Gelonghui, May 9 丨 Jinlong Auto (600686.SH) sold 4,294 vehicles in April 2023, +50.4%/+22.4%, respectively; production was 4,201 vehicles, +46.0%/-3.7% over the same period last month. According to the Dongwu Securities Research Report, in terms of vehicle length, the sales volume of large, medium and light passenger cars in April 2023 was 1758/543/1993, +155%/+233%/-0.5% year-on-year, +17%/+111%/+14%, respectively; production was 1708/471/2022 vehicles, +108%/+112%/+10% year-on-year, 14%/+94%/-5% month-on-month respectively. The sales structure has been significantly optimized, and the proportion of large and medium customers continues to increase. The Belt and Road export momentum is strong, there is a resurgence at home and abroad, and downstream demand for buses continues to recover. Maintain the company's “buy” rating.