Soochow Securities·2024-08-03 10:03Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - In July 2024, the company achieved a record high in overseas sales, with a total wholesale volume of 91,285 vehicles, reflecting a year-on-year decrease of 17.2% and a month-on-month decrease of 6.9%. The overseas sales reached 38,185 vehicles, marking a year-on-year increase of 41.4% [5][6] - The company is advancing its globalization and smart technology strategies, with significant growth in overseas sales and the introduction of new models in various international markets [5][6] Financial Forecasts and Valuation - The projected total revenue for 2024 is 194.072 billion yuan, with a year-on-year growth of 12.04%. The net profit attributable to shareholders is expected to be 12.733 billion yuan, representing a year-on-year increase of 81.34% [1][6] - Earnings per share (EPS) for 2024 is forecasted at 1.49 yuan, with a price-to-earnings (P/E) ratio of 15 times [1][6] - The company anticipates continued revenue growth in the following years, with projected revenues of 206.462 billion yuan in 2025 and 241.617 billion yuan in 2026 [1][6] Market Data - The closing price of the company's stock is 22.89 yuan, with a market capitalization of approximately 195.53 billion yuan [2] - The price-to-book (P/B) ratio is 2.74, indicating the market's valuation relative to the company's book value [2] Key Performance Indicators - The company reported a new energy vehicle penetration rate of 26.5% in July 2024, with total sales of new energy vehicles at 24,145 units [5] - The gross profit margin is projected to improve to 20.90% in 2024, with a net profit margin of 6.56% [7]