Orient Securities: Maintains "Buy" rating on Jinshiyuan, recovery continues, seeking progress while maintaining stability.

Orient Securities' research report points out that Jinshiyuan's recovery continues, seeking progress while maintaining stability. Considering the low base in 25Q3 and the relatively good performance in 26Q2, it is expected that the company is likely to sustain the Q2 recovery trend during the Mid-Autumn Festival and National Day peak season, with inventory currently showing dynamic and healthy conditions. In the medium to long term, the company will firmly pursue brand premiumization, continue to cultivate Sikail and V3 within the province, focus on Sikail integration nationwide, and timely introduce Sankai to fill the 300-400 yuan price band. For subsequent out-of-province expansion, the company will adhere to the "Six Focuses," prioritizing the Guoyuan brand and the sub-high-end segment, firmly pursuing peripheralization and Yangtze River Delta integration in terms of regions, concentrating limited resources to break through key provinces, cities, and counties, while reusing organizational resources and experience from within the province. The company's operating strategy is steady and pragmatic, going with the flow under the current external environment, with foundational single products continuing to gain momentum. Looking ahead, its market share within the province is expected to continue rising. In the medium to long term, the company persists in building momentum upward, and we are optimistic about the release of the company's operating momentum after industry demand improves. It is estimated that the company's EPS for 26-28 will be 1.93, 2.10, and 2.26 yuan, respectively. With reference to the 20x P/E ratio of comparable companies, the company is assigned a 20x P/E ratio for 2026, corresponding to a target price of 38.60 yuan, maintaining a "Buy" rating.