Ge Long Hui·2025-11-28 19:58Core Viewpoint - The company reported a disappointing Q3 performance, with revenue of 27.37 billion yuan and a Non-GAAP net loss of 360 million yuan, primarily due to costs associated with the MEGA model recall [1] Performance Review - Q3 revenue was 27.37 billion yuan, with a Non-GAAP net loss of 360 million yuan, attributed to the MEGA model recall [1] - Total vehicle deliveries in Q3 reached 93,211 units, with pure electric models contributing to sales [1] - The company recorded a comprehensive gross margin of 20.4% when excluding the recall costs, and 16.3% when including them; automotive gross margins were 19.8% and 15.5% respectively [1] - R&D expenses for Q3 were 2.97 billion yuan, while selling and administrative expenses were 2.77 billion yuan, indicating stable cost control [1] - The company anticipates challenges in automotive gross margins over the next two quarters due to factors such as the ramp-up of the i6 model and promotions for the L series [1] Development Trends - The company is initiating a strategic reflection to enter a new cycle, focusing on organizational, R&D, and product issues, with plans to enhance product differentiation and accelerate international expansion [1] - The CEO emphasized a return to a startup mentality, focusing on deep user engagement and efficiency improvements, while expanding beyond just electric vehicles to include intelligent service terminals [2] - The company aims to enhance core technologies related to perception, modeling, and computing power to build an embodied intelligent AI system [2] Profit Forecast and Valuation - The company maintains an outperform rating, with adjusted target prices of 100 HKD and 26 USD for Hong Kong and US stocks respectively, reflecting a 7% decrease due to the MEGA recall losses and increased market competition [2] - The Non-GAAP earnings forecast for 2025 and 2026 has been reduced by 66% and 30% to 2.6 billion yuan and 9.8 billion yuan respectively, with market expectations already factoring in the anticipated profit decline [2]