CAITONG SECURITIES·2025-09-01 09:05Investment Rating - The investment rating for the company is maintained at "Accumulate" [2] Core Views - The company has achieved a revenue of 92.33 billion yuan in the first half of 2025, representing a year-on-year growth of 0.99%, while the net profit attributable to shareholders decreased by 10.2% to 6.34 billion yuan [7] - The gross margin has slightly declined, and the expense ratio has increased, with a gross margin of 18.38%, down by 1.56 percentage points year-on-year [7] - The company has established a comprehensive production layout both domestically and internationally, with a total sales volume of 568,852 vehicles in the first half of 2025, a year-on-year increase of 2.52%, including 160,435 new energy vehicles, which grew by 23.64% year-on-year [7] - The company is expected to achieve net profits of 14.62 billion, 17.53 billion, and 21.47 billion yuan for the years 2025 to 2027, corresponding to PE ratios of 15.1, 12.6, and 10.3 respectively, maintaining the "Accumulate" rating [7] Financial Performance - Revenue forecast for 2023A to 2027E shows a growth from 173.21 billion yuan in 2023 to 331.06 billion yuan in 2027, with a revenue growth rate of 26.1% in 2023, gradually decreasing to 18.6% in 2027 [6] - The net profit forecast indicates a recovery from a decline of 15.1% in 2023 to a growth of 22.5% by 2027 [6] - The earnings per share (EPS) is projected to increase from 0.82 yuan in 2023 to 2.51 yuan in 2027 [6] Production and Sales - The company has 10 fully integrated vehicle production bases in China and has established three fully integrated vehicle production bases in Thailand and Brazil, along with several KD factories in Ecuador, Malaysia, and Pakistan [7] - The company is focusing on the smart new energy vehicle segment, enhancing its market influence [7]