JAC(600418) Soochow Securities·2024-10-30 21:07Investment Rating - The report maintains a "Buy" rating for Jianghuai Automobile [1] Core Views - The company's Q3 2024 performance met expectations, with total revenue reaching 10.93 billion yuan, reflecting a year-on-year increase of 23.07% [2] - The net profit attributable to shareholders was 324 million yuan, showing a significant year-on-year increase of 1028.38% [2] - The company is progressing well in external collaborations, including a comprehensive strategic partnership with Huawei and a successful collaboration with Volkswagen [4] Financial Performance Summary - Q3 2024 total sales volume was 109,200 units, with a year-on-year increase of 9.53% [3] - The gross profit margin for Q3 2024 improved to 11.36%, with a quarter-on-quarter increase of 0.22 percentage points [3] - The company reported a significant increase in asset disposal income, amounting to 555 million yuan in Q3 2024, compared to only 2 million yuan in Q3 2023 [3] - The forecast for net profit attributable to shareholders has been revised upwards to 719 million yuan for 2024, 914 million yuan for 2025, and 1.61 billion yuan for 2026 [4] Revenue and Profit Forecast - Total revenue is projected to be 44.44 billion yuan in 2024, with a slight decrease of 1.27% year-on-year, followed by a significant increase of 46.01% in 2025 [1][4] - The earnings per share (EPS) is expected to be 0.33 yuan in 2024, increasing to 0.42 yuan in 2025 and 0.74 yuan in 2026 [1][4]