研报掘金丨开源证券：江淮汽车盈利能力及稳定性高，维持“买入”评级

Core Viewpoint - Jianghuai Automobile experienced a decline in overall vehicle sales in September, primarily due to a drop in SUV, pickup, and multi-functional commercial vehicle sales, but saw growth in new energy passenger vehicle sales driven by the ZunJie brand [1] Group 1: Sales Performance - In September, Jianghuai Automobile achieved vehicle sales of 33,500 units, representing a year-on-year decrease of 15.50% [1] - The decline in sales was mainly attributed to lower sales of SUVs, pickups, and multi-functional commercial vehicles [1] - New energy passenger vehicle sales increased by 18.69% to 3,600 units in September [1] Group 2: Product Launch and Future Outlook - The S800 model, launched four months ago, has received over 15,000 orders, with September marking its first full month of batch deliveries, achieving sales of 2,300 units [1] - The company is expected to continue delivering orders and plans to leverage the brand momentum from the S800 to introduce more luxury MPVs and SUVs [1] - The ongoing growth of the ZunJie brand is anticipated to enhance profitability and stability, leading to a maintained "buy" rating [1]