Tai Ping Yang·2024-07-18 02:00Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [7]. Core Views - The company is projected to achieve a net profit of 6.5 to 7.3 billion yuan for the first half of 2024, representing a year-on-year increase of 377.49% to 436.26% [2]. - The company has reported a record high in overseas sales, with total vehicle sales reaching 559,669 units in the first half of the year, a year-on-year increase of 7.79% [2]. - The company is focusing on international market strategies, with over 1,000 overseas channels established, and has seen significant sales growth in regions such as Latin America and Southeast Asia [2]. - The company is advancing in the smart driving sector, showcasing its latest technology and achieving successful tests for full-scene L4 autonomous driving [2]. Financial Projections - Revenue projections for 2024, 2025, and 2026 are 219.4 billion yuan, 249.9 billion yuan, and 289.3 billion yuan respectively, with growth rates of 26.64%, 13.91%, and 15.77% [4]. - The net profit for the same years is expected to be 11.57 billion yuan, 13.01 billion yuan, and 15.74 billion yuan, with growth rates of 64.59%, 12.51%, and 21.03% [4]. - The diluted earnings per share (EPS) are projected to be 1.35 yuan, 1.52 yuan, and 1.84 yuan for 2024, 2025, and 2026 respectively [4]. Market Position - The company maintains a leading position in the hard-core off-road, off-road new energy, and pickup truck segments, with significant growth in overseas markets [2]. - The company’s new energy vehicle sales reached 123,237 units in the first half of the year, marking a year-on-year increase of 41.99% [2]. - The company’s strategy includes optimizing its domestic product structure while enhancing overseas sales growth [2].