Shanxi Securities·2025-05-30 09:06Investment Rating - The report assigns an "Add-A" rating to the company, indicating a positive outlook for the stock [7]. Core Views - The company experienced a decline in revenue and profit in 2024, with operating income of 20.998 billion yuan, down 16.30% year-on-year, and a net profit of 1.085 billion yuan, down 55.80% year-on-year. The first quarter of 2025 also showed a decline in revenue and profit [3][4]. - Despite challenges in the North American market, the domestic market showed resilience with a 12% increase in semi-trailer sales and a 16% increase in revenue, leading to an increase in market share [4]. - The company is focusing on high-end manufacturing transformation and digitalization to enhance long-term competitiveness, alongside significant investments in the new energy vehicle market [5]. Company Performance - The company's stock closed at 8.37 yuan on May 30, 2025, with a market capitalization of 156.86 billion yuan. The highest and lowest prices in the year were 13.15 yuan and 7.86 yuan, respectively [2]. - The basic and diluted earnings per share for the year ending March 31, 2025, were both 0.10 yuan, with a net asset return rate of 1.18% [2]. Financial Forecast - Revenue projections for 2025-2027 are 21.556 billion yuan, 22.811 billion yuan, and 24.892 billion yuan, respectively. Net profits are expected to be 1.151 billion yuan, 1.294 billion yuan, and 1.507 billion yuan for the same period [7][9]. - The report anticipates an increase in earnings per share (EPS) from 0.61 yuan in 2025 to 0.80 yuan in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 13 to 10 [7][9].