HASCO(SH:600741) Changjiang Securities·2025-05-14 13:50Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company is expected to achieve a revenue of 168.85 billion yuan in 2024, representing a year-on-year growth of 0.2%, while the net profit attributable to the parent company is projected to be 6.69 billion yuan, down 7.3% year-on-year [2][4]. - In Q1 2025, the company achieved a revenue of 40.37 billion yuan, reflecting a year-on-year increase of 9.1%, with a net profit of 1.27 billion yuan, up 0.6% year-on-year [2][4]. - The company is focusing on the smart electric trend, accelerating the development and application of emerging business products, and continuously optimizing its customer structure, indicating a positive outlook for future growth [2]. Summary by Sections Revenue and Profitability - The company’s revenue for 2024 is projected at 168.85 billion yuan, with a slight increase of 0.2% year-on-year. The net profit attributable to the parent company is expected to be 6.69 billion yuan, a decrease of 7.3% year-on-year. For Q1 2025, revenue is expected to reach 40.37 billion yuan, up 9.1% year-on-year, with a net profit of 1.27 billion yuan, an increase of 0.6% year-on-year [2][4][9]. Market Position and Strategy - The company is actively expanding its external customer base, with revenue from customers outside of SAIC Group accounting for 62.2% of its main business in 2024, an increase of 8.4 percentage points year-on-year. The sales growth rate for the top ten external vehicle customers reached 38% year-on-year [9]. - The company is leveraging the trend of electric vehicle transformation, with 75% of the new business orders related to new energy vehicles by the end of 2024, and over 50% of the supporting amount from domestic independent brands [9]. Future Outlook - The company aims for a revenue target of 170 billion yuan in 2025, with an expected year-on-year growth of 0.7% and a planned gross margin of over 12.9%, an increase of more than 0.8 percentage points year-on-year. The dividend payout ratio for 2024 is projected at 37.7%, corresponding to a dividend yield of 4.5% [9]. - Expected net profits for 2025-2027 are projected to be 6.98 billion, 7.31 billion, and 7.77 billion yuan, respectively, with corresponding valuations of 8.2X, 7.8X, and 7.4X [9].