FAW Jiefang(SZ:000800) LIANCHU SECURITIES·2025-04-17 03:23Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [6]. Core Insights - The company, FAW Jiefang, is positioned as a leading brand in the commercial vehicle sector, with a comprehensive product matrix and a strong market presence across various segments [3][4][10]. - The company aims to achieve a sales target of 330,000 vehicles in 2025, entering a new product cycle with significant growth potential [3][36]. - The "SPRINT2030" international strategy aims for global sales exceeding 500,000 units by 2030, with 180,000 units expected from overseas markets [4]. - The company has seen a doubling of sales in the new energy vehicle segment over the past two years, with expectations for continued high growth [4][10]. - The report highlights the company's proactive approach in smart connectivity and autonomous driving technologies, which are expected to enhance operational efficiency and safety [5][10]. Summary by Sections Company Overview - FAW Jiefang has a rich history of over 70 years and is recognized as the most valuable brand in the commercial vehicle industry, with cumulative production exceeding 9 million units [14][15]. - The company is controlled by China FAW Group, which holds a 62.18% stake, ensuring strong backing and resources for growth [17][18]. Domestic Market Leadership - The company maintains a leading position in several market segments, including heavy-duty trucks, where it has been the top seller for nine consecutive years [3][36]. - In 2024, the company achieved total truck sales of 250,500 units, reflecting a 4.22% year-on-year increase despite a challenging market environment [36]. International Market Growth - The company is expanding its international footprint, particularly in Southeast Asia, Latin America, and Australia, leveraging the Belt and Road Initiative to enhance export opportunities [4][10]. New Energy Market - FAW Jiefang is actively pursuing a comprehensive strategy in new energy vehicles, with a focus on electric, hybrid, and fuel cell technologies, aiming for a market share increase to the top three in the industry by 2024 [4][10]. Smart Connectivity and Technology - The company is leading in the application of smart connectivity technologies, with multiple projects underway to commercialize autonomous driving solutions across various scenarios [5][10]. Financial Forecast and Investment Recommendations - The report projects revenues of 64.28 billion yuan, 71.32 billion yuan, and 78.36 billion yuan for 2025, 2026, and 2027 respectively, with corresponding growth rates of 9.7%, 11.0%, and 9.9% [10][36]. - The expected net profit for 2025 is 733 million yuan, with a significant growth forecast of 17.7% [10].