Ge Long Hui·2025-06-21 18:10Core Viewpoint - The report emphasizes the formation of the brand moat for the company in the high-end market and the competitive landscape, highlighting the potential for sales and profit growth through brand barriers [1][2] Group 1: High-End Market Position - The company holds the leading market share among domestic brands in the segment priced above 250,000 yuan, approximately 10% [1] - The high-end market space for vehicles priced above 250,000 yuan is projected to be 3.807 million units in 2024, showing a year-on-year decline of 5.9% [1] - The brand moat is established through a strong brand identity that is not easily surpassed by imitation products, supported by sales volume and intelligent technology capabilities [1] Group 2: Infrastructure and Product Development - The company is addressing two major pain points in pure electric products: range anxiety and charging anxiety, by providing industry-leading solutions [1] - As of June 15, 2025, the company has invested in 2,451 supercharging stations nationwide, enhancing the convenience of charging and potentially increasing sales of pure electric products [1] - The launch of new pure electric models, i8 and i6, is expected to further support the company's growth trajectory [1] Group 3: Technological Advancements - The MindVLA technology integrates spatial, language, and behavioral intelligence, enabling vehicles to possess human-like multi-dimensional cognitive abilities [2] - AI-enabled smart cabins and driving capabilities are anticipated to provide passengers with a revolutionary product experience, enhancing the company's competitive edge in a homogenized high-end market [2] - The technological advantages are expected to strengthen the brand image and create a more solid moat for the company, leading to higher valuation potential [2] Group 4: Financial Projections - Revenue projections for the company are estimated at 158.3 billion yuan, 193.0 billion yuan, and 226.9 billion yuan for the years 2025, 2026, and 2027 respectively [2] - The net profit attributable to the parent company is forecasted to be 10.12 billion yuan, 14.57 billion yuan, and 18.41 billion yuan for the same years [2] - The price-to-earnings (PE) ratios are expected to be 20, 14, and 11 times for 2025, 2026, and 2027 respectively, based on the closing price of 101.9 HKD per share on June 19, 2025 [2]