Minsheng Securities·2024-08-02 06:03Investment Rating - The report maintains a "Recommended" rating for the company [4][15]. Core Views - The company reported a wholesale sales figure of 341,000 new energy passenger vehicles in July 2024, representing a year-on-year increase of 30.5% and a month-on-month increase of 0.2% [1]. - The launch of the DMi 5.0 model is expected to strengthen the company's leading position in the plug-in hybrid segment, with the potential to capture market share from joint venture fuel vehicles [1]. - The company is focusing on high-end products in 2024, with several key models set to launch in the second half of the year, indicating a positive outlook for both sales and profitability [1]. - The company is expanding its overseas presence, with July exports reaching 30,000 units, a year-on-year increase of 65.2% [2]. - The company plans to invest $1 billion in Turkey to build a factory with an annual capacity of 150,000 vehicles, expected to commence production in 2026 [2]. Financial Summary - Projected revenue for 2024 is estimated at 833.6 billion yuan, with a growth rate of 38.4% [3]. - The net profit attributable to shareholders is projected to be 39.81 billion yuan in 2024, reflecting a growth rate of 32.5% [3]. - Earnings per share (EPS) is expected to reach 13.68 yuan in 2024, with a price-to-earnings (PE) ratio of 18 times [3].