JAC(600418) 浙商证券·2025-01-01 01:23Investment Rating - The report gives a "Buy" rating to Jianghuai Automobile (JAC) [2] Core Views - JAC has partnered with Huawei to enter the ultra-high-end automotive market, launching the "Zunjie" brand, which is expected to drive rapid sales growth [1] - The collaboration with Huawei includes the development of the X6 platform, which supports large sedans, SUVs, and MPVs, with an annual production capacity of 200,000 units [1] - JAC's experience in manufacturing high-end vehicles for NIO has laid a solid foundation for its collaboration with Huawei [1] - The company operates in both passenger and commercial vehicle segments, with a strong presence in the MPV and light truck markets [1] Financial Projections - Revenue for 2024-2026 is projected to be 44.4/62.6/68.0 billion yuan, with year-over-year growth of 1.2%/41.0%/8.7% [2] - Net profit attributable to shareholders is expected to be 710/1,340/1,723 million yuan, with year-over-year growth of 371.3%/87.7%/28.6% [2] - EPS for 2024-2026 is forecasted to be 0.33/0.61/0.79 yuan per share, with corresponding P/E ratios of 119.11/63.46/49.34 [2] Business Segments Passenger Vehicles - JAC's MPV segment is strong, with the Ruifeng RF8 being the world's first MPV equipped with Huawei's HarmonyOS smart cockpit [1] - The "Zunjie" brand, developed in collaboration with Huawei, targets the luxury D-segment market, with the Zunjie S800 priced between 1-1.5 million yuan [1] Commercial Vehicles - JAC's light truck sales have consistently ranked among the top five in China, with 130,345 units sold in the first nine months of 2024 [1] - The company's commercial vehicle segment includes trucks, buses, and specialized vehicles, catering to diverse market needs [1] Strategic Collaborations - JAC has a long-standing partnership with NIO, which has enhanced its high-end manufacturing capabilities [1] - The collaboration with Huawei includes the development of intelligent driving, smart cockpit, and smart electric vehicle technologies [1] - JAC has also partnered with Volkswagen to produce new energy vehicles, with a focus on the MEB platform [123] Market Positioning - The Zunjie S800, a luxury D-segment sedan, is positioned to compete with high-end models from BBA (BMW, Mercedes-Benz, Audi) [1] - The vehicle features L3 autonomous driving hardware and is powered by Huawei's Qiankun ADS 3.0 system [1] Production Capacity - JAC is building a super factory with an annual capacity of 200,000 units, focusing on the X6 platform for high-end vehicles [1] - The Zunjie S800 is expected to have an annual production capacity of 35,000 units [72] Historical Performance - JAC's net profit margin turned positive in the first three quarters of 2024, with a net profit margin of 1.5% [28] - The company's R&D expenses have increased significantly, reaching 1.6 billion yuan in 2023 [31]