研报掘金丨长江证券：维持江淮汽车“买入”评级，尊界开启新周期

Core Viewpoint - Jianghuai Automobile is expected to report a net loss of approximately 1.68 billion yuan for 2025, compared to a loss of 1.784 billion yuan in the same period last year, indicating a slight improvement in performance [1] Group 1: Financial Performance - The company's net profit attributable to shareholders for Q4 is projected to be around -246 million yuan, showing a significant reduction in losses both year-on-year and quarter-on-quarter [1] - The performance of joint ventures has negatively impacted overall results, while the main business operations are experiencing a V-shaped recovery [1] Group 2: Future Outlook - The year 2026 is anticipated to be a significant product year for the company, with plans to launch a flagship MPV model and a flagship SUV, marking the beginning of a new product cycle [1] - The acceleration of the Zun Jie series models is expected to drive sustained high growth in the company's performance, supported by the rise of ultra-luxury domestic brands [1]