Ge Long Hui·2025-09-23 19:04Group 1 - The core viewpoint of the report emphasizes stable automotive deliveries, competitive advantages in major appliances, and the potential catalyst from new smartphone releases [1][2] Group 2 - The company maintains revenue forecasts for FY2025E-FY2027E at RMB 489.1 billion, 641.8 billion, and 758.4 billion respectively, with adjusted net profit estimates at RMB 45.4 billion, 68.1 billion, and 83.6 billion [1] - The automotive delivery volume exceeded 30,000 units in July and August, indicating a strong outlook for surpassing the annual target of 350,000 units [1] - The automotive production capacity is expected to ramp up quickly due to accumulated supply chain experience and component reuse from the first-phase factory [1] Group 3 - The air conditioning segment saw a shipment volume of over 5.4 million units in Q2 2025, representing a year-on-year increase of 60%, with growth rates exceeding 50% for three consecutive quarters [2] - The new Wuhan factory is set to enhance the company's competitive edge in major appliances, complementing its new retail model [2] - Upcoming smartphone releases, including the Xiaomi 17 Pro and ProMax, are anticipated to drive improvements in revenue and gross margin in Q4 [2]