Shanghai Securities·2025-09-03 10:29Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in August sales, reaching 115,600 units, a year-on-year increase of 22.33% [4] - The company’s cumulative sales from January to August reached 789,700 units, with a year-on-year increase of 5.94% [4] - The company’s overseas sales in August reached a record high of 45,200 units, a year-on-year increase of 11.65% [6] - The company is accelerating the launch of new products, which is expected to support continuous sales growth [6] - The forecasted net profit for the company from 2025 to 2027 is expected to be 13.31 billion, 16.49 billion, and 18.69 billion yuan respectively, with corresponding growth rates of 4.86%, 23.90%, and 13.37% [7] Summary by Sections Basic Data - Latest closing price: 26.28 yuan - 12-month A-share price range: 20.95-32.03 yuan - Total share capital: 8,558.95 million shares - Circulating market value: 224.116 billion yuan [2] Sales Performance - August sales by brand: Haval brand sold 68,900 units (+22.69% YoY), WEY brand sold 8,000 units (+167.51% YoY), and Tank brand sold 20,000 units (+22.46% YoY) [5] - The cumulative sales for Haval brand from January to August reached 446,600 units (+9.22% YoY) [5] Financial Forecast - Projected revenue for 2025 is 232.499 billion yuan, with a year-on-year growth rate of 15.0% [9] - Projected earnings per share for 2025 is 1.56 yuan, with a price-to-earnings ratio of 16.90X [9]