BOCOM International·2025-11-27 10:30Investment Rating - The investment rating for the company is Neutral [2][8]. Core Insights - The company experienced a loss in Q3 due to recall costs and supply chain bottlenecks, limiting short-term recovery, with expectations set for new products in 2026 [2][6]. - The stock price has adjusted approximately 40% from previous highs, reflecting most negative factors, and the recovery will depend on the resolution of supply chain issues and actual sales from new models [6][10]. Financial Overview - Revenue projections for the company are as follows: - 2023: 123,851 million RMB - 2024: 144,460 million RMB - 2025E: 123,190 million RMB - 2026E: 142,706 million RMB - 2027E: 151,853 million RMB - Year-on-year growth rates are projected to be 173.5% for 2023, 16.6% for 2024, -14.7% for 2025, 15.8% for 2026, and 6.4% for 2027 [5][10]. - Net profit estimates are as follows: - 2023: 11,704 million RMB - 2024: 8,032 million RMB - 2025E: 5,264 million RMB - 2026E: 6,056 million RMB - 2027E: 7,094 million RMB [5][12]. Market Performance - The company's stock closed at HKD 71.70 with a target price of HKD 80.84, indicating a potential upside of 12.7% [1][9]. - The market capitalization is approximately 237,697.31 million HKD, with a year-to-date change of -23.68% [4][10].