JAC(SH:600418) Soochow Securities·2024-08-28 04:30Investment Rating - The report maintains a "Buy" rating for Jianghuai Automobile (600418) [1] Core Views - The company's Q2 2024 performance met expectations, with significant contributions from foreign exchange gains related to exports. The total sales volume in Q2 2024 was 99,700 units, reflecting a year-on-year decline of 29.01% [3][4] - Jianghuai Automobile is engaged in a comprehensive strategic partnership with Huawei to develop luxury intelligent connected electric vehicles, with the first model expected to launch in Spring 2025 [3][4] Financial Performance Summary - Q2 2024 revenue reached 10.057 billion yuan, with a year-on-year increase in net profit attributable to shareholders of 2616.52% [3] - The company forecasts net profits of 590.13 million yuan, 869.86 million yuan, and 1.49385 billion yuan for 2024, 2025, and 2026 respectively, corresponding to P/E ratios of 73, 49, and 29 [2][3] - The gross profit margin for Q2 2024 was 11.14%, with a year-on-year decrease of 0.66 percentage points [3] Sales and Export Performance - In Q2 2024, the company exported 32,000 vehicles, marking a year-on-year increase of 36.2% [3] - The sales volume for commercial vehicles in Q2 2024 was 59,900 units, showing a year-on-year increase of 5.73% [3] Cost and Expense Management - The selling, administrative, and R&D expense ratios for Q2 2024 were 4.38%, 3.65%, and 4.42% respectively, reflecting increases compared to the previous year [3] - Financial expenses significantly decreased due to increased foreign exchange gains [3]