JMC(SZ:000550) Guoyuan Securities·2024-07-25 00:30Investment Rating - The investment rating for Jiangling Motors is upgraded to "Buy" [6] Core Views - Jiangling Motors reported a revenue of 17.9 billion yuan for the first half of 2024, representing a year-on-year growth of 16.14%, and a net profit attributable to shareholders of 895 million yuan, up 22.77% year-on-year [3] - The company is actively transforming towards electric and intelligent vehicles, launching its new brand "Jiangling Lexing New Energy" and its first model "Jiangling Lexing E Road" in 2023 [5] - The company has achieved significant growth in its core products, with light commercial vehicle sales increasing by 14.78% and pickup sales by 33.43% in the first half of 2024 [4] Summary by Relevant Sections Financial Performance - In the first half of 2024, Jiangling Motors sold 38,000 light commercial vehicles, 37,000 pickups, and 56,000 SUVs, leading to a total sales volume of 160,000 vehicles, a 9.11% increase year-on-year [4] - The company’s revenue growth outpaced sales growth, indicating a high-quality development with profit growth exceeding revenue growth [4] Electric and Intelligent Transformation - Jiangling Motors has been focusing on electric and intelligent vehicle technologies since 2017, with significant advancements in electric vehicle development and partnerships with major tech companies for smart driving solutions [5] - The company has received approval for L4 level autonomous driving freight vehicles to operate in urban environments, marking a significant milestone in its autonomous driving initiatives [5] Investment Recommendations and Profit Forecast - The forecast for Jiangling Motors' revenue from 2024 to 2026 is projected to be 38.26 billion yuan, 42.75 billion yuan, and 46.58 billion yuan respectively, with net profits expected to be 1.82 billion yuan, 2.13 billion yuan, and 2.48 billion yuan [6] - The estimated earnings per share for the same period are projected to be 2.11 yuan, 2.47 yuan, and 2.87 yuan, with corresponding price-to-earnings ratios of 11.02, 9.43, and 8.11 [6]