JAC(600418) 信达证券·2025-01-15 07:47Investment Rating - The investment rating for Jianghuai Automobile (600418) is to "focus on" the company due to its potential in the luxury market and the expected profitability from the launch of the Zun Jie S800 [3]. Core Viewpoints - The company plans to raise a total of 4.9 billion yuan for the development of a high-end intelligent electric platform, which aims to enhance product competitiveness and brand strength [3]. - The total investment for the project is 5.87459 billion yuan, with specific allocations for design, testing, materials, labor, and other expenses [3]. - The Zun Jie S800 has received 2,108 pre-orders within 48 hours of its launch, indicating strong market interest and potential for significant profit [3]. - The fundraising is expected to optimize the company's capital structure and improve financial stability, as the debt-to-asset ratio has been relatively high in recent years [3]. Summary by Sections Fundraising and Project Development - Jianghuai Automobile intends to raise up to 490 million yuan, which will be fully allocated to the development of a high-end intelligent electric platform [1][3]. - The project will integrate advanced technologies from high-tech companies like Huawei to enhance electric vehicle capabilities [3]. Financial Health - The company's debt-to-asset ratios for the years ending 2021, 2022, 2023, and September 2024 were 65.78%, 70.12%, 69.01%, and 70.42%, respectively, indicating a need for improved financial health [3]. Market Performance - The Zun Jie S800, priced between 1 million and 1.5 million yuan, has shown promising pre-order numbers, suggesting a strong entry into the luxury vehicle market [3].