研报掘金丨开源证券：维持江淮汽车“买入”评级，尊界S800销量持续爬坡

Core Viewpoint - Jianghuai Automobile is expected to face slight pressure on traditional vehicle sales in 2025, while the rapid growth of the Zun Jie brand is anticipated to drive performance improvements [1] Group 1: Sales Performance - In December 2025, the company is projected to achieve vehicle sales of 37,300 units, representing a year-on-year increase of 42.2% [1] - The total vehicle sales for the year 2025 are expected to reach 384,100 units, reflecting a year-on-year decline of 4.7%, primarily due to the downturn in the traditional vehicle segment [1] Group 2: Financial Forecasts - The company has adjusted its 2025 earnings forecast downward due to ongoing pressure in its traditional business [1] - Conversely, the earnings forecasts for 2026 and 2027 have been revised upward, driven by anticipated significant breakthroughs in Zun Jie brand sales [1] Group 3: Market Position and Future Prospects - The upcoming launch of the MPV is expected to lead to substantial sales growth [1] - The approval of a 3.5 billion yuan capital increase will support the development of the Zun Jie platform, positioning it as a benchmark in the domestic ultra-luxury automobile market [1] - The company maintains a "Buy" rating based on these developments [1]