2024, which is expected to decrease to 29.9x by 2026 [6][11]. - The company’s projected EPS for 2024, 2025, and 2026 are 1.28 yuan, 1.42 yuan, and 1.58 yuan respectively [6][11].
豪恩汽电：新能源汽车需求向好推动收入增长，利润端暂时承压或受下游竞争加剧影响