JAC(SH:600418)2024-06-25 07:51Financial Data and Key Metrics Changes - In May, the total sales volume of the company was 34,600 units, a year-on-year decline of 11.8%, while the total sales from January to May were 173,200 units, down 8.3% year-on-year [2] - Passenger vehicle sales in May were 14,600 units, a year-on-year decline of 30.9%, with sedan sales down 0.1%, SUV sales down 49.5%, and MPV sales down 7.5% [2] - Commercial vehicle sales in May were 20,000 units, an increase of 10.4% year-on-year, with total sales from January to May reaching 109,000 units, up 10.6% year-on-year [2] Business Line Data and Key Metrics Changes - Passenger vehicle sales from January to May were 64,600 units, a year-on-year decline of 28.7%, with sedan sales down 9.4%, SUV sales down 30.9%, and MPV sales down 15.4% [2] - New energy passenger vehicle sales in May were 2,700 units, a year-on-year decline of 6.0%, while commercial vehicle sales showed a positive trend [2] Market Data and Key Metrics Changes - The company is collaborating with Huawei to develop luxury intelligent connected electric vehicles, with a focus on technological innovation and production capabilities [2] - The establishment of a high-end new energy vehicle base, referred to as the "super factory," is nearing completion, which will enhance production capacity for the new models [2] Company Strategy and Development Direction - The company aims to increase investment in technological innovation and is set to launch luxury intelligent new energy vehicles in collaboration with Huawei [2] - The strategic partnership with Huawei is expected to enhance the company's product development, manufacturing, sales, and service capabilities [2] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about the decline in passenger vehicle sales and the overall automotive consumption demand [3] - The company anticipates a recovery in sales driven by new model launches and the collaboration with Huawei, projecting significant revenue growth in the coming years [3] Other Important Information - The company forecasts revenues of 48.49 billion, 69.20 billion, and 80.71 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.12, 0.27, and 0.44 yuan [3] - The company maintains a "Buy" investment rating based on its historical background, comprehensive business segments, and growth potential from the partnership with Huawei [2] Q&A Session Summary Question: What are the expectations for new model launches? - Management indicated that new model promotions are critical and any delays could impact sales performance [3] Question: How does the company view the current automotive consumption demand? - Management acknowledged that current automotive consumption demand is below expectations, which poses a risk to sales [3] Question: What is the status of the collaboration with Huawei? - Management confirmed that the collaboration with Huawei is progressing well, with a focus on integrating advanced technologies into new vehicle models [3]