Guohai Securities: First gives Jianghuai Automobile an "add" rating, Huawei empowers high-end acceleration.

Guohai Securities research report pointed out that in October 2025, benefiting from the growth in sales of commercial vehicles and new energy vehicles compared to the same period last year, JAC Motors' total sales also achieved positive year-on-year growth. In the third quarter of 2025, revenue increased compared to the previous quarter, but due to increased overseas competition and the relatively high base of asset disposal income from last year, net profit attributable to the parent company is under short-term pressure. Zun Jie started large-scale deliveries, with the company's automobile sales in the third quarter of 2025 increasing compared to the previous quarter, and both gross profit margin and per vehicle income achieving growth. The company has a deep cooperation with Huawei and has launched the first million-level ultra-luxury sedan Zun Jie S800, which has sold over 15,000 units in just four months since its market launch, achieving a strong breakthrough in the industry. Due to the start of a new product cycle for Zun Jie in cooperation with Huawei and the acceleration of high-end development, and as it is covered for the first time, a "Buy" rating is given.