Minsheng Securities·2024-07-03 01:02Investment Rating - The report maintains a "Recommended" rating for the company [4][10]. Core Insights - The company has shown strong sales performance in the tank segment, with June sales reaching 26,000 units, a year-on-year increase of 104.0% and a month-on-month increase of 28.2% [1]. - The company is experiencing steady growth in overseas sales, with June overseas wholesale sales at 38,000 units, a year-on-year increase of 52.4% [1]. - The introduction of new intelligent and electric models is expected to enhance product competitiveness and drive sales growth [2]. Summary by Sections Sales Performance - In June 2024, the company reported wholesale sales of 98,000 vehicles, a year-on-year decrease of 6.6% but a month-on-month increase of 7.2%. Cumulative sales for the first half of 2024 reached 560,000 vehicles, a year-on-year increase of 7.8% [1]. - The tank brand continues to perform strongly, with cumulative sales for the first half of 2024 reaching 116,000 units, a year-on-year increase of 98.94% [1]. Financial Projections - Projected revenues for 2024, 2025, and 2026 are 225.73 billion, 266.96 billion, and 301.66 billion yuan respectively, with corresponding net profits of 12.76 billion, 14.77 billion, and 16.20 billion yuan [3][8]. - The report anticipates a significant increase in earnings per share, projected at 1.49 yuan for 2024, 1.73 yuan for 2025, and 1.90 yuan for 2026 [3][8]. Strategic Developments - The company is advancing its high-end product strategy, with sales of models priced above 200,000 yuan increasing by 64.3% year-on-year in the first half of 2024 [1]. - The launch of the 2024 Haval H6, featuring advanced technology such as the Qualcomm Snapdragon 8155 chip and Coffee Pilot intelligent driving system, is expected to enhance the company's market position [2].