Guolian Securities·2024-07-03 02:00Investment Rating - The report maintains a "Buy" rating for the company [6][8]. Core Insights - In June 2024, the company achieved a record high in sales, with 342,000 new energy vehicles sold, representing a year-on-year increase of 35.0% and a month-on-month increase of 3.0% [2][3]. - The company’s sales for the first half of 2024 totaled 1.613 million new energy vehicles, up 28.5% year-on-year [2]. - The high-end brand sales accounted for 5.2% of total sales in H1 2024, reflecting an increase in the company's focus on high-end models [3]. - The company’s export of new energy passenger vehicles reached 27,000 units in June, a year-on-year increase of 156.2%, although it saw a month-on-month decline of 28.0% [4]. - The introduction of the city NOA feature is expected to enhance the driving experience for consumers [5]. Financial Forecasts - Revenue projections for 2024-2026 are estimated at 813.06 billion, 952.98 billion, and 1,162.64 billion yuan, with year-on-year growth rates of 34.99%, 17.21%, and 22.00% respectively [6][7]. - The net profit attributable to the parent company is forecasted to be 38.944 billion, 50.594 billion, and 63.334 billion yuan for the same period, with growth rates of 29.64%, 29.91%, and 25.18% respectively [6][7]. - Earnings per share (EPS) are projected to be 13.39, 17.39, and 21.77 yuan per share for 2024-2026, with a three-year compound annual growth rate (CAGR) of 28.23% [6][7].