Guolian Securities·2024-08-03 10:03Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [23]. Core Insights - The company reported a total vehicle sales of 91,000 units in July, a year-on-year decrease of 16.3% and a month-on-month decrease of 6.9%. However, cumulative sales from January to July reached 651,000 units, reflecting a year-on-year growth of 3.6% [4][11]. - The company is optimistic about achieving its annual export target of 400,000 to 500,000 units, supported by the successful launch of key models in various international markets [4][11]. - The company’s overseas sales reached a record high in July, with net foreign sales of 38,000 units, a year-on-year increase of 41.4% and a month-on-month increase of 0.2%. Cumulative overseas sales from January to July totaled 240,000 units, marking a year-on-year growth of 58.8% [11]. - The company is focusing on high-level intelligent driving features, which are expected to enhance sales of its Wei brand and new energy vehicles [11]. Financial Projections - The company is projected to achieve revenues of 218.1 billion, 266.4 billion, and 314.9 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 26%, 22%, and 18% [11][14][20]. - The net profit attributable to shareholders is expected to be 11.9 billion, 14.5 billion, and 16.4 billion yuan for the years 2024, 2025, and 2026, with year-on-year growth rates of 70%, 22%, and 13% [11][14][20]. - Earnings per share (EPS) are projected to be 1.39, 1.70, and 1.92 yuan for the years 2024, 2025, and 2026, respectively, indicating a compound annual growth rate (CAGR) of 33% [11][14][20].