Changjiang Securities·2025-09-09 08:44Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company's Q2 2025 performance met expectations, with a sales volume of 111,000 vehicles, a year-on-year increase of 2.3%, and revenue of 30.25 billion yuan, a year-on-year decrease of 4.5%. The vehicle gross margin reached 19.4%, an increase of 0.6 percentage points year-on-year. The company's product advantages and brand design are well recognized, and the future product planning is clear, with ongoing optimization of direct sales channels. The "dual-energy strategy" is expected to further enhance the company's advantages, indicating a broad future sales potential [2][5][8]. Summary by Sections Company Performance - In Q2 2025, the company achieved revenue of 30.25 billion yuan, with a year-on-year decrease of 4.5% and a quarter-on-quarter increase of 16.7%. The net profit attributable to shareholders was 1.09 billion yuan, with a year-on-year decrease of 0.9% and a quarter-on-quarter increase of 68% [5][8]. Sales and Pricing - The average selling price per vehicle in Q2 2025 was approximately 260,000 yuan, reflecting a year-on-year decrease of 19,000 yuan and a quarter-on-quarter decrease of 6,000 yuan. The sales volume for different models was as follows: L6 (52,000 units), L7 (26,000 units), L8 (15,000 units), L9 (14,000 units), and MEGA (3,000 units), with L6 accounting for 47% of total sales [8]. Future Outlook - For Q3 2025, the company expects a delivery volume of 90,000 to 95,000 vehicles, a year-on-year decline of 41.1% to 37.8%. Revenue is projected to be between 24.8 billion and 26.2 billion yuan, a year-on-year decline of 42.1% to 38.8%. The company plans to launch several new models, including the i8 and i6, which are expected to enhance the product lineup and sales volume [8]. Strategic Initiatives - The company is expanding its retail network, with 535 retail centers and 527 after-sales service centers as of July 2025. The number of supercharging stations has reached 3,028, with plans to increase to 4,000 by the end of the year. The ongoing optimization of the channel structure is expected to support future sales growth [8]. Financial Projections - The projected net profit attributable to shareholders for 2025-2027 is expected to be 3.14 billion, 8.48 billion, and 12.61 billion yuan, respectively. The corresponding price-to-earnings ratios are projected to be 57.8X, 21.4X, and 14.4X for GAAP net profit, and 35.3X, 17.3X, and 12.4X for Non-GAAP net profit [8].