November 18th, Global Longhu｜Changjiang Securities research report pointed out that SAIC Group (600104.SH) Q3 wholesale sales volume decreased month-on-month, revenue also declined month-on-month, under intense market competition environment, profit is under pressure, and net income attributable to mother decreased significantly month-on-month. In reviewing the situation, the decline in performance is the main reason for the downward trend in PB ratio in recent years. With the stabilization of joint venture sales volume, there is hope for profit contribution recovery; independent brands are ushering in a new development mechanism replacement cycle, expected to reshape popular car models, boost sales performance, advance in intelligent electric layout, lead the brand value upward, and performance improvement expected to drive valuation restoration. It is expected that the company's net income attributable to mother in 2024, 2025, and 2026 will be 10.55, 15.38, 16.34 billion yuan respectively, corresponding to PE 18.9X, 13.0X, 12.2X, maintaining a "buy" rating.