FAW Jiefang(SZ:000800) East Money Securities·2024-04-08 16:00Investment Rating - The report maintains an "Accumulate" rating for the company [2]. Core Views - The company experienced a significant recovery in performance in 2023, benefiting from the high demand for gas vehicles, with revenue reaching 63.905 billion yuan, a year-on-year increase of 66.71%, and a net profit attributable to shareholders of 0.763 billion yuan, up 107.49% year-on-year [2][7]. - The company is actively integrating resources with Huawei to lead industry development, focusing on smart driving and digital transformation [2]. Summary by Sections Financial Performance - In 2023, the company achieved a total vehicle sales volume of 241,700 units, a year-on-year increase of 42.11%, with heavy truck sales reaching 205,200 units, up 46.14% year-on-year. Notably, natural gas heavy truck sales surged by 325%, capturing a market share of 33.6% [2]. - The gross margin improved to 8.25%, an increase of 0.22 percentage points year-on-year, while the net margin rose to 1.19%, up 0.23 percentage points year-on-year [2][8]. Future Outlook - The company is expected to continue benefiting from the high demand for natural gas heavy trucks in 2024, with projected revenues of 76.659 billion yuan, representing a growth rate of 19.96% [7][8]. - The company plans to enhance its product offerings in new energy and smart connected vehicles, aiming for stable growth in the coming years [7]. Strategic Partnerships - The partnership with Huawei, established in 2015 and deepened in 2023, aims to leverage both companies' strengths in smart vehicle technology, with expectations for demonstration operations of autonomous driving products by 2025 [2].