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, benefiting from the year-on-year growth in commercial and new energy vehicle sales, Jianghuai Automobile also achieved a year-on-year increase in total sales [1] - In Q3 2025, the company's revenue showed both year-on-year and quarter-on-quarter growth, while net profit attributable to the parent company faced short-term pressure due to intensified overseas competition and a high base from asset disposal gains last year [1] - The launch of the luxury car brand Zun Jie has initiated large-scale deliveries, with Q3 2025 automotive sales increasing quarter-on-quarter, and both gross margin and revenue per vehicle also showing quarter-on-quarter growth [1] - The collaboration with Huawei has led to the introduction of the Zun Jie S800, a high-end luxury sedan, which has sold over 15,000 units within four months of its launch, marking a significant market breakthrough [1] - Given the new product cycle initiated by the collaboration with Huawei and the acceleration towards high-end offerings, the company is rated as "Buy" for the first time [1]