Ge Long Hui·2026-03-13 21:18Performance Review - The company reported 4Q performance in line with market expectations, with revenue of 28.78 billion and Non-GAAP net profit of 270 million [1] - 4Q sales and gross margin improved quarter-on-quarter, with a gross margin of 17.8% [1] Development Trends - Pure electric vehicles began to contribute to scale growth, with 4Q deliveries of 109,194 units, including 43,780 units of the new electric models i6 and i8 [1] - R&D expenses for 4Q were 3.02 billion, and sales and administrative expenses were 2.65 billion, indicating initial success in channel adjustments [1] - The company plans to deliver 85,000 to 90,000 units in 1Q26, slightly exceeding market expectations, although gross margin may be under pressure due to inventory clearance and declining subsidies [1] Growth Outlook - The company aims for over 20% sales growth in 2026, focusing on optimizing the sales system, successful iteration of the L series, and stable growth of electric models [2] - Two auxiliary strategies include investment in smart technology for differentiated product experiences and expansion into overseas markets [2] - The R&D team has undergone restructuring to enhance efficiency, with iteration cycles for smart driving models improved from two weeks to one day [2] Profit Forecast and Valuation - The company maintains an outperform rating, with adjusted profit forecasts for 2026 and 2027 down by 53% and 15% to 3.7 billion and 10.5 billion respectively [2] - The target prices for Hong Kong and US stocks are set at 100 HKD and 26 USD, reflecting potential upside of 43% and 46% [2]