Huachuang Securities: Maintains Jianghuai Automobile's "strong push" rating, Zunje S800's large order exceeds expectations.

Huachuang Securities research report pointed out that Zunji S800 has achieved success in the first stage, with market differences in order sustainability and profit performance, holding optimistic expectations. With the enrichment of the Zunji product matrix and the construction of brand power, Zunji is expected to become a leading independent luxury brand, with estimated long-term sales of Zunji expected to reach 100,000 units per year, with net profit per vehicle reaching 124,000 yuan, and a wide growth space. According to the branch valuation, reference to the company's historical valuation and comparable company corresponding stage valuation, and adjustment of the PS multiple based on the company's profit distribution with Huawei, and adjustment of the valuation multiple based on the strong performance of the Zunji S800, giving independent business and Zunji business 2025 0.8 times and 25 times PS, the combined company's target market value is 129.4 billion yuan, corresponding to a target price of 59.24 yuan, with a 42% upside potential. In the long term, the estimated revenue for the company's independent business is 59.4 billion yuan and the net profit for Zunji's business is 12.4 billion yuan, with a multiple of 0.8 times PS and 18 times PE, corresponding to a market value of 270.4 billion yuan, with a 2.0 multiple upsurge. In summary, the "strong buy" rating is maintained.