4月14日，中国汽车流通协会发布通知称，协会定于2025年5月21-23日在成都武侯渝江皇冠假日酒店举 行"2025中国汽车经销商大会"。本次大会还将围绕数字化、二手车、新能源、金融等行业热点问题，举 办多场分论坛与研讨会，聚焦经销商运营业务模块和解决方案，帮助经销商把握思想方略、引领集团发 展。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][12] Core Views - The company reported a revenue of 168.1 billion yuan in 2024, a year-over-year decrease of 6.2%. The gross profit was 10.672 billion yuan, down 22.5% year-over-year, and the net profit attributable to shareholders was 3.212 billion yuan, down 36.0% year-over-year. Despite these challenges, the company has a strong market position with 4.19 million active customers, a 10.7% year-over-year increase, and a leading share of 14.1% in luxury car brand users across 32 major cities [6][8] - The company has signed a preliminary agreement with Seres to discuss further cooperation in distributing its electric vehicles, indicating a proactive approach to embracing the new energy sector [6] - The company is expected to improve its market share despite the pressure on new car profits, with revised net profit forecasts for 2025-2026 at 3.519 billion yuan and 4.944 billion yuan, respectively, and a new forecast for 2027 at 6.439 billion yuan [6] Summary by Sections Financial Performance - In 2024, the company sold 482,000 new cars, a decrease of 3.2% year-over-year, with a gross loss of 3.208 billion yuan and a gross margin of -2.6%. The average loss per vehicle was approximately 6,600 yuan, showing signs of stabilization in losses [7] - The after-sales service revenue reached 22.001 billion yuan, a year-over-year increase of 9.6%, with a gross profit of 10.216 billion yuan and a gross margin of 46.4%. The number of after-sales service visits reached 8.05 million, a 7.8% year-over-year increase, indicating stable growth in after-sales services [8] Financial Summary and Valuation Metrics - The company’s projected financial metrics for 2025 include revenue of 174.4 billion yuan, net profit of 3.519 billion yuan, and an EPS of 1.5 yuan. The corresponding P/E ratios are 8.9, 6.3, and 4.9 for the years 2025, 2026, and 2027, respectively [9]