研报掘金丨东吴证券：维持北汽蓝谷“买入”评级，考虑享界后续放量可期

Core Viewpoint - Dongwu Securities report indicates that BAIC Blue Valley's net profit attributable to shareholders for Q3 2025 was -1.12 billion yuan, with a non-recurring net profit of -1.14 billion yuan, showing a reduction in losses compared to previous periods [1] Group 1: Financial Performance - The company's Q3 2025 net profit attributable to shareholders was -1.12 billion yuan, and the non-recurring net profit was -1.14 billion yuan, both showing a reduction in losses on a quarter-on-quarter basis [1] - The forecast for net profit attributable to shareholders for 2025-2027 has been revised down to -4.9 billion yuan, -1.6 billion yuan, and 1.2 billion yuan, respectively, from the previous estimates of -3.8 billion yuan, -1.5 billion yuan, and 1.3 billion yuan [1] Group 2: Product Performance - The Xiangjie S9T was officially launched on September 16, with a starting price of 309,800 yuan, and achieved sales of over 20,000 units within 25 days of its launch, indicating strong market performance [1] - The company is expected to see increased sales contributions from the Xiangjie model in Q4 [1] Group 3: Cost Management - The company is actively promoting cost reduction efforts, resulting in improved gross margins on a quarter-on-quarter basis [1]