BAIC BluePark(SH:600733) Soochow Securities·2024-11-04 08:31Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The Q3 2024 performance met expectations, with a significant year-on-year revenue increase of 71.8% and a quarter-on-quarter increase of 171.7% [2] - The company reported a Q3 2024 net loss of 1.92 billion yuan, compared to a loss of 1.27 billion yuan in Q3 2023 and a loss of 1.55 billion yuan in Q2 2024 [2][3] - The company is focusing on both internal growth and strategic partnerships, notably with Huawei, to enhance its brand and product offerings [4] Revenue and Profitability - Q3 2024 revenue was 6.077 billion yuan, with a significant improvement in vehicle sales, achieving 39,800 units sold, a year-on-year increase of 103.6% [3] - The average selling price (ASP) for vehicles was 152,500 yuan, reflecting a year-on-year increase of 15.7% [3] - The gross margin for Q3 2024 was -6.46%, showing a slight improvement compared to previous quarters [3] Expense Management - The company reported improved expense ratios in Q3 2024, with sales, management, and R&D expense ratios at 9.92%, 4.99%, and 7.25%, respectively [3] Future Outlook - The company has adjusted its profit forecasts for 2024-2026, now expecting net losses of 5.3 billion yuan in 2024, 2 billion yuan in 2025, and a profit of 600 million yuan in 2026 [4] - The anticipated launch of the new model "Xiangjie S9" in collaboration with Huawei is expected to drive future sales growth [4]