HASCO(SH:600741) GUOTAI HAITONG SECURITIES·2026-04-01 04:45Investment Rating - The report maintains a "Buy" rating for the company [2][5]. Core Viewpoints - The company achieved an operating revenue of 184 billion yuan in 2025, with a net profit attributable to shareholders of 7.2 billion yuan, reflecting a year-on-year increase of 8.5% and 7.5% respectively [2][11]. - The company is transitioning towards market-oriented, new energy vehicles, and smart vehicle businesses, with 64.6% of its main business revenue coming from customers outside SAIC Group [11]. - The core subsidiary, Yanfeng, reported a revenue of 131.8 billion yuan in 2025, up 10.3% year-on-year, with a net profit of 4.07 billion yuan, up 35.6% year-on-year [11]. Financial Summary - Total operating revenue is projected to grow from 169.6 billion yuan in 2024 to 183.999 billion yuan in 2025, with a growth rate of 8.5% [4]. - The net profit attributable to shareholders is expected to increase from 6.7 billion yuan in 2024 to 7.2 billion yuan in 2025, reflecting a growth rate of 7.5% [4]. - The earnings per share (EPS) for 2026, 2027, and 2028 are forecasted to be 2.51 yuan, 2.69 yuan, and 2.77 yuan respectively [11]. Market Data - The target price for the stock is set at 27.66 yuan, with a current price-to-earnings (P/E) ratio of 9.03 for 2024, decreasing to 8.40 for 2025 [5][12]. - The stock has a market capitalization of 60.564 billion yuan and a price-to-book (P/B) ratio of 0.9 [6][7]. Dividend Policy - The company plans to distribute a total dividend of 3.153 billion yuan in 2025, which accounts for 43.74% of its net profit, indicating a consistent increase in the dividend payout ratio over the past two years [11].