Guolian Securities·2024-07-03 02:01Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report suggests continuous attention to the company's performance due to its accelerating transformation and growth potential [5]. Core Viewpoints - The company is experiencing a significant acceleration in its transition to new energy vehicles, with a notable increase in sales and an upward revision of its annual sales target from 1.9 million to 2 million vehicles, reflecting strong growth confidence [2][5]. - In June 2024, the company achieved a total vehicle sales volume of 166,000 units, representing a year-on-year increase of 24.2% and a quarter-on-quarter increase of 3.4% [1]. - The company’s new energy vehicle sales reached 66,000 units in June 2024, marking an 88.3% year-on-year increase, with a penetration rate of 39.7%, up 13.5 percentage points year-on-year [2]. - The launch of the Lynk & Co Z10, the brand's first pure electric vehicle, is expected to further accelerate the company's new energy transition [4]. Summary by Sections Sales Performance - In June 2024, the company's sales by brand included 122,000 units for the Geely brand (up 13.9% year-on-year), 16,000 units for the Galaxy series (up 65.2% year-on-year), 20,000 units for the Zeekr brand (up 89.3% year-on-year), and 24,000 units for the Lynk brand (up 49.2% year-on-year) [2]. - For the first half of 2024, total sales reached 956,000 units, a 41.0% increase year-on-year [1]. Export and Market Expansion - In June 2024, the company exported 35,000 vehicles, a 61.0% increase year-on-year, although it saw a slight decrease of 4.2% compared to the previous month [3]. - The Zeekr brand has entered the Southeast Asian market, launching right-hand drive versions of its models in Indonesia and Malaysia, which is expected to enhance sales growth [3]. Financial Projections - Revenue projections for 2024-2026 are estimated at 230.3 billion, 273.4 billion, and 319.0 billion yuan, with year-on-year growth rates of 28.1%, 18.7%, and 16.7% respectively [5][6]. - The net profit attributable to the parent company is projected to be 7.67 billion, 11.62 billion, and 14.09 billion yuan for the same period, with growth rates of 48.5%, 51.5%, and 21.2% respectively [5][6].