SJA(600609) 中航证券·2025-01-09 01:51Investment Rating - The investment rating for the company is "Buy" indicating an expected return of over 10% relative to the CSI 300 index in the next six months [3][12]. Core Insights - The company is set to benefit from the revival of the Jinbei brand and the integration of resources under Shenyang Automotive, enhancing its competitive edge in the automotive parts industry [1][2]. - The company has seen a revenue decline of 13.21% year-on-year in the first three quarters of 2024, but its net profit attributable to shareholders increased by 52.84% due to the recovery of debts from the Brilliance Group [2]. - BMW's increased investment in China, amounting to 20 billion RMB, is expected to drive demand for automotive parts, with the company positioned as a core supplier for BMW's new generation models [2][7]. Summary by Sections Company Overview - Jinbei Automotive is focusing on the revival of its brand and the launch of new energy products, with plans to introduce various models in early 2025 [1]. - The company is enhancing its market competitiveness by extending its focus on core automotive parts and collaborating with major suppliers [1]. Financial Performance - For the first three quarters of 2024, the company reported revenues of 3.427 billion RMB, a decrease of 13.21%, while net profit reached 292 million RMB, an increase of 52.84% [2]. - The company is projected to achieve revenues of 4.699 billion RMB, 5.158 billion RMB, and 5.835 billion RMB for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 304 million RMB, 324 million RMB, and 351 million RMB [7]. Market Position and Outlook - The company is expected to benefit from BMW's local production plans, which include launching over 20 new models in 2024 and the first new generation model in 2025 [2]. - The integration of resources under Shenyang Automotive is anticipated to support the company's transformation and structural adjustments in the automotive industry [1].