JAC(SH:600418) Changjiang Securities·2026-01-19 01:50Investment Rating - The investment rating for Jianghuai Automobile is "Buy" and is maintained [4][5]. Core Views - The company is expected to report a net loss of approximately 1.68 billion yuan for 2025, which is an improvement compared to a loss of 1.784 billion yuan in the previous year [4][5]. - The projected net profits for the company from 2025 to 2027 are estimated to be 1.68 billion, 3.798 billion, and 7.462 billion yuan respectively, with corresponding price-to-earnings (PE) ratios of -/28.33/14.42X [4][5]. - The main business is showing signs of a V-shaped recovery, with Q4 net profit estimated at around -246 million yuan, significantly reduced from previous losses, primarily due to the underperformance of joint ventures [4][5]. Summary by Sections Company Performance - The company’s commercial vehicle and passenger vehicle sales for 2025 are projected to be 235,000 and 149,000 units respectively, reflecting a year-on-year decline of 0.5% and 10.6% [9]. - The luxury vehicle series "Zun Jie" is expected to initiate a new product cycle, with significant order growth and delivery exceeding expectations [9]. Financial Projections - The financial forecasts indicate a gradual recovery in profitability, with net profits expected to turn positive in 2026 and 2027 [4][5]. - The company’s market capitalization and valuation metrics suggest potential for growth, particularly with the anticipated increase in sales from the Zun Jie series [4][5].