发挥协同作用。我们认为，本次交易有助于公司优化资源配置，助推国有资本保值增值。通过本次股权收购，公司将持有金龙旅行车公司100%股权，有助于公司的主要下属整车子公司在研发、采购、销售等关键环节达成进一步的协同合作，有利于公司提高决策效率，稳固并强化公司整车企业的市场竞争力，有利于公司更好地落实后续发展规划，符合公司整体发展战略。Incidents:
On [2t0a2b4LE year_S1U2M MA3ry1], the company issued an announcement to acquire 40% of the shares of Xiamen Jinlong Station Bus Co., Ltd. held by Jialong (Group) Co., Ltd., and sign a conditional share transfer agreement on the aforementioned equity transfer matters. After negotiation and agreement between the two parties, the transfer price corresponding to the underlying shares was RMB 408,919,960. After the equity transfer is completed, Jinlong Motor will hold 100% of Jinlong Wagon's shares, and Jinlong Wagon will become a wholly-owned subsidiary of Jinlong Motor.
Reviews:
Use synergy. We believe that this transaction will help the company optimize resource allocation and promote the preservation and appreciation of state-owned capital. Through this equity acquisition, the company will hold 100% of Jinlong Wagon's shares, which will help the company's main vehicle subsidiaries to reach further collaboration in key aspects such as R&D, procurement, and sales, help the company improve decision-making efficiency, stabilize and strengthen the market competitiveness of the company's automakers, help the company to better implement subsequent development plans, and conform to the company's overall development strategy.
Accelerate the deployment of autonomous driving to create a first-mover advantage. In the direction of autonomous driving technology, the company's park unmanned vehicle series application development realizes functions such as point-to-point driving, obstacle avoidance, obstacle detour, passing through speed bumps, passing sidewalks, crossing curves, automatic parking, driving at designated speeds, driving on designated routes, and starting and stopping on ramps. High-end autonomous buses have been developed, and advanced autonomous vehicles that meet functional safety, expected functional safety, data security, and cybersecurity systems have been developed. In addition, the company's driverless vehicles are being commercialized at an accelerated pace. For example, the company's L4 autonomous microcirculation bus 6601G is an outstanding representative of Jinlong's high-level intelligent connected models. It has already achieved commercial implementation and operation in more than 10 “smart cities” across the country, including Yongchuan, Zhengzhou Zhengdong New Area, Fuzhou Mawei, Xiamen, Jiangxi Xinyu, Jiangxi Ganzhou, Shanxi Yangquan, and Shanghai, to accelerate the collaborative development of smart connected vehicles and smart city infrastructure. In the future, Jinlong will focus on innovative research and development in the fields of autonomous driving, artificial intelligence, etc., and continuously improve its core competitiveness.
Profit forecast: As an excellent domestic enterprise in the field of autonomous driving, the company relies on years of deep technology accumulation, and is expected to develop more downstream fields in the future and further enhance its market position. We expect the company to achieve net profit of 1.68/ 4.31/0.677 billion yuan in 2024-2026, corresponding PE of 58/ 22/ 14 times. The 2025 profit was estimated at 30 times PE, and the target price was 18 yuan. It was covered for the first time, and a “buy” rating was given.
Risk warning: Downstream demand falls short of expectations, profit forecasts and valuation judgments fall short of expectations.
