JAC(SH:600418) Soochow Securities·2024-05-05 01:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2023 and Q1 2024 met expectations, with steady progress in external collaborations [3][4] - The company is actively collaborating with Huawei and Volkswagen, which is expected to enhance long-term growth potential [4] - The commercial vehicle business remains stable, and profit forecasts for 2024-2025 have been adjusted upwards [4] Financial Performance Summary - For 2023 Q4, total revenue was 11.038 billion yuan, with a year-on-year increase of 23.0% but a quarter-on-quarter decrease of 4.6% [3] - The net profit attributable to shareholders for 2023 Q4 was -0.32 billion yuan, an improvement from -7.99 billion yuan in 2022 Q4 [3] - In 2024 Q1, total revenue was 11.282 billion yuan, showing a year-on-year increase of 4.61% and a quarter-on-quarter increase of 2.21% [3] - The net profit attributable to shareholders for 2024 Q1 was 1.05 billion yuan, a year-on-year decrease of 28.72% but a quarter-on-quarter recovery [3] Sales and Margins - In 2023 Q4, total sales volume was 151,300 units, with a year-on-year increase of 17.6% but a quarter-on-quarter decrease of 6.9% [4] - The gross margin for 2023 Q4 was 10.8%, reflecting a slight decline compared to previous periods [4] - In 2024 Q1, the gross margin improved to 11.44% [4] Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders has been raised to 4.13 billion yuan for 2024 and 8.58 billion yuan for 2025 [4] - The projected net profit for 2026 is 12.6 billion yuan, with corresponding P/E ratios of 83, 40, and 27 for 2024, 2025, and 2026 respectively [4]