Minsheng Securities·2024-08-02 06:30Investment Rating - The report maintains a "Recommended" rating for the company [2][10]. Core Views - The company achieved record overseas sales, with a 41.4% year-on-year increase in July 2024, and a 58.8% increase in cumulative sales from January to July 2024 [1]. - The high-end product line, particularly the Tank series, showed significant growth, with July sales up 38.5% year-on-year and cumulative sales for the first seven months up 87.6% [1]. - The company is advancing its globalization strategy, launching new products in various international markets, which is expected to enhance competitiveness [1]. - The company is focusing on smart technology, launching the SEE end-to-end intelligent driving model and establishing a supercomputing center to accelerate its smart transformation [1]. Financial Summary - Projected revenues for 2024-2026 are estimated at 225.7 billion, 267.0 billion, and 301.7 billion yuan, respectively, with corresponding net profits of 13.9 billion, 16.6 billion, and 18.1 billion yuan [2][10]. - The expected growth rates for revenue are 30.3% in 2024, 18.3% in 2025, and 13.0% in 2026 [2][10]. - The projected PE ratios for 2024, 2025, and 2026 are 14, 12, and 11, respectively, indicating a favorable valuation trend [2][10].