Haitong Securities·2024-07-11 08:01Investment Rating - The investment rating for the company is "Outperform the Market" [5][9]. Core Views - The report highlights the continuous growth of the company's intelligent driving capabilities, with the upcoming full rollout of the "No Map NOA" feature expected in July 2024. The user penetration rate for this feature has exceeded 80% since its trial launch on May 10, 2024, with significant user engagement metrics [2][5]. - The company is projected to achieve revenues of 144 billion, 189 billion, and 229 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 8.3 billion, 13 billion, and 19.2 billion yuan [5][10]. - The report emphasizes the company's strong position in the rapidly growing new energy vehicle sector, supported by its advanced autonomous driving systems that combine end-to-end and visual language models [5][6]. Summary by Sections Financial Performance - The company reported a revenue of 123.85 billion yuan in 2023, with a projected growth to 144.02 billion yuan in 2024, representing a year-on-year growth of 16.29% [10]. - The net profit for 2023 was 11.7 billion yuan, with expectations of 8.25 billion yuan in 2024, reflecting a decrease of 29.51% year-on-year, followed by a recovery to 13.03 billion yuan in 2025 [10]. - The gross margin is expected to stabilize around 20% in the coming years, with slight improvements projected [10]. Valuation Metrics - The report uses the Price-to-Sales (PS) method for valuation, suggesting a PS ratio of 1.1, 0.8, and 0.7 for the years 2024, 2025, and 2026, respectively [5][9]. - The estimated reasonable value range for the company's stock is between 89.26 and 96.70 HKD, based on a PS ratio of 1.2 to 1.3 for 2024 [5][9]. Market Position - The company is positioned favorably within the competitive landscape of the new energy vehicle market, with a focus on enhancing its intelligent driving capabilities and safety features [5][6]. - The report notes the company's proactive safety upgrades, including advanced emergency braking and automated steering capabilities, which are expected to enhance user safety and driving experience [6].