Minsheng Securities·2025-11-04 08:11Investment Rating - The report maintains a "Recommended" rating for the company, with a closing price of 22.69 CNY per share as of November 3, 2025 [6]. Core Views - The company has achieved record sales in October, with wholesale sales reaching 143,000 units, a year-on-year increase of 22.5% and a month-on-month increase of 7.1%. Cumulative sales from January to October reached 1.066 million units, up 9.9% year-on-year [1]. - The introduction of new models, particularly the Tank 400, is expected to enhance brand positioning and drive sales growth. The new model features advanced technology and is aimed at improving the driving experience [2]. - The Haval brand continues to perform well, with sales of 88,000 units in October, reflecting a year-on-year increase of 21.4% and a month-on-month increase of 7.7%. The launch of new models is expected to further strengthen market competitiveness [3]. - The company's overseas sales are also on the rise, with October sales reaching 57,000 units, a year-on-year increase of 28.7% and a month-on-month increase of 13.7%. The company is making progress in localizing production in Australia, which is anticipated to boost overseas sales [3]. Summary by Sections Sales Performance - In October, the company reported a wholesale sales figure of 143,000 units, with significant contributions from various brands: Haval (88,000 units), Wey (13,000 units), Pickup (14,000 units), Ora (6,000 units), and Tank (22,000 units) [1]. - Cumulative sales for the first ten months of the year reached 1.066 million units, with Haval and Wey brands showing notable year-on-year growth [1]. New Product Launches - The Tank 400 was launched for pre-sale on October 21, 2025, with advanced features aimed at enhancing the driving experience and promoting brand high-end positioning [2]. - Haval's new models, including the 2026 version of the Big Dog and the Menglong, are expected to drive sales through competitive pricing and upgraded features [3]. Financial Projections - The company forecasts revenues of 226.78 billion CNY in 2025, 289.8 billion CNY in 2026, and 318.78 billion CNY in 2027, with corresponding net profits of 12.67 billion CNY, 17.52 billion CNY, and 19.4 billion CNY respectively [4][5]. - The projected PE ratios for the upcoming years are 15 for 2025, 11 for 2026, and 10 for 2027, indicating a favorable valuation outlook [4][5].