JAC(SH:600418) Soochow Securities·2025-04-30 02:15Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 2025 performance met expectations, with total revenue of 9.818 billion yuan, and a net profit attributable to shareholders of -0.223 billion yuan. The overall sales volume increased quarter-on-quarter, with a total sales volume of 99,700 vehicles [7] - The company is focusing on strategic collaborations with Huawei, Volkswagen, and other tech firms to enhance its product offerings, particularly the luxury intelligent electric vehicle, the S800, which is set to launch soon [7] - The forecast for net profit attributable to shareholders for 2025, 2026, and 2027 is 0.840 billion yuan, 1.592 billion yuan, and 3.389 billion yuan respectively, with corresponding P/E ratios of 93, 49, and 23 [7] Financial Summary - Total revenue for 2023 is projected at 45.016 billion yuan, with a year-on-year growth of 23.07%. The revenue is expected to decline by 6.25% in 2024, followed by a significant increase of 38.93% in 2025 [1] - The net profit attributable to shareholders is forecasted to be -1.784 billion yuan in 2024, turning positive in 2025 with 0.840 billion yuan, and continuing to grow to 3.389 billion yuan by 2027 [1] - The latest diluted EPS is projected to be -0.82 yuan in 2024, improving to 0.38 yuan in 2025, and reaching 1.55 yuan by 2027 [1] - The company's gross margin for Q1 2025 is reported at 10.03%, with a year-on-year decrease of 1.4% but a quarter-on-quarter increase of 2.3 percentage points [7]