Ge Long Hui·2025-08-30 19:04Group 1 - The company's 2Q25 performance met market expectations with revenue of 30.2 billion and Non-GAAP net profit of 1.47 billion [1] - The company maintained a gross margin of over 19%, achieving a comprehensive gross margin of 20.1% in 2Q25, driven by improved parts commonality and higher delivery volumes [1] - The company delivered 111,074 vehicles in 2Q25, with strong performance from the new extended-range model contributing to revenue growth [1] Group 2 - The company has successfully progressed its self-developed smart driving chip to road testing, indicating a strong position in the AI field [2] - The company is optimizing its channel strategy by adjusting store combinations in first to third-tier cities and expanding into lower-tier cities with a lightweight store model [2] - The company aims to enhance product lifecycle management by optimizing SKU and configuration strategies to ensure faster product iterations [2] Group 3 - The company maintains an outperform rating, with target prices adjusted downwards due to increased market competition, reflecting a 30% reduction in target prices to 108 HKD and 28 USD [3] - The company's 2025/26 non-GAAP profit forecasts have been reduced by 37% and 20% to 7.59 billion and 14.05 billion respectively [3] - The adjusted target prices correspond to 19x and 15x 2026E P/E, indicating potential upside of 23% and 24% [3]