Guolian Securities·2024-08-03 13:03Investment Rating - The investment rating for the company is "Buy" (maintained) [6]. Core Insights - In July 2024, the company delivered 51,000 vehicles, marking a year-on-year increase of 49.4%, achieving a record high for monthly deliveries. The L6 model has become a popular product in the 200,000 to 300,000 price range, with monthly deliveries exceeding 20,000 units [10][11]. - The company's smart electric strategy is accelerating, supported by a leading data and computing power scale, enhancing its intelligent driving capabilities [10][11]. - As of July 28, 2024, the company has established over 700 charging stations nationwide, with plans to collaborate with other operators to enhance its charging network [10][11]. Summary by Sections Sales Performance - In July 2024, the company achieved a delivery of 51,000 vehicles, a 49.4% increase year-on-year and a 6.8% increase month-on-month. Cumulatively, 240,000 vehicles were delivered in 2024, reflecting a 38.5% year-on-year growth [10][11]. - The L6 model's successful launch has significantly contributed to the sales growth, with a robust product matrix and competitive offerings in various segments [10][11]. Intelligent Driving and Technology - The company benefits from its leading data scale and computing power, which have accelerated the development of its intelligent driving features. The NOA (Navigation on Autopilot) function has seen a doubling in trial usage at stores, leading to a substantial increase in orders for models equipped with this feature [10][11]. - The company possesses a training computing power of 1,400 PFL0PS and has accumulated over 1.9 billion kilometers of driving data, positioning it as a leader in intelligent driving technology in China [10][11]. Financial Projections - Revenue projections for 2024, 2025, and 2026 are estimated at 147.3 billion, 205.4 billion, and 280.0 billion yuan, respectively, with year-on-year growth rates of 19.0%, 39.4%, and 36.3% [10][11]. - The net profit attributable to shareholders is projected to be 8.53 billion, 14.24 billion, and 23.72 billion yuan for the same years, with growth rates of -27.1%, 67.0%, and 66.6% respectively [10][11].