盈利能力稳定，市场份额提升

Investment Rating - The investment rating for the company is maintained at "Buy-A" [1] Core Views - The company has demonstrated stable profitability and an increase in market share, particularly in the global power battery market, where its market share reached 38.4% in early 2024, a year-on-year increase of 5 percentage points [1] - The company reported a total revenue of 797.71 billion yuan in Q1 2024, a year-on-year decrease of 10.41%, while net profit attributable to shareholders was 105.10 billion yuan, reflecting a year-on-year increase of 7.00% [1][2] - The company is actively developing new technologies, such as solid-state batteries, which are suitable for electric aviation and flying cars, contributing to its zero-carbon strategy through green energy initiatives [1][2] Financial Performance Summary - In Q1 2024, the company achieved a gross margin of 26.42%, an increase of 5.15 percentage points year-on-year, and a net profit margin of 14.03%, up by 2.71 percentage points year-on-year [1] - The company’s cash flow from operating activities reached 283.58 billion yuan, a year-on-year increase of 35.25%, with cash reserves at 2,886 billion yuan at the end of the quarter [1] - The company’s R&D investment was 43.40 billion yuan, a decrease of 6.71% year-on-year, with an R&D expense ratio of 5.44%, an increase of 0.22 percentage points year-on-year [1] Earnings Forecast - The company is projected to achieve net profits of 469.03 billion yuan, 568.70 billion yuan, and 665.20 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 18.5, 15.3, and 13.0 [2]