BAIC BluePark(SH:600733) Shanghai Securities·2026-01-09 15:23Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its stock performance relative to the market benchmark [6][7]. Core Insights - The company achieved record monthly sales for both its brands, with total sales surpassing 200,000 units in 2025. The cumulative sales for January to December 2026 reached 209,600 units, reflecting a year-on-year increase of 84.06% [6][7]. - The company’s new vehicle cycle is expected to drive continued sales growth, with multiple new models set to launch in 2026 [6][7]. - The company’s gross margin turned positive in Q3, supported by the scale effect and new vehicle launches, with a projected revenue growth of 93.34% in 2025 [6][7]. Sales Performance - In December, the company sold 35,200 vehicles, marking a year-on-year increase of 114.56%, the highest monthly sales since 2020 [6][7]. - The brand "极狐" (Jihu) achieved annual sales exceeding 160,000 units, maintaining a doubling of sales for three consecutive years [6][7]. - The brand "享界" (Xiangjie) recorded its first monthly sales exceeding 10,000 units in December, solidifying its position as a leader in the luxury new energy vehicle segment [6][7]. New Model Launches - The company launched several new models in the latter half of 2025, including the "极狐T1" and "享界S9T," which contributed to a steady increase in monthly sales from August to December [6][7]. - The "极狐S3" and the first MPV from the brand are expected to launch in 2026, further enhancing the product lineup and sales potential [6][7]. Sales Network Expansion - The company is accelerating its sales network expansion, with the number of operational stores reaching 244 by the end of 2023, and plans to increase to 320 by the end of 2024 and 547 by the end of 2025 [7]. Financial Projections - Revenue projections for 2025-2027 are estimated at 280.57 billion, 583.93 billion, and 847.25 billion yuan, with respective year-on-year growth rates of 93.34%, 108.12%, and 45.09% [7][10]. - The net profit attributable to the parent company is projected to improve from a loss of 45.03 billion yuan in 2025 to a profit of 13.06 billion yuan in 2027 [7][10].