According to the GLONGHUI July 12丨Dongwu Securities Research Report on the 11th, FAW Liberation (000800.SZ) expects net profit of 380 million yuan to 420 million yuan in the first half of 2023, up 123.33%-146.84% year on year; the Q2 net profit is expected to be 318 to 358 million yuan, with a median value of 338 million yuan, +445.16% month-on-month. The Q2 performance exceeded the bank's expectations. The domestic macroeconomy improved, the commercial vehicle market picked up, and the company made up for its strengths and weaknesses, and focused on balanced development in various market segments. Medium and heavy trucks and light trucks showed an increasing trend, and overseas exports reached a record high for the same period. It is expected to become a leading company in the commercial vehicle aftermarket by 2025. In addition, the company continues to increase the intelligent transformation of electric power, and promotes new energy products through external cooperation and promotion around technology routes such as pure electric/power exchange, hybrid power, fuel cells, etc., to create differentiated product portfolios covering special vehicles, dump trucks, etc.; develop smart logistics business, innovate operating profit models; and establish subsidiaries such as Suzhou Zhitou and Fijie Technology to accelerate layout breakthroughs in the post-digital market and artificial intelligence. The bank maintained that the company's total operating revenue from 2023 to 2025 was 51,777/755.77/94.689 billion yuan, and net profit attributable to the parent company was 16.54/35.37/4.667 billion yuan, respectively +350%/+114%/+32%, respectively. The corresponding EPS was 0.36/0.76/1.01 yuan, and the corresponding PE was 24/11/9 times. Given that the company covers the entire commercial vehicle industry chain and new energy continues to gain strength, performance is expected to increase. It is believed that the company should enjoy higher valuation premiums and maintain a “buy” rating.