CITIC Securities: Maintains a "Buy" rating on Sailus, optimistic about the continuous improvement of profitability in the following quarters.

CITIC Securities' research report pointed out that SILESI released its 25H1 performance forecast, with Q2 net profit attributable to mother: 19.5-24.5 billion yuan, a year-on-year increase of +36.75%, with a median of 22 billion yuan, a year-on-year increase of +56.7%; Q2 SILESI car sales 107,000 units. If only considering SILESI cars, the per unit net profit attributable to mother is about 20,600 yuan calculated at the median, an increase of about 4,000 yuan from Q1, and about 23,000 yuan calculated at the upper limit, an increase of about 6,000 yuan from Q1. Q3 will be the first full quarter of M8 deliveries, with continued improvement in sales structure expected. At the same time, the revised version of M7 is expected to be launched in Q3, with better appearance and larger space. The number of profitable models will continue to increase, and the profitability in the following quarters is expected to strengthen. The "buy" rating is maintained.