JAC(SH:600418) Guotai Junan Securities·2025-04-01 11:16Investment Rating - The report maintains an "Accumulate" rating with a target price of 47.12 CNY, consistent with the previous rating [5][12][14]. Core Views - The company's 2024 annual report aligns closely with prior forecasts, meeting expectations. The company is accelerating its passenger vehicle business and electrification transformation, with a significant collaboration with Huawei, which is expected to yield its first model soon [2][12]. - The financial performance for 2024 shows a revenue of 42.2 billion CNY, a decrease of 6.3% year-on-year, and a net loss attributable to shareholders of 1.784 billion CNY, marking a significant decline from profitability [12][14]. - The report highlights an increase in R&D investment, with a total of 3.46 billion CNY in 2024, up 55% year-on-year, indicating a focus on innovation and future growth [12][14]. Financial Summary - Revenue: 2023A: 45,016 million CNY; 2024A: 42,202 million CNY; 2025E: 46,450 million CNY; 2026E: 69,450 million CNY; 2027E: 95,350 million CNY [4][13]. - Net Profit (Attributable to Shareholders): 2023A: 152 million CNY; 2024A: -1,784 million CNY; 2025E: 338 million CNY; 2026E: 1,095 million CNY; 2027E: 3,257 million CNY [4][13]. - Earnings Per Share (EPS): 2023A: 0.07 CNY; 2024A: -0.82 CNY; 2025E: 0.15 CNY; 2026E: 0.50 CNY; 2027E: 1.49 CNY [4][13]. - Return on Equity (ROE): 2023A: 1.1%; 2024A: -15.7%; 2025E: 2.8%; 2026E: 8.3%; 2027E: 19.8% [4][13]. Market Data - Current Price: 36.00 CNY; 52-week Price Range: 14.60 - 46.00 CNY; Market Capitalization: 78,624 million CNY [6][12]. - Total Shares: 2,184 million shares [6]. Industry Comparison - The report compares the company with peers such as Seres and BAIC Blue Valley, noting that the average PS ratio for comparable companies in 2025 is 1.9 times. The target price of 47.12 CNY corresponds to a PS ratio of 2.2 times for the company, reflecting potential growth from new model launches [14][15].