研报掘金丨浙商证券：维持北汽蓝谷“买入”评级，盈利能力有望进一步改善

Core Viewpoint - Beiqi Blue Valley is expected to narrow its annual losses while actively investing in autonomous driving technology [1] Group 1: Financial Performance - The company is projected to achieve a loss reduction year-on-year [1] - By 2025, the company aims to reach sales of 209,600 units, representing an 84% year-on-year increase [1] - The company is currently in a loss phase due to strategic investments, with a projected PE ratio of -/-/50X [1] Group 2: Technological Development - Beiqi Blue Valley is the first in the industry to achieve full coverage of L2 to L4 autonomous driving technologies [1] - The company has partnered with Pony.ai to develop and mass-produce L4 autonomous vehicles, preparing for the large-scale deployment of L4 models [1] - The collaboration focuses on rapidly developing the L4 model for overseas markets such as Europe and the Middle East, aiming to cultivate new growth points in the Robotaxi business [1] Group 3: Strategic Initiatives - The company is implementing a "three-year leap" strategy, continuously investing in product development and channel construction [1] - The ongoing investments are expected to have a phased impact on the company's performance [1] - As new products are launched according to plan and cost reduction measures are further implemented, the company's profitability is anticipated to improve [1]