JAC(600418) Xinda Securities·2025-04-15 14:05Investment Rating - The investment rating for Jianghuai Automobile (600418.SH) is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's performance and future growth potential [2]. Core Views - Jianghuai Automobile reported a total sales volume of 37,223 vehicles in March 2025, a slight decrease of 1.71% year-on-year. However, SUV sales increased by 42.5% to 8,241 units, and pickup truck sales rose by 40.38% to 7,402 units, indicating strong growth in these segments [2]. - The company is set to launch the high-end intelligent model "Zun Jie" in May, which is expected to accelerate its transformation towards high-end intelligent electric vehicles. The company plans to raise 4.9 billion yuan for the development of a new high-end intelligent electric platform [2]. - Revenue forecasts for Jianghuai Automobile are projected to be 58.2 billion yuan in 2025, 72 billion yuan in 2026, and 81.2 billion yuan in 2027, with corresponding net profits of 600 million yuan, 1.7 billion yuan, and 3 billion yuan respectively [2][3]. Summary by Sections Sales Performance - In March 2025, Jianghuai Automobile's total vehicle sales were 37,223 units, down 1.71% year-on-year. Notably, SUV sales surged by 42.5% to 8,241 units, while pickup truck sales increased by 40.38% to 7,402 units. Truck sales also saw a modest increase of 3.33% [2]. New Product Launch - The upcoming launch of the "Zun Jie" model in May is anticipated to enhance the company's high-end intelligent vehicle offerings. The company aims to integrate advanced technologies from partners like Huawei into its new electric vehicle platform [2]. Financial Projections - Revenue estimates for Jianghuai Automobile are as follows: 58.2 billion yuan in 2025, 72 billion yuan in 2026, and 81.2 billion yuan in 2027. The projected net profits are 600 million yuan, 1.7 billion yuan, and 3 billion yuan for the respective years [3].