JAC(600418) 财通证券·2024-10-14 08:03Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has experienced a year-on-year increase in total sales, with new product launches expected to drive further sales growth [1] - In September, the company reported total sales of 39,600 vehicles, a year-on-year increase of 2.82%. However, total sales from January to September were 315,230 vehicles, reflecting a year-on-year decline of 4.72% [3] - Passenger vehicle sales faced pressure, while commercial vehicle sales increased year-on-year, with notable growth in Jianghuai pickup truck sales, which surged by 63.60% [3] - The Jianghuai X8 E family was officially launched on September 23, with three models priced between 109,800 to 149,800 yuan, featuring advanced hybrid technology and impressive performance metrics [3] - The company is projected to achieve net profits attributable to shareholders of 516 million, 650 million, and 836 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 116.02, 92.11, and 71.65 [3] Summary by Relevant Sections Sales Performance - In September, passenger vehicle sales were 19,000 units, down 0.50% year-on-year, while commercial vehicle sales were 20,400 units, up 6.17% year-on-year [3] - From January to September, passenger vehicle sales totaled 131,400 units, down 17.00% year-on-year, while commercial vehicle sales reached 184,000 units, up 6.54% year-on-year [3] Product Launches - The Jianghuai X8 E family was launched with a 1.5T hybrid powertrain, achieving 0-100 km/h in 7.7 seconds and offering a range of 1,100 km in hybrid mode [3] Financial Projections - The company expects to achieve revenues of 49,226 million, 59,896 million, and 72,191 million yuan for the years 2024, 2025, and 2026, respectively, with revenue growth rates of 9.54%, 21.67%, and 20.53% [4] - The projected net profit for 2024 is 516 million yuan, with a significant increase in net profit growth rate of 240.55% [4]