Core Viewpoint - Haval brand announces the launch of the new compact SUV "Haval Dog PLUS" on September 15, with a pre-sale price range of 135,800 to 183,800 yuan and a trade-in price range of 112,800 to 160,800 yuan [1] Group 1: Product Features - The Haval Dog PLUS is a facelifted version of the current second-generation Dog model, featuring a new front grille design with a luminous brand logo for enhanced recognition [1] - The vehicle's side design includes black wheel arches and exposed rivet decorations, while the rear features polygonal taillights that complement the overall style, replacing the current "HAVAL" logo with "GWM" [1] - The interior design retains the main style of the current model, with a straight dashboard and a 14.6-inch floating central control screen, creating a modern technological atmosphere [1] Group 2: Specifications - The dimensions of the Haval Dog PLUS are 4705mm in length, 1908mm in width, and 1780mm in height, with a wheelbase of 2810mm, positioning it as a mid-size SUV [4] - The vehicle is equipped with a plug-in hybrid system powered by a 1.5T engine, offering maximum power outputs of 154 horsepower and 167 horsepower depending on the model [4] - The total power of the drive motor is 299 horsepower and 177 horsepower for different models, with NEDC pure electric range options of 50 km, 102 km, and 105 km [4]

Investment Rating - The report maintains a "Buy" rating for the company [6][8]. Core Views - The company reported a wholesale sales volume of 116,000 units in August 2025, representing a year-on-year increase of 22.3% and a month-on-month increase of 10.7%. Cumulative wholesale sales from January to August reached 790,000 units, up 5.9% year-on-year [3]. - The Tank brand showed strong performance with wholesale sales of 20,000 units in August, up 22.5% year-on-year. The new Tank 500Hi4-T/Hi4-Z was launched on August 27, with over 12,000 pre-orders within two hours of its release [4]. - The Haval brand continued to perform well, with August wholesale sales of 69,000 units, an increase of 22.7% year-on-year. The Haval Big Dog PLUS was also pre-sold at the Chengdu Auto Show, with over 10,000 pre-orders in 24 hours [5]. - The company's overseas sales also increased, with 45,000 units sold in August, up 11.6% year-on-year. The Brazilian factory commenced operations in August, which is expected to enhance sales in Latin America [5]. Financial Forecasts - The company expects revenue to reach CNY 240.58 billion in 2025, CNY 291.09 billion in 2026, and CNY 334.75 billion in 2027. Net profit attributable to shareholders is projected to be CNY 13.25 billion in 2025, CNY 20.18 billion in 2026, and CNY 23.30 billion in 2027 [6][7]. - The report forecasts a PE ratio of 17 for 2025, 11 for 2026, and 10 for 2027, indicating a favorable valuation trend [6][7].