NORTHEAST SECURITIES·2025-08-28 06:55Investment Rating - The report assigns a "Buy" rating for Jiangling Motors [7] Core Insights - The commercial vehicle market is recovering, with strong export performance, although net profit attributable to the parent company is under short-term pressure [1][2] - Jiangling Motors' core commercial vehicle segment has shown excellent performance, benefiting from the recovery of the domestic logistics industry [2] - The company is enhancing its layout in the new energy vehicle sector, launching new electric models in 2025 [2] - The Ford Lema SUV has captured a 50% market share in the mid-sized traditional fuel SUV segment since its launch, contributing positively to the company's product structure and overall profitability [3] - Export sales reached 69,000 units in the first half of 2025, marking a 24.3% year-on-year increase, becoming a key growth driver for the company [3] Financial Summary - In the first half of 2025, Jiangling Motors achieved total revenue of 18.092 billion yuan, a year-on-year increase of 0.96%, while net profit attributable to the parent company was 733 million yuan, a decrease of 18.17% [1] - Revenue projections for 2025-2027 are estimated at 41.1 billion, 50.3 billion, and 58.2 billion yuan, with year-on-year growth rates of 7.1%, 22.4%, and 15.7% respectively [3] - Net profit attributable to the parent company is forecasted to be 1.64 billion, 1.95 billion, and 2.42 billion yuan for the years 2025, 2026, and 2027, respectively [3]