Soochow Securities·2025-11-27 07:52Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company is shifting back to a startup management model, focusing on user value and efficiency, while developing a complete AI system for embodied intelligence [3] - Due to structural adjustments in vehicle models, revenue forecasts for 2025-2027 have been revised downwards, with expected revenues of 113.4 billion, 138.1 billion, and 191.2 billion respectively, reflecting year-on-year changes of -22%, +22%, and +39% [4] - The company's AI investments are increasing, leading to a downward revision of net profit forecasts for 2025-2027 to 0.9 billion, 1.6 billion, and 6.4 billion respectively, with year-on-year changes of -90%, +86%, and +302% [4] Financial Projections - Total revenue for 2023 is projected at 123.85 billion, with a year-on-year growth of 173.48% [4] - The diluted EPS for 2025 is expected to be 0.40 yuan, with a P/E ratio of 163.67 [4] - The gross margin for Q3 2025 is reported at 16.3%, with a vehicle sales gross margin of 15.5% [11]