BAIC BluePark(600733) 兴业证券·2025-03-13 03:22Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [1]. Core Insights - The launch of the Xiangjie S9 extended range version is imminent, and profitability improvements are expected [3]. - The company is positioned as a leading player in the new energy vehicle sector, leveraging its first-mover advantage and long-term accumulation to build core competitiveness [10]. - The market for mid-to-high-end passenger vehicles is expanding, with increasing market share for domestic brands [21][26]. Financial Overview - The company's total revenue is projected to grow significantly from 14,319 million yuan in 2023 to 77,788 million yuan in 2026, reflecting a compound annual growth rate (CAGR) of approximately 82.6% [4]. - The net profit attributable to shareholders is expected to improve from a loss of 5,400 million yuan in 2023 to a profit of 1,370 million yuan in 2026 [4]. - The gross margin is anticipated to turn positive by 2025, reaching 10.0% [4]. Brand Performance - The BEIJING brand shows stable sales, while the ARCFOX brand is expected to improve its profitability as sales increase [3][4]. - The Xiangjie brand, in collaboration with Huawei, is set to enhance its market presence with the upcoming S9 model, which is expected to address range anxiety and offer competitive pricing [3][4]. Market Dynamics - The retail price range for passenger vehicles is on the rise, with the market for vehicles priced above 300,000 yuan expanding [21]. - The share of domestic brands in the 300,000 to 500,000 yuan price segment has increased to 47% in 2024, driven by successful models from companies like Li Auto and AITO [26]. Sales Projections - The Xiangjie S9 extended range version is projected to sell 48,000 units in 2025 and 120,000 units in 2026 [3]. - The company anticipates that the introduction of new models in collaboration with Huawei will contribute to sales growth in the latter half of 2025 and into 2026 [3].