Changjiang Securities·2024-08-06 00:31Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Insights - In July 2024, the company achieved a record high in deliveries with a total of 51,000 vehicles sold, representing a year-on-year growth of 49.4% and a month-on-month increase of 6.8% [4][5]. - The strong performance of the L6 model, which continued to exceed 20,000 units in monthly deliveries, has significantly contributed to the company's ongoing sales growth [4][5]. - The company has a clear product roadmap with plans to expand its product matrix, which currently includes four range-extended SUVs and one high-voltage pure electric model, aiming to cover a market segment above 200,000 [5]. - The "Dual Energy Strategy" is expected to further enhance the company's competitive edge, with rapid deployment of supercharging stations and continuous upgrades in smart technology [4][5]. Summary by Sections Sales Performance - In July 2024, the company sold 51,000 vehicles, marking a 49.4% increase year-on-year and a 6.8% increase month-on-month. Cumulative sales from January to July reached 240,000 vehicles, up 38.5% year-on-year [4][5]. Product Development - The company has introduced a clear product layout for 2024, consisting of four range-extended electric vehicle models and one high-voltage pure electric model, which is designed to meet diverse consumer needs [5]. Strategic Initiatives - The company is rapidly expanding its supercharging station network, with 701 stations operational as of July 31, 2024, and plans to invest 6 billion yuan to establish 2,000 supercharging stations by the end of 2024 [4][5]. - The company is also enhancing its smart driving capabilities, with the rollout of OTA updates for its vehicle systems and plans to offer L3 level autonomous driving by the end of 2024 [4][5].