Soochow Securities·2024-08-06 12:31Investment Rating - The report maintains a "Buy" rating for the company [1][4]. Core Insights - In July 2024, the company delivered 51,000 vehicles, a year-on-year increase of 49.4%, achieving a historical high. For the second quarter of 2024, total deliveries reached 108,581 vehicles, up 25.5% year-on-year. As of July 31, 2024, cumulative deliveries reached 873,345 vehicles, ranking first among new force brands in China [3]. - The company's L6 model continues to perform strongly, with monthly deliveries consistently exceeding 20,000 units, demonstrating strong competitiveness in the price range of 200,000 to 300,000 yuan [3]. - The company has made significant updates to its smart driving technology, entering a full map-free navigation era with its NOA system. As of July 5, 2024, user adoption rates exceeded 99%, with mileage penetration rates over 80%. The OTA 6.0 update was fully pushed on July 15, enhancing the NOA capabilities [3]. Financial Forecast and Valuation - The company’s revenue forecasts for 2024 to 2026 are 151.3 billion yuan, 216.9 billion yuan, and 273.2 billion yuan, representing year-on-year growth of 22%, 43%, and 26% respectively. The net profit attributable to the parent company is projected to be 8.3 billion yuan, 13 billion yuan, and 18.6 billion yuan for the same period, with corresponding year-on-year changes of -29%, +57%, and +43% [2][4]. - The expected EPS for 2024 to 2026 is 3.91 yuan, 6.14 yuan, and 8.75 yuan, with P/E ratios of 17, 11, and 8 times respectively [2][4].