BAIC BluePark(SH:600733) Capital Securities·2024-09-11 12:09Investment Rating - The report assigns a "Buy" rating for the company [2][4]. Core Insights - The company reported a total revenue of 3.74 billion yuan for the first half of 2024, a year-on-year decrease of 35.16%, with a net profit attributable to shareholders of -2.571 billion yuan [4]. - The company is focusing on sales and upgrading its marketing system in response to intense competition in the domestic new energy vehicle market. As of August, the company sold 13,000 vehicles, a year-on-year increase of 66%, with cumulative sales from January to August reaching 52,000 vehicles, up 12.15% year-on-year [4]. - The company is developing three major brands: Arcfox, Xiangjie, and BEIJING, with a focus on the high-end intelligent electric vehicle brand Arcfox. The Xiangjie brand's first model, the Xiangjie S9, developed in collaboration with Huawei, received over 8,000 pre-orders within 20 days of its launch [4]. - The company is enhancing product quality through the upgrade of its manufacturing technology at the Zhenjiang plant and the construction of a high-end intelligent ecological factory in Beijing, which has a current capacity of 120,000 vehicles and a reserved capacity of 300,000 vehicles [4]. - The company is optimizing its capital structure through capital increases, with announcements indicating that BAIC New Energy will receive up to 12 billion yuan in investment. Additionally, the company plans to raise up to 10 billion yuan through public offerings to introduce strategic investors while maintaining control over BAIC New Energy [4]. - Revenue forecasts for the company are projected at 25.35 billion yuan, 42.7 billion yuan, and 60.19 billion yuan for 2024, 2025, and 2026 respectively, with net profits expected to be -4.3 billion yuan, -2 billion yuan, and -468 million yuan for the same years [4][5].