Guolian Securities·2024-08-04 05:31Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - 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 [11][12] - The company is benefiting from its leading data and computing power, which is accelerating the development of its intelligent driving features. The NOA (No-Map) function has seen a significant increase in trial usage, and orders for models equipped with this feature have surged [11][12] - The company has established over 700 charging stations nationwide, with plans to collaborate with other operators to enhance its charging network [11][12] - Revenue projections for 2024-2026 are estimated at 147.3 billion, 205.4 billion, and 280 billion yuan, with year-on-year growth rates of 19.0%, 39.4%, and 36.3% respectively. The net profit for the same period is projected to be 8.53 billion, 14.24 billion, and 23.72 billion yuan, with growth rates of -27.1%, 67.0%, and 66.6% respectively [11][12] Summary by Sections Delivery Performance - In July 2024, the company achieved a record delivery of 51,000 vehicles, a 49.4% increase year-on-year and a 6.8% increase month-on-month. Cumulative deliveries for 2024 reached 240,000 vehicles, up 38.5% year-on-year [11][12] Intelligent Driving Development - The company leads in data and computing power, with 1400 PFLOPS of training computing power and over 1.9 billion kilometers of accumulated mileage. This positions the company to accelerate the iteration of its intelligent driving models [11][12] Charging Infrastructure - As of July 28, 2024, the company has over 700 charging stations in operation, including 488 high-speed charging stations and 212 urban charging stations, with plans for further expansion [11][12] Financial Projections - Revenue forecasts for 2024, 2025, and 2026 are 147.3 billion, 205.4 billion, and 280 billion yuan, with corresponding net profits of 8.53 billion, 14.24 billion, and 23.72 billion yuan. The projected EPS for these years is 4.02, 6.71, and 11.18 yuan per share [12][13]