Zhongjin: Maintain a "outperform" rating on Chang'an Automobile, with a target price of 15.5 yuan.

The research report by Zhongjin Company pointed out that on July 29, Changan Automobile Group Co., Ltd. was established, becoming the new indirect controlling shareholder of Changan Automobile. The head of Changan Automobile Group stated that the new central enterprise will focus on building smart vehicle robots, embodied intelligence and other new productive forces, exploring a new ecosystem of three-dimensional travel by sea, land and air, and accelerating global development. The bank believes that Changan Automobile Group is the first primary central enterprise headquartered in Chongqing. After its establishment, China officially formed three major central enterprise automobile groups, in line with the trend of promoting central enterprise reform and optimizing the layout of state-owned capital, which helps to concentrate resources and enhance the competitiveness of the automobile industry. Looking ahead to the second half of the year, A06 from Qiuyuan is expected to be launched in the third quarter, and compact SUV and deep blue compact sedan from Qiuyuan are expected to be launched in the fourth quarter, which is expected to drive the sales of new energy vehicles to continue to increase. Maintaining the "outperform industry" rating, maintaining the target price of A shares at 15.5 yuan, B shares are undervalued with high dividend yield, and the target price of B shares is raised by 11% to 5.0 Hong Kong dollars.