Soochow Securities·2024-07-03 07:01Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - In June 2024, the company delivered 47,774 new vehicles, representing a year-on-year increase of 46.7%. In the second quarter of 2024, total deliveries reached 108,581 vehicles, up 25.5% year-on-year. As of June 30, 2024, cumulative deliveries reached 822,345 vehicles, making it the top new force brand in China [3] - The new model, the Li L6, significantly contributed to sales, accounting for over 40% of the company's total deliveries in June. The company has expanded its retail presence to 497 centers across 148 cities and has established 614 charging stations nationwide [3] - The company has partnered with Kunlun Electric to enhance charging infrastructure, aiming to have over 2,000 charging stations and 10,000 charging piles operational by the end of 2024, with a coverage rate exceeding 90% in major urban areas [3] Financial Forecasts - The company expects revenues of RMB 151.3 billion, RMB 216.9 billion, and RMB 273.2 billion for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 22%, 43%, and 26% [4] - The forecasted net profit attributable to shareholders is RMB 8.3 billion, RMB 13 billion, and RMB 18.6 billion for the same years, with corresponding year-on-year changes of -29%, +57%, and +43% [4] - The expected EPS for 2024, 2025, and 2026 is RMB 3.91, RMB 6.14, and RMB 8.75, with P/E ratios of 18, 11, and 8 respectively [4]