FAW Jiefang(000800) 东方财富·2024-09-13 10:23Investment Rating - The investment rating for the company is "Accumulate" (maintained) [4]. Core Insights - The company achieved revenue of 35.6 billion yuan in the first half of 2024, a year-on-year increase of 7.8%, and a net profit attributable to shareholders of 478 million yuan, up 19.2% year-on-year. The non-recurring net profit reached 284 million yuan, reflecting an impressive growth of 86.8% year-on-year [2]. - The demand for medium and heavy trucks in 2024 increased by 4.4% year-on-year, with the company's sales of medium and heavy trucks reaching 123,000 units, a 9.4% increase year-on-year, capturing a market share of 21.5%, which is a 1 percentage point increase compared to the previous year [2]. - The company is expanding its market share in the new energy sector and exports, with new energy vehicle sales reaching 8,500 units, a remarkable growth of 139.8% year-on-year, and export sales of 35,500 units, up 37.2% year-on-year [2]. Summary by Sections Financial Performance - In Q2 2024, the company reported revenue of 16.62 billion yuan, a decrease of 12.4% year-on-year and quarter-on-quarter. The net profit attributable to shareholders was 309 million yuan, down 9.0% year-on-year but up 82.5% quarter-on-quarter [2]. - The company forecasts revenues of 76.66 billion yuan, 82.84 billion yuan, and 89.16 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 946 million yuan, 1.36 billion yuan, and 1.82 billion yuan for the same years [5][6]. Market Position and Strategy - The company is actively investing in new energy and intelligent driving technologies, aiming to enhance its competitive edge. It has developed L4 level autonomous driving products and is exploring various operational scenarios [3]. - The company plans to establish a new international trade company to further expand its overseas business and improve profitability [2]. Growth Potential - The company is expected to benefit from the old-for-new policy, which is anticipated to stimulate demand for medium and heavy trucks, leading to stable growth in performance in 2024. The long-term outlook remains positive due to active layouts in new energy, intelligence, and exports [5].