FAW Jiefang(SZ:000800) Soochow Securities·2025-05-01 07:28Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 2025 performance is under pressure, with a focus on waiting for demand recovery [1] - The company reported a total revenue of 14.34 billion yuan in Q1 2025, showing a year-on-year decrease of 24.6% and a quarter-on-quarter increase of 6.7% [1] - The net profit attributable to the parent company for Q1 2025 was 29 million yuan, down 83.4% quarter-on-quarter [1] - The heavy-duty truck sales showed a quarter-on-quarter increase, but the estimated revenue per vehicle declined [1] - The company is expected to benefit from the policy encouraging the replacement of old trucks, with domestic sales projected to reach 700,000 units or more in 2025, representing a year-on-year increase of over 16% [1] - The report anticipates a recovery in the heavy truck industry, with the company positioned to leverage its scale and cost efficiency [1] Financial Summary - Revenue projections for the company are as follows: 64.325 billion yuan in 2023, 58.581 billion yuan in 2024, 67.368 billion yuan in 2025, 74.105 billion yuan in 2026, and 81.516 billion yuan in 2027 [1] - The net profit attributable to the parent company is projected to be 806.1 million yuan in 2023, 622.43 million yuan in 2024, 722.01 million yuan in 2025, 1.02217 billion yuan in 2026, and 1.30758 billion yuan in 2027 [1] - The estimated EPS for the years 2025 to 2027 are 0.15 yuan, 0.21 yuan, and 0.27 yuan respectively, with corresponding P/E ratios of 49.09, 34.67, and 27.10 [1] - The company's current PB ratio is 1.34, indicating that the valuation is at a historical low [1]