Investment Rating - The report initiates coverage with a "Buy" rating and a target price of 11.49 CNY [5][11]. Core Views - The company is positioned as a pioneer in China's new energy vehicle industry, with dual-brand synergy driving positive transformation. The leading layout in autonomous driving and a diversified product matrix are expected to support revenue growth [2][19]. - The company anticipates significant revenue growth, with projected revenues of 29 billion CNY in 2025, 58 billion CNY in 2026, and 89 billion CNY in 2027, reflecting year-on-year growth rates of 100%, 101%, and 53% respectively [13][19]. - The dual-brand strategy, focusing on the premium and luxury segments, is expected to enhance revenue and performance recovery, with the company aiming for over 200,000 vehicle sales in 2025, a year-on-year increase of 84.06% [11][19]. Financial Summary - Total revenue is projected to reach 14,319 million CNY in 2023, with a significant increase to 88,885 million CNY by 2027, representing a compound annual growth rate of 52.6% [4][12]. - The net profit attributable to the parent company is expected to improve from a loss of 5,400 million CNY in 2023 to a profit of 1,267 million CNY by 2027 [4][12]. - The gross margin is anticipated to turn positive in the third quarter of 2025, with a projected gross profit of 1 billion CNY in 2025 and 107 billion CNY in 2027 [11][19]. Business Segment Forecast - Vehicle sales are expected to generate revenues of 272.45 billion CNY in 2025, 564.67 billion CNY in 2026, and 870.48 billion CNY in 2027, with corresponding gross profits turning from a loss to a profit by 2026 [13][16]. - The vehicle operation revenue is projected to grow steadily, reaching 2.36 billion CNY in 2025, with consistent growth of 10% year-on-year [14]. - Material sales and leasing revenues are expected to remain stable, with minor growth anticipated in leasing income [14][15]. Valuation - The company is valued using a price-to-sales (P/S) ratio, with a target P/S of 1.1 times for 2026, leading to a target price of 11.49 CNY [19][20].

股 票 研 究 双品牌驱动营收增长，积极布局自动驾驶 北汽蓝谷(600733) 北汽蓝谷首次覆盖 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘一鸣(分析师) | 021-23154145 | liuyiming@gtht.com | S0880525040050 | | 张觉尹(分析师) | 021-23185705 | zhangjueyin@gtht.com | S0880525040057 | | 张予名(研究助理) | 021-23154145 | zhangyuming@gtht.com | S0880125042241 | 本报告导读： 首次覆盖给予"增持"评级。享界、极狐双品牌驱动营收增长。新车型蓄势待发， 多元化产品矩阵持续扩容。公司积极布局自动驾驶，L2 至 L4 全面覆盖。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | ...

Investment Rating - The report maintains a "Positive" investment rating for the automotive industry, indicating an expectation of performance that exceeds the market benchmark by more than 5% [3][19]. Core Insights - The commercial application of L3 level conditional autonomous driving is expected to accelerate, with more vehicles equipped with L3 features likely to receive regulatory approval in the future [1][2]. - The introduction of L3 systems is anticipated to drive the mass application of intelligent chassis technologies, including active suspension, electronic brake-by-wire (EMB), and steer-by-wire (SBW) systems, which are crucial for higher levels of autonomous driving [2][9]. - The report highlights the significant advancements in hardware and software for automotive intelligence, suggesting a robust growth trajectory for companies involved in these technologies [2][9]. Summary by Sections Industry Overview - The automotive industry consists of 232 listed companies, with a total market capitalization of approximately 46,540.79 billion and a circulating market value of about 36,782.9 billion [4]. - The average price-to-earnings ratio for the industry stands at 31.78 [4]. Key Developments - The report notes that the recent approval of L3 autonomous vehicles by the Ministry of Industry and Information Technology marks a significant step towards the commercialization of advanced driving technologies in China [1][2]. - The intelligent chassis is seen as the final piece in the puzzle for L3 and higher-level autonomous driving, with a focus on the upcoming mass production of active suspension, EMB, and SBW systems [2][9]. Investment Strategy - The report suggests focusing on two main areas for investment: the complete vehicle application sector, where leading companies are establishing advantages in training data and ecosystems, and the intelligent chassis sector, which is poised for rapid growth due to regulatory support and technological advancements [2][9].