JAC(SH:600418) 光大证券研究·2025-09-07 23:07Core Viewpoint - The company is experiencing significant pressure on its performance in the first half of 2025, with a notable decline in revenue and an increase in losses compared to the previous year [4][5]. Group 1: Financial Performance - In 1H25, the company achieved a revenue of 19.36 billion, a year-on-year decrease of 9.1%, and reported a net loss attributable to shareholders of 770 million (compared to a net profit of 300 million in 1H24) [4]. - The second quarter of 2025 saw a revenue of 9.56 billion, reflecting a year-on-year decline of 4.7% and a quarter-on-quarter decline of 2.5%, with a net loss of 550 million [4]. - The company's gross margin decreased by 2.3 percentage points to 9.0% in 1H25, and further declined to 7.9% in 2Q25 [5]. Group 2: Sales Performance - Total vehicle sales in 1H25 fell by 7.5% year-on-year to 191,000 units, with passenger vehicle sales down by 16.1% to 66,000 units and new energy vehicle sales down by 35.1% to 8,000 units [5]. - In 2Q25, total vehicle sales decreased by 8.5% year-on-year to 91,000 units, with a significant drop in new energy vehicle sales by 35.9% [5]. Group 3: Product Development and Market Position - The company launched the Zun Jie S800 in collaboration with Huawei, priced between 708,000 and 1,018,000, achieving over 6,500 pre-orders in the first month, indicating strong product competitiveness in the ultra-luxury market [6]. - The company plans to raise 3.5 billion for the development of high-end intelligent electric platforms, which will support the production ramp-up of the Zun Jie project [6]. - The management anticipates that the monthly production capacity of the S800 will reach 3,000 units by September 2025, with a target of 4,000 units by the end of the year [6].