JAC(SH:600418) 东吴汽车黄细里团队·2025-10-31 15:21Core Viewpoint - The company reported a significant improvement in gross margin and sales performance in Q3 2025, despite a net loss, indicating potential for future profitability as new models gain traction [2][3][4]. Financial Performance - In Q3 2025, the company achieved revenue of 11.53 billion yuan, with a quarter-on-quarter increase of 5.5% and a year-on-year increase of 20.4%. However, the net profit attributable to shareholders was a loss of 660 million yuan [2]. - The gross margin for Q3 2025 was 13.9%, reflecting a quarter-on-quarter increase of 2.6 percentage points and a year-on-year increase of 6.0 percentage points [3]. - The average selling price (ASP) for Q3 2025 was 127,000 yuan, with a quarter-on-quarter increase of 26.5% and a year-on-year increase of 20.1% [3]. Sales and Production - Total sales volume in Q3 2025 was 91,100 units, with a year-on-year decrease of 16.6% but a slight quarter-on-quarter increase of 0.2%. Passenger vehicle sales were 40,600 units, down 23.0% year-on-year but up 23.1% quarter-on-quarter [3]. - The company’s new model, the Zun Jie S800, launched in May 2025, contributed significantly to the ASP and gross margin improvements, with 3,522 units delivered in Q3 [3][4]. Strategic Partnerships - The company is engaged in comprehensive strategic cooperation with Huawei in product development, manufacturing, sales, and service, focusing on the luxury smart connected electric vehicle market [4]. - Collaborations with other technology firms like CATL and iFlytek are deepening, enhancing the company's ecosystem integration [4]. Future Outlook - The company has adjusted its 2025 net profit forecast to a loss of 600 million yuan, down from a previous estimate of 560 million yuan, while raising the 2026 and 2027 profit forecasts to 1.9 billion yuan and 5 billion yuan, respectively [4]. - The projected price-to-earnings ratios for 2026 and 2027 are 58x and 22x, respectively, indicating a potential recovery in profitability as new models gain market acceptance [4].