北汽蓝谷（600733）：2025年半年报点评：业绩符合预期，享界放量可期

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in the first half of 2025 met expectations, with significant growth anticipated in vehicle sales [8] - The report highlights that the company achieved a revenue of 5.744 billion yuan in Q2 2025, representing a year-on-year increase of 156.8% and a quarter-on-quarter increase of 52.2% [8] - The sales volume for Q2 2025 was 39,000 vehicles, with a year-on-year increase of 120.5% and a quarter-on-quarter increase of 42.3% [8] - The report notes that the gross margin for Q2 2025 was -4.14%, showing improvement compared to previous quarters [8] - The company is expected to see a significant increase in revenue in the coming years, with projected total revenue reaching 32.731 billion yuan in 2025, a year-on-year growth of 125.55% [1][9] Financial Summary - The total revenue forecast for 2025 is 32.731 billion yuan, with a projected net profit of -3.76 billion yuan [1] - The earnings per share (EPS) for 2025 is estimated at -0.67 yuan, improving to 0.23 yuan by 2027 [1] - The company's total assets are projected to reach 83.074 billion yuan by 2025, with a debt-to-asset ratio of 62.04% [9] - The report indicates a significant improvement in the company's operating cash flow, expected to be 4.237 billion yuan in 2025 [9]