Tai Ping Yang·2024-07-18 02:07Investment 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 expected to achieve a net profit of 6.5 to 7.3 billion yuan in the first half of 2024, representing a year-on-year increase of 377.49% to 436.26% [2]. - The company has reported a total vehicle sales of 559,669 units in the first half of 2024, a year-on-year increase of 7.79%, with overseas sales reaching a historical high of 201,500 units, up 62.59% [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 enhancing its smart driving capabilities, showcasing its latest CoffeePilot Ultra system, which can achieve full-scene navigation assistance without high-definition maps [2]. Financial Summary - Revenue projections for 2024-2026 are 219.355 billion yuan, 249.878 billion yuan, and 289.276 billion yuan, respectively, with net profits expected to be 11.565 billion yuan, 13.013 billion yuan, and 15.744 billion yuan [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]. - The price-to-earnings (PE) ratios are expected to be 19.46, 17.30, and 14.30 for the same years [4].