Shenwan Hongyuan Securities·2025-09-03 05:14Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to enter a strong new car cycle, which will drive future growth [6] - The company reported a total sales volume of 569,800 units in the first half of 2025, a year-on-year increase of 2%, with total revenue of 92.3 billion yuan, a year-on-year increase of 1% [4] - The second quarter of 2025 saw a total sales volume of 313,000 units, a year-on-year increase of 10% and a quarter-on-quarter increase of 22% [4] - The company is set to launch multiple new models, which are anticipated to boost sales and gross margins [6] Financial Data and Earnings Forecast - The company’s total revenue for 2025 is projected to be 224.1 billion yuan, with a year-on-year growth rate of 10.8% [5] - The net profit attributable to the parent company for 2025 is estimated at 12.9 billion yuan, reflecting a year-on-year growth rate of 1.7% [5] - The earnings per share (EPS) for 2025 is forecasted to be 1.51 yuan [5] - The gross margin is expected to be 18.7% in 2025 [5] - The return on equity (ROE) is projected to be 14.5% in 2025 [5] Sales and Market Expansion - The company is expected to achieve significant sales growth both domestically and internationally, driven by new model launches and enhancements in product offerings [6] - The domestic market will benefit from the introduction of multiple new models and significant upgrades, while the overseas market will see contributions from the newly operational factory in Brazil [6]