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Huachuang Securities' research report pointed out that Zunjie S800 has achieved success in the first phase of the market, and there is a optimistic expectation for its continued orders and profit performance. With the enrichment of the Zunjie product matrix and the building of brand power, Zunjie is expected to become a leading independent luxury brand. It is estimated that Zunjie's long-term sales are expected to reach 100,000 units per year and the net profit per vehicle is expected to reach 124,000 yuan, with a broad growth space. According to the valuation of the branches, the company's historical valuation and the valuation of comparable companies at corresponding stages, as well as the adjustment of the PS multiple based on the company's profit distribution with Huawei and the better-than-expected performance of the Zunjie S800, the valuation multiple is raised. The target market value of the integrated company is estimated to be 129.4 billion yuan, with a corresponding target price of 59.24 yuan, representing a 42% upside potential. In the long term, it is estimated that the company's independent business revenue will be 59.4 billion yuan, and Zunjie's net profit will be 12.4 billion yuan. Giving a multiple of 0.8 times PS and 18 times PE respectively, the corresponding market value is 270.4 billion yuan, with a 2.0 times space. In conclusion, the "strong recommendation" rating is maintained.