JAC(600418) EBSCN·2025-05-15 12:24Investment Rating - The report does not provide a specific investment rating for the company [6] Core Views - The company's performance in 2024 and Q1 2025 is under pressure, with a revenue decline of 6.3% year-on-year to 42.12 billion yuan in 2024 and a net loss attributable to shareholders of 1.78 billion yuan, compared to a net profit of 150 million yuan in 2023 [1][2] - The company is facing operational difficulties, with total vehicle sales in 2024 down 7.4% year-on-year to 403,000 units, driven by a significant decline in passenger vehicle sales [2] - The launch of the new model, Zun Jie S800, in collaboration with Huawei is a focal point, with pre-orders showing promising initial demand [3] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 42.12 billion yuan, a decrease of 6.3% year-on-year, and a net loss of 1.78 billion yuan, a significant drop from the previous year's profit [1] - Q1 2025 saw a revenue of 9.8 billion yuan, down 13.0% year-on-year, with a net loss of 220 million yuan [1] - The gross margin for 2024 was 10.5%, down 0.8 percentage points year-on-year, and for Q1 2025, it was 10.0%, down 1.4 percentage points year-on-year [2] Sales and Market Position - Total vehicle sales in 2024 were 403,000 units, a decline of 7.4% year-on-year, with passenger vehicle sales down 16.6% to 167,000 units [2] - The new model Zun Jie S800 has received 2,108 pre-orders within 48 hours of its announcement, indicating strong market interest [3] Future Outlook - The company plans to focus on the Zun Jie S800's market performance post-launch and the allocation of resources from Huawei's distribution channels [3] - Profitability is expected to improve in 2026 with the gradual production of new platform models from Volkswagen and subsequent models from Zun Jie [3]