Dongwu Securities: Jinlong Automobile 25Q2 profit center continues to rise, maintain "buy" rating.

Dongwu Securities research report pointed out that Jinlong Motors released a performance forecast for the first half of 2025, and the performance met expectations. On a attributable net profit level, the forecast for 25H1 is 116 million yuan, the forecast for 25Q2 is 69 million yuan, with a year-on-year and quarter-on-quarter increase of +42% / +48% for 25Q2. On a non-attributable net profit level, the forecast for 25H1 is 12 million yuan, the forecast for 25Q2 is 22 million yuan, and the company achieved the first quarterly non-attributable net profit turnaround in five years. The profit center for 25Q2 continues to rise, with the effect of reducing costs and increasing efficiency becoming apparent. In the first and second quarters of 2025, the company's sales were 11,000 and 11,500 vehicles respectively, with a year-on-year increase of 11.19% / a decrease of 12.20%. The net profit per vehicle in 25Q2 was 0.60 yuan, with a quarter-on-quarter and year-on-year increase of +62% / +43%. It is believed that the core catalyst for the upward trend in the current passenger car cycle comes from the high increase in sales of export passenger cars and the increasing proportion of new energy vehicles. As one of the domestic leading companies in passenger cars, the company seizes the trend of the current Beta. The company's order volume drives growth, breaking through the domestic and overseas markets at the same time; the integration of Sanlong + the change of management, the company is expected to enter a new stage of development. Maintain a "buy" rating for the company.