Oriental Securities: Maintains a "buy" rating on Chang'an Automobile, with a target price of 15.87 yuan.

The Oriental Securities research report pointed out that Changan Automobile's net profit attributable to shareholders in the first half of the year was 2.291 billion yuan, a year-on-year decrease of 19.1%; the net profit attributable to shareholders in the second quarter was 939 million yuan, a year-on-year decrease of 43.9% and a quarter-on-quarter decrease of 30.6%. The optimization of the company's product structure in the second quarter led to an increase in revenue and gross profit margins per vehicle, but the launch of overseas brands and the promotion of key products led to higher marketing expenses, resulting in a decrease in profit on a quarter-on-quarter basis. The sales of independent new energy brands have achieved a high year-on-year growth, and profitability continues to improve. The new Changan will promote the company's operational efficiency, and the increase in holdings by senior executives demonstrates confidence in the company's development. In addition, the company's global layout is steadily advancing, with overseas markets expected to become an important growth point in the future. Comparable companies have an average PE valuation of 23 times over 25 years, with a target price of 15.87 yuan, maintaining a "buy" rating.