Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a significant increase in revenue and profit for the first half of 2024, with total revenue reaching 48.82 billion yuan, up 18.0% year-on-year, and net profit attributable to shareholders at 3.29 billion yuan, up 38.8% year-on-year, slightly exceeding the forecast [3][10] - The company is focusing on enhancing its competitiveness in both domestic and international markets, particularly in high-end segments, while optimizing its product structure [4][19] Financial Review - The company achieved a total revenue of 48.82 billion yuan in 2024H1, with a year-on-year increase of 18.0% and a quarter-on-quarter increase of 10.7%. The net profit attributable to shareholders was 3.29 billion yuan, with year-on-year growth of 38.8% [3][10] - The gross profit margin for 2024H1 was 14.7%, a decrease of 1.1 percentage points year-on-year, primarily due to the impact of the heavy truck business [12] - The operating profit margin for heavy trucks was 6.0%, with a year-on-year decline attributed to increased competition and a higher proportion of low-margin products [15] Heavy Truck Business - Heavy truck revenue reached 42.04 billion yuan in 2024H1, reflecting a year-on-year increase of 16.6%. The company sold 125,000 heavy trucks, up 14.8% year-on-year, outperforming the industry [15][18] - The average selling price (ASP) for heavy trucks was 340,000 yuan, with a year-on-year increase of 1.3% [15] - The company’s market share in the domestic heavy truck segment increased to 18.8%, driven by strong performance in natural gas vehicles [15][18] Other Businesses - Light truck revenue was 5.8 billion yuan in 2024H1, up 32.1% year-on-year, with a sales volume of 57,000 units, reflecting a 14.5% increase [18] - Engine revenue was 3.0 billion yuan, down 2.0% year-on-year, but the operating profit margin improved to 17.7% due to better cost control [18] Earnings Forecast and Investment Rating - The report forecasts net profits of 6.81 billion yuan for 2024, 7.81 billion yuan for 2025, and 7.88 billion yuan for 2026, with corresponding EPS of 2.47, 2.83, and 2.85 yuan [19]
中国重汽：2024年中报简评：业绩高增+首次中期分红，重卡龙头α持续彰显