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one month after yu chengdong publicly revealed the first car model of jac's cooperation with huawei, named "zunjie", jac motors disclosed its 2024 semi-annual report.

data shows that in the first half of 2024, jac motors achieved operating income of 21.298 billion yuan and net profit attributable to shareholders of listed companies of 301 million yuan, a year-on-year increase of 93.84%. the net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses (hereinafter referred to as "net profit after deducting non-recurring gains and losses") turned losses into profits, reaching 91.8735 million yuan. in the second quarter, the net profit attributable to the parent company was close to 200 million yuan, both year-on-year and month-on-month, achieving significant increases.

figure: jac national technology center

improvement: gross profit has increased for three consecutive years

compared with the industry, jac motors' 2024 semi-annual report shows obvious "improvement". based on the decline in financial expense indicators, it can be seen that jac motors has continued to optimize its product structure in the first half of 2024. data shows that in the commercial vehicle field, sales increased by about 10% in the first half of the year, leading the industry by nearly 5 percentage points. main products such as light and medium-sized trucks, pickups, and multi-purpose commercial vehicles continued to grow, and the pure electric passenger vehicle business achieved double-digit positive growth.

another data shows that jac motors is continuing to improve. the financial report shows that in the first half of 2024, jac motors' gross profit margin was 11.30%, exceeding the industry average. since 2021, it has achieved steady growth and the company's profitability has been further enhanced.

note: ruifeng rf8 hongmeng version will be unveiled at the 2024 beijing international auto show

positive momentum: r&d investment increased by more than 60% year-on-year

data shows that in the first half of this year, 287 listed companies in the automobile industry invested a total of 72.997 billion yuan in research and development, an increase of 17.46% from 62.143 billion yuan in the same period last year, with an average investment of 254 million yuan per company.

the financial report shows that in the first half of 2024, jac motors' total r&d investment was 1.648 billion yuan, a year-on-year increase of 59.75%, which is significantly better than the industry average. jac motors' continued high-intensity r&d investment has also achieved remarkable results. it is reported that jac motors has achieved mass production of l2+ intelligent driving function products, completed the development of l3 intelligent driving functions, and officially obtained a test license. l4 autonomous driving has achieved normalized demonstration operations in specific scenarios.

figure: define technology vision concept car won the german red dot concept design award

in terms of product research and development, jac motors has focused on building an exclusive platform for intelligent new energy vehicles. intelligent new energy products such as ruifeng rf8 and y3 love edition have been launched one after another. it has taken the lead in introducing catl battery technology into new energy commercial light trucks, new energy heavy trucks, passenger cars and buses, and launched advantageous products such as the new hantu t8 passenger version, and its product layout has been continuously improved. the define technology vision concept car launched this year has won the 2024 german red dot concept design award for its outstanding design, and has won high recognition from international authorities.

expectation: cooperating with huawei, the smart car "zunjie" will be launched next year

according to xiang xingchu, party secretary, chairman and general manager of anhui jianghuai automobile group holding co., ltd., the cooperation with huawei will create a new platform and leading intelligent electric architecture, and a number of products have been planned to create a million-level high-end luxury smart electric vehicle of chinese brand. the first product has entered the vehicle test verification stage and is scheduled to roll off the assembly line at the end of this year and be launched in the first half of next year. the development of subsequent products is progressing in an orderly manner.

figure: jac huawei smart factory

in addition, the strategic cooperation between jac motors and volkswagen is progressing smoothly; jac motors' commercial vehicle business is operating stably and its export business is performing well. dongwu securities predicts that jac motors' net profit attributable to shareholders in 2024/2025/2026 will be 590 million yuan/870 million yuan/1.49 billion yuan, respectively, with corresponding price-earnings ratios of 73 times/49 times/29 times.