北汽蓝谷（600733）：品牌势能加速释放，华为赋能高端化赛道

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company is expected to achieve revenues of CNY 210.4 billion, CNY 376.6 billion, and CNY 591.6 billion for the years 2025 to 2027, respectively, with a projected net profit of CNY -38.0 million, CNY -20.5 million, and CNY 2.7 million [4]. - The company has established a multi-tiered product matrix that drives sales growth, with a 2024 sales volume of 113,900 units, representing a year-on-year increase of 23.5% [1][2]. - The partnership with Huawei has significantly enhanced the company's position in the high-end smart electric vehicle market, with the flagship model, the Xiangjie S9, leading sales in its category for seven consecutive months [3]. Financial Summary - In 2024, the company is projected to generate revenue of CNY 145.12 billion, a year-on-year increase of 1.35%, while the net profit attributable to the parent company is expected to be CNY -6.948 billion, a decrease of 28.67% [1][5]. - For Q1 2025, the company achieved revenue of CNY 37.73 billion, a remarkable year-on-year growth of 150.75%, with a net profit of CNY -9.53 billion, reflecting a 6.15% increase compared to the previous year [1][4]. - The company’s R&D investments have translated into high-end product premiums and positive user reputation, showcasing strong commercialization capabilities [2].