November 6th, Guolonghui | Ping An Securities research reports indicate that Chongqing Sokon Industry Group stock (601127.SH) is expected to launch a new model series called Wenjie in 2025, and the new model is expected to become another hot seller for the company. By consolidating the existing achievements of the M9, the new model will be a key factor in further unleashing the company's profits in 2025 along with the M9. Wenjie is the focus of Chongqing Sokon's future development. The high-end hybrid car track where Wenjie is positioned is rapidly expanding, with a favorable competitive landscape and strong profitability for the models. The future market space is expected to reach around 1 million units. It is expected that the company's net income from 2024 to 2026 will be 6.5 billion/10.3 billion/12.8 billion yuan respectively. Taking into account the growth potential of the Wenjie brand in the future and the value-added potential after investing in associated companies, the first coverage gives the company a "recommended" rating.