CAITONG SECURITIES·2025-09-01 11:31Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 42.17 billion yuan in the first half of 2025, a year-on-year decline of 7.95%, and a net profit attributable to shareholders of -2.54 billion yuan, compared to a profit of 1.52 billion yuan in the same period last year [7] - The gross margin decreased to -1.7%, down 7.7 percentage points year-on-year, while the selling expense ratio increased to 6.2%, up 0.8 percentage points year-on-year [7] - The company achieved a significant increase in overseas sales of its self-owned brands, with over 50,000 units sold, representing a year-on-year growth of 45.8% [7] - The company plans to introduce four new models to overseas markets and has entered 84 countries and regions, establishing over 570 outlets [7] - The company aims to achieve net profits of 5.23 billion yuan, 9.99 billion yuan, and 17.19 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 150.8, 78.9, and 45.9 [7] Financial Performance Summary - Revenue forecast for 2023A is 128.76 billion yuan, with a growth rate of 17.5%, followed by a decline of 17.1% in 2024A [6] - The net profit for 2023A is projected at 4.43 billion yuan, with a significant drop of 45.1% year-on-year [6] - The EPS for 2023A is 0.42 yuan, expected to decrease to 0.05 yuan in 2025E [6] - The company’s ROE is forecasted to decline from 3.8% in 2023A to 0.5% in 2025E [6]