Orient Securities Research Report points out that the restoration of Shiyuan continues and that progress is being made steadily. Considering the low base of 25Q3 and the good performance of 26Q2, it is expected that the company is expected to continue the Q2 restoration trend during the Mid-Autumn Festival National Day peak season, and the current inventory dynamics are positive. In the medium to long term, the company will firmly establish high-end brands, continue to cultivate Sikai and V3 in the province, focus on the integration of Sikai, and at the same time introduce Sikai in due course to supplement the 300-400 yuan price range. Subsequent expansion companies outside the province will adhere to the “six focuses”, giving priority to national brands, prioritizing high-end racetracks, firm regional marginalization and integration in the Yangtze River Delta, concentrating limited resources to blow up key provinces, cities, and counties, while reusing organizational resources and experience within the province. The company's business strategy is steady and pragmatic. It follows the trend in the current external environment, and basic single products continue to gain strength. It is expected that the market share in the province will continue to increase in the future. Looking at the medium to long term, the company insists on accumulating energy and is optimistic that the company's operating potential will be released after industry demand improves. The company's EPS for 26-28 is estimated to be 1.93, 2.10, and 2.26 yuan, respectively. Referring to the 20 times price-earnings ratio of comparable companies, the company was given a price-earnings ratio of 20 times in 2026, corresponding to a target price of 38.60 yuan, maintaining a “buy” rating.

Orient Securities Research Report points out that the restoration of Shiyuan continues and that progress is being made steadily. Considering the low base of 25Q3 and the good performance of 26Q2, it is expected that the company is expected to continue the Q2 restoration trend during the Mid-Autumn Festival National Day peak season, and the current inventory dynamics are positive. In the medium to long term, the company will firmly establish high-end brands, continue to cultivate Sikai and V3 in the province, focus on the integration of Sikai, and at the same time introduce Sikai in due course to supplement the 300-400 yuan price range. Subsequent expansion companies outside the province will adhere to the “six focuses”, giving priority to national brands, prioritizing high-end racetracks, firm regional marginalization and integration in the Yangtze River Delta, concentrating limited resources to blow up key provinces, cities, and counties, while reusing organizational resources and experience within the province. The company's business strategy is steady and pragmatic. It follows the trend in the current external environment, and basic single products continue to gain strength. It is expected that the market share in the province will continue to increase in the future. Looking at the medium to long term, the company insists on accumulating energy and is optimistic that the company's operating potential will be released after industry demand improves. The company's EPS for 26-28 is estimated to be 1.93, 2.10, and 2.26 yuan, respectively. Referring to the 20 times price-earnings ratio of comparable companies, the company was given a price-earnings ratio of 20 times in 2026, corresponding to a target price of 38.60 yuan, maintaining a “buy” rating.