Oriental Securities: Maintain a "Buy" rating on SAIC Group, with a target price of 23.75 yuan.

The Oriental Securities research report pointed out that SAIC Group's wholesale sales volume maintained a year-on-year growth trend, and retail sales exceeded wholesale sales. In May, the overall wholesale sales volume was 366,000 vehicles, an increase of 10.2% year-on-year and a decrease of 2.8% month-on-month. It achieved year-on-year growth in monthly sales for 5 consecutive months in 2025. In May, retail deliveries reached 389,000 vehicles, achieving more than 10% growth both year-on-year and month-on-month, with retail sales surpassing wholesale sales by 23,000 vehicles. SAIC passenger car sales and overseas sales are rebounding, with a high year-on-year growth in new energy vehicle sales. Joint venture brand sales are rebounding, and SAIC-GM's sales continue to improve. The comparable company's 2025 PE average valuation is 25 times, with a target price of 23.75 yuan, and a "buy" rating is maintained.