GAC GROUP(601238) 东吴证券·2025-04-27 13:05Investment Rating - The investment rating for GAC Group is "Buy" (maintained) [1] Core Views - The performance of GAC Group's Q1 2025 results is generally in line with expectations, with a focus on waiting for the effects of reforms to materialize [8] - The company has established a GH project company in collaboration with Huawei, aiming to leverage both parties' strengths in product development and marketing strategies [8] - The report maintains profit forecasts for GAC Group, projecting net profits of 3.5 billion, 4.7 billion, and 5.6 billion RMB for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 23, 17, and 15 times [8] Financial Performance Summary - Total revenue for 2023 is projected at 129.706 billion RMB, with a year-on-year growth of 17.62% [1] - The net profit attributable to shareholders for 2023 is expected to be 4.4289 billion RMB, reflecting a year-on-year decline of 45.08% [1] - The latest diluted EPS for 2023 is estimated at 0.43 RMB per share, with a P/E ratio of 18.51 times [1] - Q1 2025 revenue is reported at 19.88 billion RMB, with a significant decline in sales volume for GAC's self-owned brands [8] - The gross profit margin for Q1 2025 is noted at 0.2%, a decrease compared to previous periods [8] - The total investment income for Q1 2025 is reported at 1.17 billion RMB, showing a year-on-year decline of 36% [8]