Investment Summary
We expect that in 2019, although the growth rate of car sales of the company is unlikely to repeat the high growth rate of 40-50% in previous years, it is promising that the company enters a new stage of development in terms of model structure, selling price of single vehicles and gross profit growth of single vehicles after this adjustment. As the new products
and capacity release progress steadily and the company`s medium- and long-term growth is
promising. So, we maintain the rating of Buy.
Bachelor Degree in Tongji University of Engineering; Master Degree in East China Normal University of finance. Currently covering the automobile and air sectors. She has years of experience in investment research and is good at combining analysis for the companies with industry prospects.
