BAIC BluePark(SH:600733) Great Wall Securities·2025-09-11 13:28Investment Rating - The report upgrades the investment rating to "Buy" for the company [4] Core Views - The company is expected to benefit from the product cycle of its ARCFOX brand, with a potential turnaround in profitability, while the high-margin Xiangjie brand is beginning to stabilize in volume [7] - The company anticipates revenues of 331 billion, 596 billion, and 820 billion for the years 2025, 2026, and 2027 respectively, with corresponding net profits of -44 billion, -17 billion, and 14 billion [7] Financial Summary - Revenue projections for 2023A to 2027E show significant growth, with 2023A at 14,319 million and expected to reach 81,962 million by 2027E, reflecting a growth rate of 50.5% in 2023 and 37.5% in 2027 [1] - The net profit is projected to improve from -5,400 million in 2023A to 1,388 million in 2027E, with a notable increase of 182.8% in 2027 [1] - The report indicates a P/S ratio of 1.4 for 2025, 0.8 for 2026, and 0.6 for 2027, suggesting a favorable valuation trend [7] Brand Development - The Xiangjie brand, in collaboration with Huawei, is gaining traction with the launch of the Xiangjie S9, which has achieved over 3,000 units in sales and aims to lead the market for new energy vehicles priced above 300,000 yuan by June 2025 [2] - The ARCFOX brand is expanding its product lineup with a focus on mainstream consumer markets, including the upcoming A0-class pure electric SUV, ARCFOX T1, priced starting at 68,800 yuan [3] Strategic Partnerships - The collaboration with Huawei has deepened over the years, leading to the successful launch of the Xiangjie S9, which has become a market leader in its segment [46] - The company is leveraging Huawei's advanced technology in smart driving and electric vehicle solutions to enhance its product offerings [21][30]