Incident: The company issued a sales announcement for January. The total sales volume of the company was 392,000 vehicles, an increase of 51.91% over the previous year.
Of these, 18,600 vehicles were exported, up 66.85% year on year and 27.41% month on month.
Both passenger cars and commercial vehicles maintained a high growth rate: in the passenger car sector, the company sold 12,300 units in January, of which sales of new energy passenger vehicles increased 28.43% year-on-year in January. In the commercial vehicle sector, the company has successively won many large orders at home and abroad, with sales volume of 26,900 vehicles in January, up 102.31% year on year and 54.98% month on month.
In the light commercial vehicle sector, the cumulative sales volume of JAC 1 cards increased 195.15% year-on-year in January, supported by multiple large orders. In the heavy commercial vehicle sector, Jiangqi Group has comprehensively upgraded its brand structure. According to product positioning, JAC heavy trucks were divided into the four major brand matrices of Crossing, Xingyao, Gerfa, and Feiyue to meet the different market needs of high and low levels. Sales increased 104.28% year-on-year in January. In addition, JAC pickup trucks sold a total of 4,696 units in January, an increase of 9.2% over the previous month.
Cooperate with major manufacturers in the field of new energy to establish comprehensive strategic alliances: In early January, Jiangqi Group and Ningde Times formally reached a strategic cooperation to actively cooperate and jointly establish a strategic alliance in power battery supply, introduction of power exchange technology, and joint development and application of new technologies and products. On January 11, Jiangqi Group and NIO reached a strategic cooperation agreement on power exchange. In the future, they will jointly launch “rechargeable, exchangeable and upgradeable” products.
Investment advice: We expect the company to achieve net profit of 2.31/2.97/359 million yuan in 2023-2025, corresponding PE of 124.04/96.48/79.70 times, respectively, to maintain the “increase in holdings” rating.
Risk warning: New product launch progress falls short of expectations; overseas competition intensifies; terminal consumer demand is insufficient.