JAC(SH:600418) Changjiang Securities·2026-01-19 00:54Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company expects a net loss attributable to shareholders of approximately 1.68 billion yuan for 2025, compared to a loss of 1.784 billion yuan in the same period last year. Projected net profits for 2025-2027 are estimated at -1.68 billion, 3.798 billion, and 7.462 billion yuan respectively, with corresponding PE ratios of -/28.33/14.42X. The acceleration of the company's luxury vehicle series, Zun Jie, is expected to drive sustained high growth in performance [2][10] Summary by Sections Event Description - On January 16, the company released its 2025 performance forecast, anticipating a net loss of around 1.68 billion yuan, an improvement from the previous year's loss of 1.784 billion yuan [4] Event Commentary - The company is experiencing a V-shaped recovery in its main operations, with a projected net profit of approximately -246 million yuan for Q4, significantly reducing losses. The primary reason for the losses is the underperformance of joint ventures, particularly the loss from the joint venture with Volkswagen Anhui, which is expected to impact the company's net profit by about 1.08 billion yuan [10] - The main business remains stable, with commercial vehicle and passenger vehicle sales of 235,000 and 149,000 units respectively in 2025, reflecting a slight decline of 0.5% and 10.6% year-on-year. The Zun Jie series is entering a new cycle, with significant deliveries in the ultra-luxury sedan market, and the company is expected to launch new flagship models in 2026 [10] - The investment suggestion indicates that the company's performance will continue to grow due to the rapid release of the Zun Jie series, with projected net profits increasing significantly in the coming years [10]