BAIC BluePark(SH:600733) Guohai Securities·2024-11-01 13:30Investment Rating - The report maintains an "Accumulate" rating for the company [2][10]. Core Views - The company has shown significant improvement in sales and revenue, with a notable reduction in per-vehicle losses. In Q3 2024, the company achieved a revenue of 6.077 billion yuan, representing a year-on-year increase of 71.8% and a quarter-on-quarter increase of 171.7%. However, the net profit attributable to shareholders was a loss of 1.920 billion yuan, which is an increase in losses compared to previous periods [3][4]. - The company's overall sales volume reached 39,800 vehicles in Q3 2024, marking a year-on-year increase of 103.6% and a quarter-on-quarter increase of 122.7%. The average sales price per vehicle was 152,500 yuan, showing a slight decrease year-on-year but an increase quarter-on-quarter [4]. - The report highlights the improvement in the company's cost control capabilities, with sales, management, R&D, and financial expense ratios showing a decrease compared to previous periods [4]. - The company's core brand, Extreme Fox, has seen a significant increase in sales, with Q3 2024 sales reaching 28,900 vehicles, a year-on-year increase of 339.9% and a quarter-on-quarter increase of 94.9% [4]. - The collaboration with Huawei on the high-end brand Enjoy has started to contribute to performance, with the first product, S9, officially delivered in August 2024 [4]. Financial Summary - For the first nine months of 2024, the company reported a total revenue of 9.818 billion yuan, a year-on-year increase of 5.5%. The net profit attributable to shareholders was a loss of 4.491 billion yuan, which is a widening loss compared to the previous year [3]. - The report provides updated profit forecasts, estimating revenues of 19.803 billion, 46.314 billion, and 56.630 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 38%, 134%, and 22% [4][8]. - The estimated net profit attributable to shareholders for the same periods is projected to be losses of 6.271 billion, 3.708 billion, and a profit of 0.952 billion yuan, indicating a trend of increasing losses followed by a potential turnaround [4][8].