华创证券研报指出，江淮汽车预计25H1归母净利-6.8亿元，去年同期为3.0亿元；2Q25业绩预亏，归母净利约-4.6亿元。公司同环比亏损放大，主要由于自主业务出口方面受国际局势、海外竞争影响有所下滑，同时尊界业务仍在产能爬坡期，尚未规模化。尊界S800大定爬坡表现超预期，看好其订单持续性。此外，豪华车市场竞争格局好，市场集中度高且自主品牌少，鸿蒙智行与江淮赋予尊界科技、品牌、品质的稀缺性，江淮有望因此成为极稀缺的豪华车标的。续随尊界产品矩阵的丰富、品牌力的构筑，尊界有望成为头部自主豪华品牌，预估长期尊界销量有望达10万辆/年，单车净利达12.4万元，成长空间广阔。长期看，预估公司自主业务营收594亿元、尊界业务净利124亿元，分别给予0.8倍PS、18倍PE，对应市值2,704亿元，空间2.1倍，维持“强推”评级。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.