(Report produced by Author: Everbright**, Ni Yujing, Meng Xiangting).
SAIC Motor Co., Ltd., the full name of SAIC Motor Group, was listed on the A-share market of the main board of the Shanghai Stock Exchange in November 1997, and is a well-known vehicle manufacturing + financial comprehensive service group in China. As a leading listed automobile company in China, the company strives to grasp the industrial development trend, accelerate innovation and transformation, and is developing from a traditional manufacturing enterprise to a comprehensive enterprise that provides consumers with mobility services and products. The main business covers the R&D, production and sales of complete vehicles (passenger cars, commercial vehicles), parts (including engines, transmissions, power transmissions, chassis, interior and exterior decorations, electronic appliances, etc.), logistics, in-vehicle information, and auto finance services. The company's vehicle business is the main component of revenue, including SAIC's joint venture brands (SAIC DAW, SAIC-GM, SAIC-GM-Wuling) + SAIC's own brands (Roewe, MG, Feifan, Zhiji).
We divide the company's development from 2010 onwards into three phases, 1) Phase 1 (2010): Benefiting from the preferential policy stimulus of automobile purchase tax in 2009-2010, the domestic automobile market maintained rapid growth during the period, and the domestic automobile sales in 2010 were +52 year-on-year5%, SAIC Group's sales volume +315%。2) Phase 2 (2011-2017): After 2011, the domestic automobile market maintained steady growth, and the company's main joint venture brands benefited from the advantages of models to maintain a large sales volume, and SAIC's sales also maintained steady growth. Among them, from 2016 to 2017, the state once again introduced preferential purchase tax policies, and SAIC's own brand carried out clearer product + strategic planning during 2016, and launched products including MG RX5, achieving a significant breakthrough in sales. 3) Phase 3 (2018-present): SAIC Motor Motor has a CAGR of -6 for vehicle sales from 2018 to 20229%, and the company's market share of car sales after 2018 has peaked at 251% is declining year-on-year. The main reasons are: a) the joint venture brand has been affected by external factors such as ** and chip shortage, superimposed on the downward cycle of cooperative models, and the impact of the electrification transformation is less than expected, and the sales volume has been under significant pressure in recent years. b) The creation of cost-effective hot-selling models in the early stage of the main brand confirms its potential to create explosive models, but in the later stage, due to the lack of high-end impact and the decline in the competitive power of the mainstream market, the sales of the independent brand will be affected.
1.1. Mechanism innovation unleashes vitality and accelerates transformation within the group
In order to cope with the changes in the industry, the company has made adjustments including the independent operation of high-end brands and the market-oriented operation of science and technology enterprises. At present, SAIC has basically formed a complete layout of its own brand, and has rich technical resources to support the company's long-term development.
a) Independent operation of high-end brands: In 2021, SAIC Motor will separate its R brand into Feifan Automobile (mid-to-high-end market), carry out market-oriented operation with an asset-light model, and jointly undertake the important task of SAIC's own brand development with Zhiji (high-end market). Through independent operation, high-end brands can fully enjoy the empowerment of SAIC's parent company's resources, and at the same time, they can gain more decision-making power and voice to ensure better response to market changes. b) Independent operation of science and technology enterprises: The company promotes the layout of the industrial chain in an orderly manner, and plans to invest 300 billion yuan in innovative fields such as intelligent electrification by 2025. Among them, Hydrogen Jet Technology (fuel cell and parts), Shanghai Jetoneng (three-electric system), and Shanghai Times (lithium battery) are mainly for the company's layout in the field of electrificationZerobeam software (full-stack intelligent driving solution) and Lianchuang Automotive Electronics (EPS control system) are mainly for the company's layout in the field of intelligence. In order to enhance the market-oriented operation ability and accelerate the reform and innovation of the system, the company plans to spin off and operate the science and technology innovation enterprises independently, 2021 10 The company announced that it will transform the original SAIC Group Zero Beam Software Branch into an independent operation of Zero Beam Technology***2021 11 The company plans to spin off its holding subsidiary Jie Hydrogen Technology as a whole to be listed on the Science and Technology Innovation Board of the Shanghai Stock Exchange.
Hydrogen Jet Technology: The layout of fuel cell products has been improved
Founded in 2018, Hydrogen Jet Technology focuses on the R&D, production and sales of fuel cell systems and core components, and its R&D technology in the field of fuel cell stacks has reached the advanced level in the industry. At present, the series of hydrogen technology products have been widely used in passenger cars, buses, light, medium and heavy-duty trucks, forklifts, trailers and many other fields, and can be expanded to be used in distributed power generation, combined heat and power, ships, aviation and other non-automotive fields. 2022 June Hydrogen Jet Technology's application for listing on the Science and Technology Innovation Board was accepted, and it plans to raise 10$600 million, but the review was later suspended because the financial information in the application had expired. 2023 6 Hydrogen Jet Technology disclosed a new round of listing information, which is expected to accelerate the listing process. 1) Relying on SAIC's resource platform, Hydrogen Jet Technology has expanded its customers outside the group, such as Higer Bus, King Long Automobile, Shaanxi Automobile Group, Dongfeng Huashen, and Shenlong Bus. 2) Hydrogen Jet Technology will become a key carrier for SAIC in the field of hydrogen fuel layout. Through the market-oriented operation plan, the asset value of SAIC Motor's subsidiaries has been fully explored, which will help optimize the group's industrial layout and further improve the construction of the industrial chain, so as to ensure the long-term high-quality development of the company.
ZeroBeam Technology: The SOA platform has taken the lead in landing
Founded in 2020, ZeroBeam Technology mainly provides intelligent products and solutions for vehicle manufacturers. 2021 12 After the spin-off of ZeroBeam Technology, the company adopted an employee stock ownership model to motivate employees' innovation capabilities, and SAIC and the employee shareholding platform held 9324% and 676% stake. Currently zero beam 10 has realized the independent and controllable core technologies such as centralized electronic architecture, cloud-pipe-end full-stack software architecture, intelligent vehicle computing platform, intelligent cloud platform, intelligent driving, and intelligent cockpit, and has been mass-produced in the group's Zhiji L7, LS7, Feifan R7 and F7. The company has launched a project on ZeroBeam 30 research and development, through the strategy of "brain + region control" to achieve the integration and concentration of various domains and computing units, zero beam 30 Positioning around the electric vehicle market of more than 150,000 yuan, and plans to achieve mass production in 2025. 1) ZeroBeam Technology provides strong intelligent support for SAIC's mid-to-high-end models, while reducing external procurement costs. 2) In addition to the self-developed form, SAIC has completed the layout of high-precision maps, vehicle specification chips, full-stack intelligent algorithms and other fields through investment in Zhonghaiting, Black Sesame and Momenta.
1.2. In recent years, there have been performance fluctuations, and the profitability of the joint venture brand needs to be repaired
From 2019 to 2022, the company's operating income was 82633/7230.4/7599.2/7209.900 million yuan (year-on-year growth rate -6.).9%/-12.5%/+5.1%/-5.1% ) 2019-2022 net profit attributable to the parent company was 2560/204.3/245.3/161.200 million yuan (year-on-year growth rate -28.).9%/-20.2%/+20.1%/-34.3%）。The company's long-term profit** is its joint venture (SAIC Volkswagen, SAIC-GM's net profit attributable to the parent company is included in the investment income according to the shareholding ratio) + subsidiaries (Huayu Automobile, SAIC-GM-Wuling, SAIC-GM-Wuling, SAIC-related financial business is included in the consolidated statement). The year-on-year growth of the company's revenue and net profit attributable to the parent company in 2021 was mainly affected by the low base in the previous period, and the main reasons for the fluctuation of the overall profitability in recent years are: 1) the fluctuation of the group's overall sales volume;2) The equity concessions will be gradually enlarged after the downward cycle of the joint venture brand models3) In recent years, there have been negative factors such as the obstruction of the operation of the first chain and the high level of raw materials. In the first three quarters of 2023, the company's operating income was -04% to 5079700 million yuan, net profit attributable to the parent company +07% to 108300 million yuan, investment income +07% to 108$400 million. We believe that the company's 3Q23 performance slightly exceeded market expectations, mainly due to the sequential improvement in earnings of joint venture brands (3Q23 investment income on associates and joint ventures +227%), as well as the profit growth driven by the overseas expansion of independent brands. From the perspective of the exhibition, considering that the current sales volume and profitability of the joint venture brand still need to be repaired, it is expected that the investment income will still partially drag down the company's profitability in the short termIndependent brands are expected to gradually increase the proportion of sales through high-end transformation + overseas layout, and then achieve profitability improvement.
The gross profit margin for 2019-2022 was 122%/10.8%/9.6%/9.6% and a net profit margin of 43%/4.0%/4.5%/3.2%。The company's gross profit margin and net profit margin have shown an overall downward trend in recent years, and the company's gross profit margin will be less than 10% from 2021 to 2022, mainly due to the above-mentioned factors such as raw material costs and chain shortages. 2) At the end of 2021, the company implemented a new revenue standard, reclassifying transportation costs from sales expenses to operating costs, and lowering gross margins. In the first three quarters of 2023, the company's gross profit margin and net profit margin were +0. year-on-year3pcts/-0.1pcts to 100%/3.3%, the year-on-year increase in gross profit margin was mainly due to the active expansion of overseas markets by independent brands, and the year-on-year decline in net profit margin was mainly due to the joint venture brand's early consumption promotion and inventory reduction, which affected the company's short-term profitability. The company's expense ratio for the first three quarters of 2019-2023 was 113%/10.1%/9.6%/10.2%/ 9.8%, through strict control of sales expenses to ensure the stability of the operation, follow-up capital investment or research and development to enhance the core competitiveness of the model.
We judge that: 1) SAIC's independent + joint ventures are in a period of transition, and their sales volume and performance are at the bottom range. 2) Since 2021, the company has carried out institutional reform + technological innovation, which has stimulated the team's better creativity and basically built an all-round layout of the industrial ecology. With the gradual increase in the electrification penetration rate of joint venture brands and the acceleration of the pace of independent intelligent layout, it is expected that the company may have marginal improvement opportunities.
In the first 11 months of 2023, SAIC's joint venture brand sales increased by -13 year-on-year9% to 31700,000 units, the core reason for the decline in sales is the lack of competitive product competitiveness of joint venture brand models. In order to cope with market competition, the company adopts a market strategy of following up the first battle, mainly focusing on a wide range of model price reductions in March-April 2023, July-August 2023, and October 2023, and the first two rounds of discounts are larger. We believe that the problems existing in the current joint venture brand include: 1) * war is a short-term competitive strategy, and the marginal effect is decreasing;2) The differentiation between electrified models and gasoline vehicles is limited, and models that meet the needs of the domestic market are yet to be developed.
2.1. SAIC Volkswagen: The short-term effect of exchanging price for volume is significant
SAIC Volkswagen covers Volkswagen, Skoda, and Audi brands, and its sales base is dominated by Volkswagen. We believe that SAIC Volkswagen's declining sales in recent years are mainly related to the decline in product quality and the slower pace of electrification transformation. 1) Product quality: In the 2019 12 China Insurance Research Institute test The 2019 Passat model showed that the A-pillar was bent and broken and the airbag was deviated in the frontal crash test, and the market was worried about the decline in the quality of SAIC Volkswagen's products. 2) Electrification transformation: 2019 11 The Volkswagen Group's world's first plant dedicated to the production of MEB platform models, SAIC Volkswagen's new energy vehicle plant, was officially completed, and in 2021, SAIC Volkswagen's ID4 (5-seater mid-size SUV), ID6 (6-seater mid-to-large SUV), IDThe 3 (compact sedan) was launched successively, followed by the ID-series facelift, and did not follow up with the new model. As of 2023 11, SAIC Volkswagen's ID series models have sold 2000,000 units, of which, ID3 Recently, the market has performed significantly better than ID4、id.6。1) The ID series will carry out three rounds of official terminal rights and interests since 2023, and the recent monthly sales recovery may be mainly related to ID3 Limited competing models (mainly benchmarked against Dolphins) and multiple rounds of limited-time rights and discounts. 2) SAIC Volkswagen may adopt the parallel development idea of "electrification + PHEV" in the future, and the existing models of the ID series will improve the cost performance through product iteration, and the new models include IDNext Concept (scheduled to be launched next year). 3) Volkswagen's electric layout in China is relatively scattered, and SAIC and other partners may have resource games, but considering SAIC's resource advantages and long-term cooperation accumulation, the company and Volkswagen are still expected to maintain a good cooperative relationship. 2023 7 SAIC and Audi AG signed a memorandum of understanding to accelerate the development of SAIC Audi's new electric vehicle models, SAIC Audi only has one Q5 e-tron on sale in the early stage, and the new products will be launched in sequence, superimposed on Audi's high-end brand advantages, SAIC Audi is expected to become a new growth point for the joint venture brand.
2.2. SAIC-GM: GL8 maintains a stable foundation, and the Autoneng platform boosts electrification
Benefiting from the launch of new energy versions of MPV models and the increase in the application of intelligent configuration, the MPV market capacity has increased significantly. Among them, the growth rate of MPV models of all power types is faster than that of narrow passenger cars of the same power type, and the domestic sales of fuel, pure electric and plug-in hybrid MPV models in the first 11 months of 2023 are +1. year-on-year1%/46.0%/520.8% （vs.The sales volume of gasoline, pure electric and plug-in hybrid passenger cars in the narrow sense of the domestic period was -60%/+20.0%/+81.8%）。The use scenarios of MPVs have been broadened from business to home, and in the first 11 months of 2023, the GL8 has a market share of 10 in MPV fuel and MPV8%/13.8%, which is relatively limited by the impact of new energy vehicles. We believe that the GL8's stable sales are mainly due to the advantages of model iteration and upgrade, driving experience, and value retention. 1) Iterative upgrade: Buick GL8 has formed three series of Avia, ES Luzun, and land business class through localized development to cover the ** market of 20-500,000 yuan. 2) Driving experience: On the basis of maintaining the traditional advantages of comfortable ride and practical space, GL8 optimizes the performance of comfortable chassis texture and cabin quietness to ensure a smooth and calm driving experience. 3) High value retention rate: According to the "2023 Q1 China Automobile Value Retention Rate Ranking", Buick GL8's three-year value retention rate is the first in the market segment, and its brand power and product strength are still fully recognized by the market.
In order to accelerate the transformation of electrification, GM released the third-generation global electric vehicle platform "Autoneng" in September 2021, and SAIC-GM is deeply involved in the research and development of the Auton platform and relies on the local first-chain system for production, which can cover its models of different power types and can be promoted to all GM brands. In 2022, the first model built on the Auton platform, the Cadillac Lyriq (mid-to-large SUV), has been launched, and the Cadillac OptiQ – the second all-electric SUV positioned slightly below the Lyriq – is planned. SAIC-GM plans to launch a total of 10 models based on the Autonen platform by 2025 to quickly adapt to changes in the domestic market environment. We judge that SAIC-GM can still maintain a relatively stable market share through the GL8, and the new Autonen platform will help GM develop new energy models through its flexible and intelligent advantages, laying the foundation for the bottom reversal of the joint venture brand.
2.3. SAIC-GM-Wuling: The iteration of new models consolidates the market advantage of mini vehicles
SAIC-GM-Wuling is a joint venture brand jointly established by SAIC, General Motors, and Liuzhou Wuling, and launched the Hongguang MINI model in 2020, solving the pain point of parking difficulties for short-distance travel in the city through innovative miniature design, and the sales volume of Hongguang MINI EV in 2021 and 2022 will be 42 respectively6/40.50,000 units. According to the recent market performance, Hongguang mini has experienced a decline in market sales. We believe that the rapid layout of competing models and the saturation of the market environment of mini vehicles will affect the sales of Hongguang MINI. 1) Mini cars are mainly positioned as family vehicles for purchasing more than one million vehicles, and the Hongguang mini EV has achieved sales of more than one million units since its launch, and the market increment space is relatively limited. According to the statistics of the Passenger Car Association, the market share of A0-class pure electric models in the first three quarters of 2023 will be -9 year-on-year0pcts to 119%。2) Independent brands are also focusing on the development of the mini car market, including Geely Panda mini, Changan Lumin, BYD Seagull and other new models are upgraded in terms of configuration, among them, Seagull fully benefits from the brand advantage + product cost performance, and the stable monthly sales have exceeded 30,000 units, far exceeding the same ** belt model. 3) In order to cope with the relatively shrinking market share, SAIC-GM-Wuling responded to the call for new energy vehicles to go to the countryside and gave Hongguang MINI a price reduction, with the lowest model price of about 30,000 yuanOn the other hand, through the cultivated brand awareness to expand products, so far in 2023, Wuling has launched models such as Binguo and Xingyun, and the profit + brand value of a single car is expected to increase.
We judge that some representative models of the joint venture brand can still maintain the sales base, but the long-term sales volume depends on the cooperation between SAIC Motor and the joint venture brands, the electrification transformation + the pace of brand upward promotion, and we are optimistic about the market prospect of the joint venture brand achieving a bottom reversal through new energy transformation.
SAIC's own brands mainly include Roewe, MG, Feifan, and Zhiji, and the sales volume of its own brands in the first 11 months of 2023 was +15 year-on-year9% to 8770,000 units. There are differences in the positioning of SAIC's independent brands. From the perspective of sales area, Roewe, Feifan, and Zhiji mainly focus on the layout of the domestic market, while MG mainly exports overseasFrom the perspective of product positioning, Roewe and MG are in line with the mainstream market, and Feifan and Zhiji carry the mission of high-end. We believe that: 1) SAIC's own brands have lacked explosive models in recent years, and in order to better adapt to the market competition pattern, the overall product layout has shown a downward trend. The main sales models of Roewe and MG are concentrated in the range of 10-150,000 yuan, and Feifan and Zhiji have recently turned to the market layout of 20-300,000 yuan. 2) Stabilize the mainstream market share and complete the brand transformation breakthrough or the layout direction of SAIC's own brand.
3.1. Roewe and MG: Originated in the United Kingdom, and the high-end breakthrough is insufficient
In 2006, the British Rover brand was dismal and its brands were split into three parts: Roewe (acquired by SAIC), MG (acquired by NAIC, resold to SAIC in 2007), and Land Rover (acquired by Ford). Both brands have a layout in the mainstream market, but after the acquisition, MG has problems such as the inability to adapt to the preferences of the domestic consumer market, the unclear strategic transformation of new energy, and the proximity to Roewe's model planning, so they have turned to overseas market layout. Recently, the market performance of MG and Roewe has diverged. Benefiting from the brand base in Europe and the cost performance of models, the overseas market has become the key to stabilizing MG's sales, and MG's export sales in the first 11 months of 2023 are +48 year-on-year2% to 5670,000 units. In contrast, in 2016, the Roewe RX5 quickly boosted domestic sales in the short term through Internet model positioning, but in the later period, due to the decline in product power and brand power, the market sales declined year by year. 1) The decline in Roewe's brand power is related to its operation as a 2B end of online vehicles. In the early days, the 2C use scenarios of new energy vehicles were limited, and they were widely used in the 2B end due to their low operating costs. 2) Roewe subsequently launched more than 200,000 models, including RX8 and Marvel X, to hit the high-end market, but there are problems such as abnormal noise in the car and low mileage of pure electric vehicles, which have affected the reputation of the product, and the breakthrough in the high-end market has rarely been effective.
We believe that, 1) SAIC has a pure electric brand positioned in the mid-to-high-end market, and Roewe's brand positioning is still the mainstream market. 2023 11 Roewe Listing D7 Pricing 1218-17.080,000 yuan (** has deducted the expansion fee), positioned between the A-class and B-class models, it is expected that Roewe may still need to achieve a sales reversal through cost-effective advantages in the short term. 2) MG has become an important brand in SAIC's overseas strategy, with 624 dealers in Europe and other regions, and production capacity in India and Thailand. At the 2023 Munich Motor Show, MG has unveiled the MG4 EV Xpower Performance Edition and MG Cyberster, among which, the Cyberster (pure electric coupe) is a blockbuster model of MG's return to sports sports cars, combined with classic British design + new electrification technology, which is expected to become the key to MG's deep cultivation in overseas markets.
3.2. Feifan: Create a comfortable and differentiated brand label
In 2020, SAIC Roewe launched the R brand to expand the mid-to-high-end new energy track, and in 2021, the 10 R brand was operated independently and renamed Feifan Auto, and its R7 and F7 models were launched on 3 respectively. The main reason for the differentiation of R7 and F7 sales performance may be related to product positioning, 1) Feifan R7 is a medium and large fastback SUV and focuses on technology labels, which converges with the new forces in the same belt and Tesla and lacks competitive advantages, and the impact of Tesla's price reduction at the beginning of 2023 makes the Feifan R7 market performance not optimistic. 2) After the launch of the 2023 3 Feifan's second model, the F7, the company changed the product label from a sense of technology to comfort. Focusing on improving the comfort of drivers and passengers in the whole car, the F7 has created the "Feifan** Seat" to alleviate fatigue during driving, establish a clear product label, and achieve an increase in sales. Feifan Auto expects to launch a new product every year until 2025, and we judge that Feifan has learned from the experience of product positioning in the early stage, or will enhance the user's perception through personalized technical services, and create exclusive product labels to seize the market share of mid-to-high-end new energy.
3.3. Zhiji: Carrying more expectations for electrification transformation, the ability to create explosive models has begun to appear
Zhiji Auto was established in December 2020, with SAIC, Zhangjiang Hi-Tech, and Alibaba holding % of the shares, respectively, and Zhiji adopts the "employee + user" dual shareholding platform model, with the former being ESOP (core employee shareholding platform) holding 51%, which is 49%。In the early days of the brand's establishment, Zhiji was known as the "No. 1 Project" within the group, with a founding round of financing of 10 billion yuan, and the market maintained a high degree of attention. In the early stage, Zhiji may mainly benchmark itself against NIO and position itself as a pure electric luxury brand, and the first competing model of the Zhiji L7 to be launched is the NIO ET7, but Zhiji's problems are reflected in the limited accumulation of brand reputation, the weak user perception of the core selling point of the product (driving experience), etc., and the sales performance of the Zhiji L7 is lower than market expectations. In 2023, the LS7 was launched, and the focus of publicity was adjusted to seat comfort and rear zero-gravity seats, benefiting from the model's price-performance advantage, the sales performance of the LS7 was better than that of the L7, but the differentiation at the marketing level was still limited.
Personality selling point may be the core of Zhiji's sales breakthrough. 10 12 Zhiji LS6 is officially launched, priced at 2299-27.$690,000 (after equity** 21.)49-27.690,000 yuan), LS6 competing models for Xpeng G6, Model Y, 20 days after the market lock order volume exceeded 18,000 units, the second month after the launch of the monthly sales of more than 8,000 units, we believe that the core advantages of LS6 are avant-garde appearance, low price and high configuration, and intelligent driving configuration. 1) In terms of exterior design: Zhiji LS6 takes "flexible design" as the core concept, and the shape is simple and rounded. The pore design of the body minimizes the resistance of the airflow, and the wind resistance reaches 0237cd Best-in-class standard. 2) Low price and high configuration: The interior of the cabin adopts Italian home light luxury interior, half-spoke steering wheel, and "cloud seat" to improve driving comfort. The screen is a combination of full-frame digital cockpit screen + co-pilot entertainment screen, and the two screens can be freely lifted and combined, which fits the driver's field of vision. 3) High-end assisted driving function loading: LS6 is equipped with 29 perception sensors as standard and equipped with the IMAD system jointly developed with Momenta, and the whole system is equipped with LiDAR + Orinx intelligent driving chip as standard, and can realize high-speed elevated + urban NOA functions. Zhiji IM AD City NOA plans to be launched one after another before the Spring Festival in 2024, and the Shanghai area will be the first to open. The pilot version of Zhiji's urban commuting mode will be launched in 2024 and will cover 100 cities across the country. On the whole, we are optimistic that the LS6 will use the high-end intelligent driving solution of cost-effective + low-price limited-time discount as the selling point of the product, and the short-term sales and orders will perform well, and it is expected that the Zhiji LS6 will also be expected to convert some orders and traffic to the L7 and LS7 models after the increase in store volume. We judge that the subsequent sales performance will be mainly determined by the intelligent driving experience, product promotion, and the company's delivery capabilities.
We judge that: 1) From the perspective of market layout rhythm, SAIC's own brand carried out new energy strategic planning in the early stage, but during the transformation period, due to the decline in the brand power and product power of the old brand, the limited accumulation of new brands + the lack of core publicity and selling points, etc., the domestic market performance in recent years has been affected. 2) In response to the problems that occurred in the early stage, SAIC's own brand has made the following adjustments to the recently launched models, including a) significantly improving the cost performance of the models;b) Brand marketing focuses on comfort and luxury labels;c) The low-cost solution is equipped with high-end intelligent driving products, relying on SAIC's rich industrial chain resource advantages + strong financial strength, optimistic about the company's Feifan and Zhiji brands in the medium and long term high-end development trend, and the two brands are expected to catalyze the company's valuation.
This article is for informational purposes only and does not represent any investment advice from us. To use the information, please refer to the original report. ）
Featured Report**: Think Tank for the Future].