GWMOTOR(SH:601633) 汽车琰究·2025-10-26 11:03Core Viewpoint - The company reported stable revenue growth in Q3 2025, but faced significant declines in net profit due to increased marketing expenses and a shift towards new channel models [2][3][4]. Revenue Performance - Total revenue for the first nine months of 2025 reached 153.58 billion yuan, a year-on-year increase of 8.0%. Q3 revenue was 61.25 billion yuan, reflecting a year-on-year growth of 20.5% and a quarter-on-quarter increase of 17.1% [2][3]. - The average selling price (ASP) per vehicle in Q3 2025 was 173,000 yuan, showing a slight year-on-year increase of 0.6 thousand yuan [3]. Profitability Analysis - The net profit attributable to the parent company for the first nine months of 2025 was 8.63 billion yuan, down 17.2% year-on-year. In Q3 2025, the net profit was 2.30 billion yuan, representing a year-on-year decline of 31.4% and a quarter-on-quarter decline of 49.9% [2][3]. - The non-recurring net profit for the first nine months was 5.48 billion yuan, down 34.6% year-on-year, with Q3 showing 1.89 billion yuan, a year-on-year decrease of 30.4% [2][3]. Expense Overview - In Q3 2025, the expense ratios for sales, management, R&D, and financial expenses were 6.3%, 2.3%, 5.2%, and -1.2%, respectively. These figures reflect year-on-year changes of +0.2, -0.2, -0.2, and -0.2 percentage points, and quarter-on-quarter changes of +1.1, -0.5, +0.7, and +0.1 percentage points [3]. Sales and Delivery - Total vehicle deliveries for the first nine months of 2025 reached 923,000 units, up 8.1% year-on-year. Q3 deliveries totaled 354,000 units, with year-on-year and quarter-on-quarter increases of 20.2% and 13.0%, respectively [4]. - Specific brand performance in Q3 included Haval with 207,000 units (up 20.4% year-on-year), Wey with 29,000 units (up 132.4%), and Ora with 16,000 units (up 2.3%) [4]. International Expansion - Overseas sales in Q3 2025 reached 137,000 units, marking a year-on-year increase of 11.2% and a quarter-on-quarter increase of 27.9%. The establishment of a factory in Brazil is expected to enhance sales in Latin America [5]. Future Outlook - The company is expected to see significant revenue growth, with projected revenues of 226.78 billion yuan, 289.8 billion yuan, and 318.78 billion yuan for 2025, 2026, and 2027, respectively. Net profits are projected to be 12.67 billion yuan, 17.52 billion yuan, and 19.4 billion yuan for the same years [6][8].