Gronghui August 21. Soochow Securities reported on the 20th that Foton Motor (600166.SH) Q2 performance exceeded our expectations, gross profit margin was higher than the previous month, cost reduction and efficiency continued to advance. In view of Foton Motor Commercial vehicle business coverage, profits remain stable, long-term new energy sector layout continues to develop, it is believed that Foton Motor should enjoy a higher valuation premium and maintain the "buy" rating. In terms of revenue, 2023Q2's vehicle sales volume is 159700, compared with the same month-on-month comparison, the sales volume is + 30.14% Maxime 11.7%, and the apparent sales volume is 125500, and the same month-on-month comparison is + 30.95%. The revenue and sales volume have the same trend as the same month-on-month trend. The year-on-year increase is mainly due to the overall recovery of the commercial vehicle industry, the month-on-month decline is mainly due to the Q2 off-season, and the industry sales volume as a whole declined slightly.