Ge Long Hui·2025-11-04 21:20Core Insights - The company reported a significant increase in wholesale sales for October 2025, with a total of 143,000 vehicles sold, representing a year-on-year growth of 22.5% and a month-on-month increase of 7.1% [1] - Cumulative wholesale sales from January to October reached 1.066 million vehicles, showing a year-on-year increase of 9.9% [1] Group 1: Sales Performance - Haval brand sold 88,000 vehicles in October, up 21.4% year-on-year and 7.7% month-on-month, with cumulative sales of 617,000 vehicles from January to October, reflecting a 13.3% year-on-year increase [1] - Wey brand achieved sales of 13,000 vehicles in October, marking a substantial year-on-year growth of 95.8% and a month-on-month increase of 15.2%, with cumulative sales of 76,000 vehicles, up 96.3% year-on-year [1] - Tank series sold 22,000 vehicles in October, up 16.6% year-on-year and 4.0% month-on-month, with cumulative sales of 187,000 vehicles from January to October, showing a slight decline of 0.8% year-on-year [1][2] - The pickup segment recorded sales of 14,000 vehicles in October, up 9.3% year-on-year and 9.2% month-on-month, with cumulative sales of 150,000 vehicles, reflecting a 3.7% year-on-year increase [1] - Ora brand sold 6,000 vehicles in October, a modest year-on-year increase of 1.6% but a decline of 9.7% month-on-month, with cumulative sales of 35,000 vehicles, down 33.0% year-on-year [1] Group 2: New Product Launches - The new Tank 400 model was officially pre-sold on October 21, with pre-sale prices starting at 309,800 yuan, featuring advanced technology and enhanced driving experience [2] - Haval's new models, including the 2026 Big Dog and the Menglong, are driving sales growth through competitive pricing and upgraded features [2] Group 3: International Expansion - The company reported overseas wholesale sales of 57,000 vehicles in October, up 28.7% year-on-year and 13.7% month-on-month, with cumulative overseas sales of 391,000 vehicles from January to October, reflecting a 6.2% year-on-year increase [3] - The Tank 500 Hi4-T model has been launched in Australia, receiving positive feedback for its technology and off-road capabilities, indicating potential for steady growth in international markets [3] Group 4: Financial Projections - The company anticipates revenue growth with projected figures of 226.78 billion yuan, 289.80 billion yuan, and 318.78 billion yuan for the years 2025 to 2027, respectively [3] - Expected net profit for the same period is projected at 12.67 billion yuan, 17.52 billion yuan, and 19.40 billion yuan, with corresponding price-to-earnings ratios of 15, 11, and 10 times based on the closing price of 22.69 yuan per share on November 3, 2025 [3]