Xin Lang Cai Jing·2025-04-29 02:35Financial Performance - In Q1 2025, the company achieved revenue of 40.02 billion yuan, a year-on-year decrease of 6.6% [1][2] - The net profit attributable to shareholders was 1.75 billion yuan, down 45.6% year-on-year [1][2] - The non-recurring net profit was 1.47 billion yuan, a decline of 27.4% year-on-year [1] - The gross margin for Q1 2025 was 17.8%, a decrease of 2.2 percentage points year-on-year [2] - The net profit margin stood at 4.4%, down 3.2 percentage points year-on-year [2] Sales Performance - The company sold 257,000 vehicles in Q1 2025, with 91,000 units sold overseas [1][2] - Sales of new energy vehicles reached 63,000 units, an increase of 5.7% year-on-year [1] Product Cycle and Market Strategy - The company is entering a new product cycle with multiple new models set to launch starting in March 2025, which is expected to improve sales momentum [3] - The company plans to introduce new models under its five major brands, including Haval, Wey, Tank, Ora, and pickup trucks [3] - The introduction of affordable intelligent driving features in models priced below 200,000 yuan is anticipated to enhance market competitiveness [3] Profit Forecast - The revenue projections for 2025, 2026, and 2027 are adjusted to 226.86 billion yuan, 256.58 billion yuan, and 283.78 billion yuan, respectively, with year-on-year growth rates of 12.2%, 13.1%, and 10.6% [4] - The net profit forecasts for the same years are 13.64 billion yuan, 15.72 billion yuan, and 17.62 billion yuan, with year-on-year growth rates of 7.5%, 15.2%, and 12.1% [4] - The corresponding price-to-earnings ratios are projected to be 14.5X, 12.6X, and 11.3X [4]