东吴汽车黄细里团队·2025-08-31 14:16Core Viewpoint - The company reported strong performance in Q2 2025, with revenue and net profit exceeding expectations, driven by improved sales and product offerings in the high-end segment [2][3][5]. Revenue Performance - In Q2 2025, the company achieved revenue of 52.3 billion yuan, representing a quarter-on-quarter increase of 7.7% and a year-on-year increase of 30.7% [2]. - The wholesale sales totaled 313,000 units, with a year-on-year increase of 10% and a quarter-on-quarter increase of 22% [3]. - The average selling price (ASP) was 167,000 yuan, reflecting a quarter-on-quarter improvement of 7% [3]. Profitability Metrics - The net profit attributable to shareholders was 4.59 billion yuan, with a quarter-on-quarter increase of 19.1% and a year-on-year increase of 161.9% [2]. - The gross margin for Q2 was 18.8%, showing a slight decrease of 3 percentage points year-on-year but an increase of 1 percentage point quarter-on-quarter [3]. Product and Market Strategy - The company is focusing on its Coffee OS 3 smart cockpit system, which is being integrated into multiple strategic models, enhancing the overall user experience [4]. - The launch of the next-generation all-powerful intelligent super platform in May 2025 aims to support various powertrain options, including hybrid and hydrogen fuel [4]. Future Outlook - The company has revised its net profit forecasts for 2025, 2026, and 2027 to 14 billion, 19 billion, and 22.6 billion yuan respectively, reflecting strong growth potential [5]. - The company maintains a "buy" rating based on the robust product cycle and rapid growth in non-Russian export markets [5].