JAC(600418) 中原证券·2024-11-28 08:23Investment Rating - The report assigns a "Buy" investment rating to the company for the first time, indicating an expected increase of over 15% relative to the CSI 300 index within the next six months [3][15]. Core Insights - The company is experiencing a successful collaboration with Huawei, accelerating its progress in smart vehicle technology. The partnership spans product development, manufacturing, sales, and service, aiming to create luxury smart connected electric vehicles [3][6]. - The company reported a revenue of 32.21 billion yuan for the first three quarters of 2024, a year-on-year decrease of 5.1%, but a significant increase in net profit attributable to shareholders, which reached 625 million yuan, up 239.86% year-on-year [3][6]. - The company plans to invest over 20 billion yuan in research and development over the next five years, launching more than 30 smart electric vehicle products [3][6]. Financial Performance Summary - For the third quarter of 2024, the company achieved a revenue of 10.91 billion yuan, with a year-on-year growth of 8.72% and a quarter-on-quarter decline of 5.57% [3][6]. - The gross profit margin for Q3 2024 was reported at 11.36%, showing improvements in profitability compared to previous quarters [3][6]. - The company forecasts revenues of 45.93 billion yuan, 60.65 billion yuan, and 74.12 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.31 yuan, 0.40 yuan, and 0.57 yuan [6][7]. Sales and Production Insights - The total sales volume for Q3 2024 was 109,200 units, with a year-on-year increase of 9.86%. Passenger vehicle sales specifically grew by 32.56% year-on-year [3][6]. - The company is focusing on enhancing its asset structure and improving resource allocation efficiency, which has led to a significant increase in asset disposal gains [3][6]. Future Outlook - The company is expected to continue its growth trajectory with a projected increase in revenue and net profit over the next few years, driven by the launch of new smart electric vehicle models and ongoing collaboration with Huawei [3][6].