研报掘金丨国海证券：首予江淮汽车“增持”评级，华为赋能高端化加速

Core Insights - The report from Guohai Securities indicates that in October 2025, the sales of commercial vehicles and new energy vehicles experienced a year-on-year increase, contributing to a positive growth in total sales for Jianghuai Automobile during the same month [1] - In Q3 2025, the company's revenue showed both quarter-on-quarter and year-on-year growth, although the net profit attributable to the parent company faced short-term pressure due to intensified overseas competition and a high base from asset disposal gains in the previous year [1] - The launch of the high-end model, the Zun Jie S800, in collaboration with Huawei has been successful, with over 15,000 units sold within four months, indicating a strong market entry [1] - The company is accelerating its high-end product strategy and has initiated a new product cycle with Huawei, leading to an "overweight" rating for the stock [1] Financial Performance - Jianghuai Automobile's Q3 2025 revenue increased both quarter-on-quarter and year-on-year, reflecting a positive trend in sales performance [1] - The company's gross margin and revenue per vehicle also saw quarter-on-quarter growth, indicating improved operational efficiency [1] Market Position - The collaboration with Huawei is a significant factor in the company's strategy, particularly with the introduction of the Zun Jie S800, which has successfully penetrated the luxury vehicle market [1] - The report highlights the company's ability to "break the circle" in the high-end market segment, suggesting a shift in consumer perception and demand for its products [1]