Huaxin Securities·2025-07-01 08:54Investment Rating - The report maintains a "Buy" recommendation for the companies involved, specifically Jianghuai Automobile, Seres, and Wuxi Zhenhua [9]. Core Insights - The launch of the Hongmeng Zhixing Zun Jie S800 sedan has achieved over 6,500 pre-orders in its first month, breaking the monopoly of foreign brands in the million-level sedan market [4][6]. - The vehicle features advanced technology, including a high-pressure silicon carbide motor and a comprehensive range of 1,333 km for the range-extended version, and 702 km for the pure electric version [5][6]. - The report highlights the continuous high growth in pre-order numbers, with daily increments of 100-200 units recently [4]. Summary by Sections Market Performance - The automotive sector has shown a 30.5% increase over the past 12 months, while the Shanghai and Shenzhen 300 index has increased by 13.2% [1]. Investment Highlights - The Zun Jie S800's pre-order milestones include 1,000 units in the first hour, 1,600 in the first 24 hours, and 5,000 in 19 days, indicating strong market demand [4]. - The vehicle's dimensions are 5480×2000×1542 mm with a wheelbase of 3370 mm, and it offers various color options [4]. Company Focus and Earnings Forecast - Jianghuai Automobile is projected to have an EPS of 0.12 in 2024, increasing to 0.25 in 2025, with a PE ratio of 334.08 for 2024 [9]. - Seres is expected to have an EPS of 3.84 in 2024, rising to 4.61 in 2025, with a PE ratio of 34.98 for 2024 [9]. - Wuxi Zhenhua is forecasted to have an EPS of 1.41 in 2024, increasing to 1.80 in 2025, with a PE ratio of 24.23 for 2024 [9].