JAC(SH:600418) Soochow Securities·2025-04-30 02:23Investment 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, and the gross margin improved [7] - The company is collaborating with Huawei to develop the luxury intelligent connected electric vehicle, the Zun Jie S800, which is set to launch soon. Strategic partnerships with Volkswagen and other tech firms are progressing well, enhancing ecosystem integration [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 is projected to reach 58.633 billion yuan in 2025, with a year-on-year growth of 38.93% [1] - The net profit attributable to shareholders is expected to recover to 0.840 billion yuan in 2025, with a significant growth rate of 89.48% in 2026 and 112.84% in 2027 [1] - The latest diluted EPS is forecasted to be 0.38 yuan in 2025, increasing to 1.55 yuan by 2027 [1] - The company's gross margin is expected to improve from 10.67% in 2024 to 15.23% in 2027 [8]