JAC(SH:600418) KAIYUAN SECURITIES·2026-01-09 02:15Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has seen a significant increase in sales of its luxury model, the Zun Jie S800, with a total of 3.73 million vehicles sold in December 2025, representing a year-on-year increase of 42.2%. However, the overall vehicle sales for the year were 384,100, reflecting a decline of 4.7% due to pressures in the traditional automotive sector. The forecast for 2026 and 2027 has been adjusted upwards, anticipating revenues of 514.9 billion (-0.7%), 801.4 billion (+131.8%), and 1,285.3 billion (+405.8%) respectively, with net profits expected to be -2.0 billion (-6.6%), 21.6 billion (+5.8%), and 77.7 billion (+40.0%) [6][7]. Summary by Relevant Sections Sales Performance - The Zun Jie S800 has achieved over 18,000 pre-orders within 175 days of its launch, with December 2025 deliveries expected to exceed 4,000 units. The model has consistently ranked first in the luxury sedan market priced above 700,000 yuan, surpassing competitors like Porsche and BMW [7]. Market Outlook - The luxury car market is expected to remain resilient, with strong consumer purchasing power. The upcoming models, including a standard and long-wheelbase MPV, are anticipated to further support sales in 2026. The approval of a 3.5 billion yuan capital increase will fund the production of 200,000 mid-to-high-end electric vehicles, enhancing the company's delivery capabilities [6][7]. Financial Projections - The company’s revenue is projected to grow significantly in the coming years, with a forecasted revenue of 801.4 billion in 2026, marking a 131.8% increase from 2025. The net profit is expected to turn positive in 2026, reaching 2.16 billion yuan [9][12].