Guohai Securities: maintains a "buy" rating on Siles, with the expectation that new car models and facelifted models in 2026 will replicate its popular logic.

Guohai Securities research report pointed out that Sailis are expected to achieve steady revenue growth and show resilience by 2025, awaiting a new product cycle. In 2025, the company achieved revenue of 165.054 billion yuan, a year-on-year increase of 13.69%; achieved a full-year net profit attributable to mothers of 5.957 billion yuan, a year-on-year increase of 0.18%. In March 2026, the company's automobile sales reached 27,484 vehicles, a year-on-year increase of 11.68%. Among them, new energy vehicles reached 22,706 vehicles, a year-on-year increase of 20.74%. The company's total automobile sales from January to March this year reached 88,445 vehicles, a year-on-year increase of 29.37%. The all-new SUV M6 is expected to continue the trend of explosive sales in 2026, driving the company's sales to a new high. On March 23, 2026, the Xiangjie M6 officially began accepting bookings, with a starting price of 269,800 yuan for the extended range version and 289,800 yuan for the pure electric version, all models come standard with the 896-line laser radar and Huawei Qiankun ADS 4.0 high-level driving assistant system. Within 24 hours of opening bookings, orders surpassed 60,000 units, demonstrating strong market appeal. It is expected that the M6 will continue the trend of explosive sales, continuing to boost the company's sales and revenue in 2026. At the same time, the company's other models are also expected to undergo redesigns, driving sales and profit growth. Benefiting from Huawei's empowerment, the company has successfully developed high-end models such as the M9 and M8. Given that the company's new and redesigned models in 2026 are expected to replicate their successful sales logic, the "buy" rating is maintained.