中原证券：给予赛力斯买入评级

Core Viewpoint - The company continues to enhance its profitability and strengthen its competitive edge in the high-end smart electric vehicle market, as evidenced by significant growth in net profit and strategic partnerships with industry leaders [1][2][3][4]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 624.02 billion yuan, a year-on-year decrease of 4.06%, while net profit attributable to shareholders reached 29.41 billion yuan, up 81.03% year-on-year [1][2]. - The second quarter saw a revenue of 432.55 billion yuan, reflecting a year-on-year increase of 12.40%, driven by new product launches [2][5]. - The company reported a basic earnings per share of 1.87 yuan, an increase of 73.15% year-on-year, and a weighted average return on equity of 15.87%, up 2.63 percentage points [1][5]. Product and Market Strategy - The company focuses on high-end smart electric vehicles, with the Wanjie M9 and M8 models leading their respective market segments, achieving significant sales milestones [3][4]. - The Wanjie brand has been recognized for its high customer satisfaction and quality, ranking first in the new energy vehicle brand quality performance for three consecutive years [3][4]. - The company has partnered with Huawei and CATL to enhance its technological capabilities and product competitiveness [3][4]. Research and Development - The company has invested nearly 300 billion yuan in R&D for high-end smart electric vehicles, with R&D expenses in the first half of 2025 reaching 51.98 billion yuan, a year-on-year increase of 154.86% [4][5]. - The introduction of the Magic Cube technology platform supports the development of various vehicle models and enhances production efficiency [4][5]. Future Outlook - The company plans to expand its product lineup with new models set to launch in the second half of 2025, which is expected to further boost sales [6]. - The company has submitted an application for an IPO in Hong Kong to support its global strategic expansion [6]. - Forecasts indicate that the company could achieve net profits of 98.79 billion yuan, 122.50 billion yuan, and 151.22 billion yuan for 2025, 2026, and 2027, respectively [7].