BAIC BluePark(SH:600733) 东吴汽车黄细里团队·2025-10-28 14:26Core Viewpoint - The company has shown improvement in gross margin and sales volume in Q3 2025, with expectations for further growth driven by new vehicle launches, despite a downward revision in profit forecasts due to increased industry competition [3][4]. Financial Performance - Revenue: In Q3 2025, the company achieved sales of 44,000 units, representing a quarter-on-quarter increase of 11.3% and a year-on-year increase of 12.5%. The sales of the Xiangjie model were 8,000 units, down 16.5% quarter-on-quarter, accounting for 18.5% of total sales, a decrease of 6.4 percentage points [3]. - Gross Margin: The gross margin for Q3 2025 was 1.8%, an increase of 8.5 and 5.9 percentage points year-on-year and quarter-on-quarter, respectively, due to improved sales and cost reduction efforts [3]. - Expense Ratios: The sales, management, and R&D expense ratios for Q3 2025 were 11.9%, 3.5%, and 8.6%, showing year-on-year changes of +1.9, -1.4, and +1.3 percentage points, and quarter-on-quarter changes of +3.0, -0.2, and -1.7 percentage points [3]. - Net Profit: The company reported a loss of 26,000 yuan per vehicle (after deducting non-recurring items), showing a reduction in losses compared to previous periods [3]. Profit Forecast and Investment Rating - Due to intensified industry competition, the company has revised its net profit expectations for 2025-2027 to -4.9 billion, -1.6 billion, and 1.2 billion yuan, respectively, down from -3.8 billion, -1.5 billion, and 1.3 billion yuan [4]. - Despite the downward revision, the company maintains a "Buy" rating, anticipating that the Xiangjie model will contribute positively to sales in the upcoming quarters [4]. Risks - Potential risks include lower-than-expected new vehicle sales and slower-than-anticipated advancements in smart technology [5].