公司发布2025 年三季报，3Q25 实现总营收1694 亿元，同比+16%，环比+6.7%，归母净利20.8 亿元， 同比+18.0 亿元，环比-9.1 亿元。 事项： 评论： 合资修复、自主提升，改革成效持续显现。3Q25 总销量114 万辆，同比+39%，环比+3.0%，同环比均 实现增长。其中，上汽乘用车23 万辆，同比+56%，环比+12%；上汽大众26 万辆，同比持平，环 比-1.4%；上汽通用14 万辆，同比+1.6 倍，环比-0.3%；上通五菱40 万辆，同比+50%，环比+1.0%。合 资车企上汽通用、上通五菱同比增长显著，上汽乘用车贡献环比增长，改革成效持续显现。 3Q25 营收稳健增长，归母净利受减值、公允价值变动等因素扰动。3Q25，公司营收（不含金融业务， 后同）1669 亿元，同比+17%，环比+6.5%；毛利率9.0%，同比-0.7PP，环比+0.5PP，公司营收与毛利随 销量增长环比改善。 3Q25 公司归母净利受到以下因素的扰动： 风险提示：华为合作进度不及预期、新车型销量不及预期、市场竞争加剧等。 计提资产减值损失21.3 亿元，同比+19.4 亿元，环比+13.3 亿元， ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][8]. Core Views - The company reported a total revenue of 299.6 billion yuan in the first half of 2025, a year-on-year increase of 5.2%, while the net profit attributable to shareholders was 6.02 billion yuan, a decrease of 9.2% year-on-year [2][8]. - The second quarter of 2025 showed a robust performance with sales reaching 1.11 million vehicles, a year-on-year increase of 12% and a quarter-on-quarter increase of 17% [8]. - The company is optimistic about the upcoming launch of the 尚界 H5 model, which has already received a positive market response with over 50,000 pre-orders within 18 hours of its announcement [8]. - The company is undergoing a transformation with a focus on both fuel and new energy vehicles, aiming to enhance operational efficiency and reduce costs [8]. Financial Summary - The revenue forecast for 2025-2027 has been adjusted upwards to 665.1 billion yuan, 761.0 billion yuan, and 818.5 billion yuan respectively [8]. - The net profit forecast for the same period has also been revised to 14.3 billion yuan, 17.3 billion yuan, and 20.0 billion yuan respectively, indicating significant growth potential [8]. - The company is expected to achieve a price-to-earnings (P/E) ratio of 15.4 times in 2025, with a target price set at 24.84 yuan, representing a potential upside of 30% [8].