HASCO(600741) 长江证券·2024-05-06 01:02Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company achieved a revenue of 37.02 billion yuan in Q1 2024, representing a year-on-year growth of 0.6%, while the net profit attributable to the parent company was 1.26 billion yuan, a decrease of 11.9% year-on-year [5][6]. - Despite pressure on major customers' production and sales, the company managed to maintain stable revenue growth through the continuous expansion of external customers [6][7]. - The company is focusing on the transition to new energy vehicles, with revenue from non-SAE customers accounting for 53.82% of total revenue, an increase of 4.25 percentage points year-on-year [6]. Summary by Sections Financial Performance - In Q1 2024, the company's gross margin was 12.5%, down 1.3 percentage points year-on-year and 2.0 percentage points quarter-on-quarter [7]. - The company reported a net profit margin of 3.4%, a decrease of 0.5 percentage points year-on-year and 1.8 percentage points quarter-on-quarter [7]. - The company aims for a revenue target of 170.6 billion yuan in 2024, with an expected year-on-year growth rate of 1.2% and a planned gross margin of over 13% [6]. Market Dynamics - The domestic passenger car wholesale sales in Q1 2024 reached 5.685 million units, a year-on-year increase of 10.6% but a quarter-on-quarter decrease of 27.9% [6]. - Major customer sales, including SAIC Group, faced challenges, with SAIC Group's sales down 6.4% year-on-year and 49.2% quarter-on-quarter [6]. Strategic Initiatives - The company is accelerating its transition to new energy vehicles, with over 65% of new business lifecycle orders related to electric vehicles [6]. - The company is optimizing resource allocation by exiting non-core businesses, such as the sale of a 45% stake in Shanghai Aidexia Machinery Co., Ltd [6].