Core 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].

| 投资要点 | | --- | 公告要点： 公司2025Q1实现营业收入98.18亿元，同环比分别-13.0%/-1.1%；归母净利润为-2.23亿元；扣非 后归母净利润 -2.87亿元（2024Q1为-0.11亿元，2024Q4为-25.1亿元）。 公司整体业绩符合我们预期： 1）2025Q1公司整体销量环比提升，毛利率环比改善。 公司Q1总销量为9.97万辆，同环比分 别-6.3%/+13.6%，其中乘用车销售3.29万台，同环比分别-15.2%/-6.9%，商用车Q1销售6.68万 台，同环比分别-1.3%/+27.5% 。行业竞争加剧背景下公司ASP为9.85万元，同环比分 别-7.1%/-13.0%。Q1单季度毛利率为10.03%，同环比分别-1.4/+2.3pct，环比增长较多原因包括 24Q4会计准则调整影响基数较低。 2 ） 费 用 率 ： 公 司 Q4 销 售 / 管 理 / 研 发 费 用 率 分 别 为 3.3%/5.7%/3.4% ， 同 比 分 别-0.6/+2.0/+0.3pct，环比分别+1.7/-0.0/-1.9pct。 3）投资收益： 公司Q4投资收益为-1.31亿元，亏损 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 2025 performance met expectations, with total revenue of 9.818 billion yuan, and a net profit attributable to shareholders of -0.223 billion yuan. The overall sales volume increased quarter-on-quarter, with a total sales volume of 99,700 vehicles [7] - The company is focusing on strategic collaborations with Huawei, Volkswagen, and other tech firms to enhance its product offerings, particularly the luxury intelligent electric vehicle, the S800, which is set to launch soon [7] - The forecast for net profit attributable to shareholders for 2025, 2026, and 2027 is 0.840 billion yuan, 1.592 billion yuan, and 3.389 billion yuan respectively, with corresponding P/E ratios of 93, 49, and 23 [7] Financial Summary - Total revenue for 2023 is projected at 45.016 billion yuan, with a year-on-year growth of 23.07%. The revenue is expected to decline by 6.25% in 2024, followed by a significant increase of 38.93% in 2025 [1] - The net profit attributable to shareholders is forecasted to be -1.784 billion yuan in 2024, turning positive in 2025 with 0.840 billion yuan, and continuing to grow to 3.389 billion yuan by 2027 [1] - The latest diluted EPS is projected to be -0.82 yuan in 2024, improving to 0.38 yuan in 2025, and reaching 1.55 yuan by 2027 [1] - The company's gross margin for Q1 2025 is reported at 10.03%, with a year-on-year decrease of 1.4% but a quarter-on-quarter increase of 2.3 percentage points [7]