NORTHEAST SECURITIES·2025-08-29 09:39Investment Rating - The report maintains a "Buy" rating for the company [7][4]. Core Insights - The company reported total revenue of 56.2 billion yuan for the first half of 2025, a year-on-year decrease of 2.0%, with vehicle sales revenue at 53.6 billion yuan, down 1.8%. However, net profit increased by 3.0% to 1.7 billion yuan [1][2]. - The company faced short-term sales pressure, with a projected delivery volume of 90,000 to 95,000 units for Q3 2025, representing a year-on-year decline of 37.8% to 41.1% [2]. - Despite the challenges, the company demonstrated resilience in profitability, with a gross margin increase from 19.0% to 19.6% due to effective cost control measures [2][3]. Financial Performance Summary - Revenue projections for 2025-2027 have been adjusted to 129.4 billion, 205.3 billion, and 229.1 billion yuan, with year-on-year growth rates of -10.5%, 58.7%, and 11.6% respectively [4]. - The net profit forecast for the same period has been revised to 7.79 billion, 12.44 billion, and 15.80 billion yuan [4]. - The company’s gross margin is expected to remain stable around 20.1% in the coming years [4]. Sales and Product Development - The company has launched the VLA driver model to enhance its advanced driver-assistance capabilities, which is expected to strengthen its competitive edge [3]. - The new electric SUV model i8 is anticipated to achieve a delivery volume of 8,000 to 10,000 units by the end of September 2025, with a steady monthly sales forecast of around 5,000 units [3]. - The upcoming i6 model is expected to further boost sales, with projections indicating a potential monthly sales volume exceeding 10,000 units [3].