JAC(SH:600418) Haitong Securities·2024-09-23 07:38Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company showcased its strength in the global automotive industry by presenting multiple new energy commercial vehicle products and advanced technologies at the IAA Transportation 2024 in Germany [4] - The company has launched its European strategy aimed at creating greener cities through localized operations, linking various industry resources to establish a new benchmark for green logistics in Europe [4] - The company is expected to see significant improvements in its financial performance, with projected net profits of 220 million, 270 million, and 400 million yuan for 2024, 2025, and 2026 respectively [4] Financial Summary - Revenue is projected to grow from 45,016 million yuan in 2023 to 60,215 million yuan in 2026, reflecting a year-on-year growth rate of 23.1% in 2023 and 9.7% in 2026 [5][7] - The net profit is expected to recover from a loss of 1,582 million yuan in 2022 to a profit of 400 million yuan by 2026, indicating a significant turnaround [5][7] - The gross margin is forecasted to improve from 11.3% in 2023 to 12.5% in 2026, showcasing enhanced operational efficiency [5][7] Valuation Metrics - The company is assigned a price-to-book ratio (PB) of 4.0-5.0 for 2024, with a corresponding reasonable price range of 24.72 to 30.90 yuan [4] - Comparatively, the average PB for peer companies is around 5.7 for 2023 and 4.3 for 2024, indicating a competitive valuation [6] Market Performance - The company's stock has shown an absolute increase of 8.2% over the past month, 11.6% over the past two months, and 34.5% over the past three months, outperforming the market index [3]