Core Viewpoint - The report from Huachuang Securities highlights a decline in sales during the off-season in July, but overseas growth remains strong, indicating potential for future expansion in global market share [1] Sales Performance - Total sales in July reached 344,000 units, representing a year-on-year increase of 1% but a month-on-month decrease of 10% [1] - Cumulative wholesale sales from January to July 2025 amounted to approximately 2.49 million units, reflecting a 27% increase [1] - Sales by brand in July included 315,000 units for the Dynasty and Ocean family, 14,000 units for the Equation Leopard, 11,000 units for Tengshi, and 339 units for Yangwang [1] Overseas Market - July overseas sales totaled 81,000 units, showing a significant year-on-year increase of 169% but a month-on-month decrease of 10% [1] - Cumulative overseas sales from January to July 2025 reached approximately 550,000 units [1] Market Outlook - The company is expected to leverage its product cycle certainty for mid-term global market share expansion [1] - Short-term concerns exist regarding increased competition in the domestic affordable vehicle market, but the company, as an industry leader, is believed to have strategic advantages [1] - Mid-term growth is anticipated through advancements in intelligence and expansion into overseas markets [1] Financial Projections - The company’s scale advantages, vertical integration, and sales structure are expected to support stable or improved profitability [1] - Considering the valuation shift in the second half of 2025, a target market value adjustment to 1.2 trillion yuan is proposed, with a corresponding A-share target price adjustment to 133.3 yuan [1] - The target price for Hong Kong shares is adjusted to 145.9 HKD, factoring in a 1.0 times premium [1] - The report maintains a "strong buy" rating for the company [1]