Guohai Securities·2024-07-01 23:01Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a total revenue of 52.315 billion yuan in Q1 2024, representing a year-on-year increase of 56.14%. The net profit attributable to shareholders reached 1.561 billion yuan, up 118.63% year-on-year [3][4] - The growth in revenue is attributed to increased sales and optimized product structure, with total sales reaching 475,700 units, a 49% increase year-on-year. The average revenue per vehicle (ASP) was 126,000 yuan, an increase of 7,000 yuan compared to Q1 2023 [4][5] - The company's gross margin for Q1 2024 was 13.66%, a decrease of 0.5 percentage points year-on-year, primarily due to intense market competition and price wars [4] - The company has a 30% penetration rate for new energy vehicles, with significant sales growth in high-end brands such as Zeekr and Lynk & Co [5][6] Financial Performance Summary - For Q1 2024, the company reported total revenue of 52.315 billion yuan and a net profit of 1.561 billion yuan, with respective year-on-year growth rates of 56.14% and 118.63% [3][4] - The company expects to achieve revenues of 202.4 billion yuan, 237.7 billion yuan, and 260.4 billion yuan for 2024, 2025, and 2026, with year-on-year growth rates of 13%, 17%, and 10% respectively [6][7] - The projected net profit for the same years is 7.683 billion yuan, 11.399 billion yuan, and 15.111 billion yuan, with growth rates of 45%, 48%, and 33% respectively [6][7] - The earnings per share (EPS) are forecasted to be 0.76 yuan, 1.13 yuan, and 1.50 yuan for 2024, 2025, and 2026, corresponding to price-to-earnings (P/E) ratios of 11, 7, and 5 times [6][7]