JAC(600418) CAITONG SECURITIES·2024-10-18 10:23Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company is expected to achieve a significant year-on-year increase in net profit for the first three quarters of 2024, with an estimated profit of 62 million yuan, representing a growth of 237.08% [2] - The third quarter of 2024 is projected to maintain a high growth momentum, with a year-on-year increase in net profit of 1010.6% and a quarter-on-quarter increase of 63.4% [2] - The growth in performance is attributed to the optimization of product and debt structures, expansion into domestic and international markets, increased foreign exchange gains, and reduced financial costs [2] - The company has made significant progress in the smart connected vehicle sector, achieving full model application of vehicle networking 3.0 and mass production of L2+ level intelligent driving functions [2] - Strategic partnerships have been established with major technology companies such as Huawei and CATL, enhancing the company's capabilities in smart electric vehicle development [2] - The company forecasts net profits for 2024-2026 to be 708 million, 827 million, and 1.083 billion yuan respectively, with corresponding PE ratios of 93.93, 80.37, and 61.43 [2] Financial Performance Summary - The company expects to report operating revenue of 49.226 billion yuan in 2024, with a revenue growth rate of 9.54% [3] - The projected net profit for 2024 is 708 million yuan, with a net profit growth rate of 367.29% [3] - Earnings per share (EPS) is expected to be 0.32 yuan in 2024, increasing to 0.50 yuan by 2026 [3] - The return on equity (ROE) is projected to improve from 1.14% in 2023 to 7.03% in 2026 [3] - The company's total assets are expected to grow from 46.763 billion yuan in 2023 to 52.266 billion yuan in 2026 [3]