BAIC BluePark(SH:600733) Xin Lang Cai Jing·2025-11-08 08:25Core Insights - The company achieved a positive gross margin of 1.8% in Q3 2025, with a narrowed net loss of 1.12 billion yuan, reflecting improved profitability [1] - Total sales for Q3 2025 reached 44,349 units, a year-on-year increase of 11.3%, with cumulative sales for the first three quarters of 2025 at 112,000 units, up 64.3% year-on-year [1] - The company’s dual-brand strategy, featuring the Jihu and Xiangjie brands, has significantly boosted sales, with October sales reaching 31,000 units, a month-on-month increase of 112% [2] Sales Performance - In September 2025, the Jihu brand sold 16,074 units, a year-on-year increase of 47.7%, while the Xiangjie brand maintained strong performance with 6,700 units sold in October, leading the luxury electric sedan market [1][2] - The new Xiangjie S9 model is set to launch in November 2025, which is expected to further enhance sales momentum [2] Financial Projections - The company forecasts revenues of 265.55 billion yuan, 519.42 billion yuan, and 731.08 billion yuan for 2025-2027, with year-on-year growth rates of 83%, 96%, and 41% respectively [2] - Expected net losses are projected to decrease from -44.70 billion yuan in 2025 to a profit of 10.20 billion yuan by 2027, indicating a path towards profitability [2] - The earnings per share (EPS) are anticipated to improve from -0.80 yuan in 2025 to 0.18 yuan in 2027, with corresponding price-to-sales (PS) ratios of 1.73, 0.89, and 0.63 [2]