Guohai Securities: Maintains a "buy" rating for Jianghuai Automobile, with expectations for the reenactment of the popular logic of new cars in 2026.

Guokai Securities research report pointed out that Jianghuai Automobile's loss in 2025 Q4 narrowed, showing resilience, and Zun Jie led the high-end market. In 2025, the company achieved operating income of 46.569 billion yuan, a year-on-year increase of 10.45%; achieving a full-year net loss of -1.703 billion yuan, a year-on-year reduction in losses. Among them, the net profit attributable to the parent in 2025 Q4 was -0.268 billion yuan, a decrease in losses of 2.141 billion yuan year-on-year and a decrease of 0.393 billion yuan month-on-month. The Zun Jie S800 continues to lead in the super luxury market, with the product matrix and production capacity expanding synchronously. Given the start of the Zun Jie's new product cycle through cooperation with Huawei, acceleration of the high-end market, and the company's expectation of replicating successful models in 2026, the "buy" rating is maintained.