20240901-东吴证券-爱柯迪-600933.SH-2024年半年度报告点评_2024Q2业绩符合预期_品类拓展+全球布局加速成长_3页_380kb

Summary

Chinese Summary:

爱柯迪（600933）发布2024年半年度报告，2024年上半年实现营业收入3249亿元，同比增长2292%。其中，2024年第二季度营业收入为1607亿元，环比下降214%。归属于母公司净利润450亿元，同比增长1362%；2024年单季度净利润218亿元，环比下降604%。2024年第二季度公司毛利率环比下降2个百分点，主要由于原材料和海运成本上涨。公司继续推进全球化布局，墨西哥二期工厂与匈牙利生产基地正在建设或投用，产能持续扩张。分析师下调2024-2026年盈利预测，维持“买入”评级，预计EPS分别为105元、128元、155元。主要风险包括汽车销量下滑、竞争加剧以及原材料价格飙升。

股票评级：“买入”。

English Summary:

Aico (600933) released its 2024 mid-year report for the period. In the first six months of 2024, the company achieved total revenue of CNY 32.49 billion, marking a growth of 2,292 year-over-year. For Q2 2024 alone, revenue stood at CNY 16.07 billion, a decline of 21.4% compared to Q1. The net profit attributable to shareholders was CNY 4.50 billion overall for H1, up 1,362 YoY. However, in Q2 2024, net profit attributable to shareholders dropped 60.4% year-over-year due to fiscal pressures. During Q2, the company's gross margin decreased by 200 basis points, primarily due to higher aluminum prices and shipping costs. Aico continues expanding its global operations, with factory developments in Mexico, Hungary, and Ma’anshan, China. The target EPS for 2024-2026 was reduced but the "Buy" rating was maintained; expected shares came down to CNY 105, 128, and 155 per share over those years, respectively. Risks include slowing passenger vehicle sales, increased competition, and surging raw material costs.