Minsheng Securities·2024-11-03 01:30Investment Rating - The report maintains a "Hold" rating for GAC Group with a current price of 7.89 CNY per share [6]. Core Views - GAC Group's revenue for the first three quarters of 2024 was 74.74 billion CNY, a year-on-year decrease of 23.9%. In Q3 2024, revenue was 28.49 billion CNY, showing a year-on-year increase of 21.5% and a quarter-on-quarter increase of 15.4% [3][4]. - The net profit attributable to shareholders for the first three quarters of 2024 was 120 million CNY, down 97.3% year-on-year, with a net loss of 1.4 billion CNY in Q3 2024 [3][4]. - The company is undergoing significant reforms to enhance its management model and organizational structure, aiming for sustainable and high-quality development [4]. - GAC Group is expanding its overseas exports, with new models being launched in key markets, indicating a new phase of global growth [4]. Financial Summary - For 2024, the forecasted revenue is 129.71 billion CNY, with a growth rate of 17.6%. The net profit attributable to shareholders is projected to be 645 million CNY, reflecting a decrease of 85.4% [5][7]. - The earnings per share (EPS) for 2024 is expected to be 0.06 CNY, with a price-to-earnings (PE) ratio of 127 [5][7]. - The company anticipates a gradual recovery in profitability, with net profit forecasts of 1.62 billion CNY and 2.37 billion CNY for 2025 and 2026, respectively [5][7].