JAC(600418) 光大证券·2024-08-29 08:11Investment Rating - The report does not provide a specific investment rating for the company [5] Core Views - The company's 1H24 performance met expectations, with a revenue decline of 4.8% year-on-year to 21.3 billion yuan, while net profit attributable to shareholders increased by 93.8% year-on-year to 300 million yuan [2] - The company is focusing on high-end and international transformation, with a significant partnership with Huawei to enter the luxury car market [3] - The company has adjusted its 2024 net profit forecast upward by 17.2% to 430 million yuan, maintaining forecasts for 2025-2026 at 560 million and 1.01 billion yuan respectively [3] Summary by Sections 1H24 Performance - Revenue for 1H24 was 21.3 billion yuan, down 4.8% year-on-year - Net profit attributable to shareholders was 300 million yuan, up 93.8% year-on-year - Non-recurring net profit was 90 million yuan, compared to a loss of 240 million yuan in the same period last year [2] Financial Metrics - 2Q24 revenue was 10.03 billion yuan, down 13.5% year-on-year and 10.9% quarter-on-quarter - 2Q24 net profit attributable to shareholders was 200 million yuan, up 2616.5% year-on-year and 85.2% quarter-on-quarter - 1H24 gross margin was 11.3%, a decrease of 0.4 percentage points year-on-year [2] Strategic Partnerships - The company has strengthened its collaboration with Huawei, launching two electric pickup models priced at 159,800 and 169,800 yuan, which are expected to disrupt the traditional energy pickup market [3] - The partnership with Huawei includes the launch of the "MAEXTRO" brand targeting the luxury car market, with the first product expected to be launched in 1H25 [3] - The company is also collaborating with Volkswagen, with the first model from their joint venture set to be exported to Europe [3]