Core Viewpoint - The company's performance in Q2 2025 fell short of its profit guidance, indicating challenges in sales and profitability [2][3]. Financial Performance - In Q2 2025, the company achieved revenue of 9.579 billion yuan, with a quarter-on-quarter decline of 4.8% and a year-on-year decline of 2.4% [2]. - The net profit attributable to shareholders was -550 million yuan, compared to a profit of 200 million yuan in Q2 2024 and a loss of 220 million yuan in Q1 2025 [2]. - The adjusted net profit after excluding non-recurring items was -630 million yuan, worsening from 100 million yuan in Q2 2024 and -290 million yuan in Q1 2025 [2]. Sales and Production - Total sales in Q2 2025 were 90,900 units, reflecting a decline of 8.8% quarter-on-quarter and 8.9% year-on-year [4]. - Passenger vehicle sales were 33,000 units, down 17.1% year-on-year but stable compared to the previous quarter [4]. - Commercial vehicle sales reached 57,900 units, down 3.3% year-on-year and 13.3% quarter-on-quarter [4]. Product Development and Partnerships - The company launched the luxury smart electric vehicle, the Zun Jie S800, on May 30, achieving over 10,000 pre-orders within 67 days, laying a solid foundation for entering the high-end luxury market [4][5]. - Strategic collaborations with Huawei, Volkswagen, CATL, and iFlytek are progressing well, enhancing the company's ecosystem integration [5]. Cost and Profitability - The average selling price (ASP) in Q2 was 105,400 yuan, up 4.5% quarter-on-quarter and 7.0% year-on-year [4]. - The gross margin for Q2 was 7.90%, down 3.2 percentage points year-on-year and 2.1 percentage points quarter-on-quarter [4]. - The company reported an investment loss of 89 million yuan in Q2, although the loss narrowed compared to previous quarters [4]. Future Outlook - Due to intensified industry competition, the company has revised its net profit forecasts for 2025, 2026, and 2027 to 560 million yuan, 1.51 billion yuan, and 3.35 billion yuan, respectively [5]. - The corresponding price-to-earnings ratios are projected to be 204, 76, and 34 times [5].

证券研究报告·公司点评报告·商用车 江淮汽车（600418） 2025 年一季报点评：业绩符合预期，尊界 S800 上市在即 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 45,016 | 42,202 | 58,633 | 70,493 | 81,243 | | 同比（%） | 23.07 | (6.25) | 38.93 | 20.23 | 15.25 | | 归母净利润（百万元） | 151.51 | (1,784.16) | 840.29 | 1,592.18 | 3,388.78 | | 同比（%） | 109.57 | - | - | 89.48 | 112.84 | | EPS-最新摊薄（元/股） | 0.07 | (0.82) | 0.38 | 0.73 | 1.55 | | P/E（现价&最新摊薄） | 515.63 | - | 92.97 | 49.07 | 23.05 | [Table_T ...