JAC(600418) Guotai Junan Securities·2024-10-20 16:37Investment Rating - The report maintains a "Buy" rating for Jianghuai Automobile and raises the target price to 40.05 CNY from the previous 25.16 CNY [4][6][15]. Core Views - The third-quarter earnings forecast meets expectations, with the Huawei project progressing smoothly. The company anticipates a net profit of approximately 620 million CNY for the first nine months of 2024, representing a year-on-year increase of 237.08% [4]. - The company is expected to achieve a net profit of 320 million CNY in Q3 2024, compared to 30 million CNY in the same period last year. The non-recurring net profit is projected to be a loss of 330 million CNY, improving from a loss of 290 million CNY in the previous year [4]. - The company plans to raise 4.9 billion CNY through a private placement to support the development of high-end electric intelligent platforms, which will enhance its financial strength and optimize its debt structure [4]. - The new energy business is entering a harvest period, with new models set to launch in 2024, focusing on the luxury intelligent electric vehicle market [4]. Financial Summary - The company forecasts revenue growth from 36.577 billion CNY in 2022 to 51.450 billion CNY in 2024, reflecting a 14.3% increase [5]. - The net profit is expected to rise from a loss of 1.582 billion CNY in 2022 to a profit of 465 million CNY in 2024, indicating a significant turnaround [5]. - The earnings per share (EPS) is projected to improve from -0.72 CNY in 2022 to 0.21 CNY in 2024 [5]. - The net asset return rate is expected to increase from -11.6% in 2022 to 3.3% in 2024 [5]. Market Data - The current stock price is 33.50 CNY, with a 52-week price range of 10.62-33.50 CNY [6][7]. - The total market capitalization is approximately 73.164 billion CNY [7]. - The company has a net asset per share of 6.17 CNY, with a price-to-book ratio of 5.4 [8].