JAC(600418) 华鑫证券·2024-12-30 14:11Investment Rating - The report maintains a "Buy" investment rating for Jianghuai Automobile (600418.SH) due to its growth potential and collaboration with Huawei [20]. Core Viewpoints - Jianghuai Automobile's Q3 2024 performance met expectations, with total revenue of 10.931 billion yuan, a year-on-year decrease of 5.5% but a quarter-on-quarter increase of 8.7%. The net profit attributable to shareholders was 324 million yuan, a significant year-on-year increase of 1028.4% and a quarter-on-quarter increase of 66.0%, primarily driven by increased asset disposal gains [1]. - The first model from the collaboration with Huawei, the Zun Jie S800, was officially unveiled and is expected to launch in the first half of 2025. This model features advanced technology and design elements aimed at the luxury market [2][17]. - The company is focusing on optimizing its product and debt structure, with a notable increase in asset disposal gains contributing to its financial performance [16]. Financial Forecast - The forecast for Jianghuai Automobile's revenue for 2024, 2025, and 2026 is 48.489 billion yuan, 63.454 billion yuan, and 87.609 billion yuan, respectively. The expected EPS for the same years is 0.12 yuan, 0.25 yuan, and 0.47 yuan [33][20]. - The report indicates a projected revenue growth rate of 7.7% for 2024, 30.9% for 2025, and 38.1% for 2026, with a net profit growth rate of 70.0% for 2024 and 116.1% for 2025 [33][20].