Guolian Securities·2024-08-29 05:22Investment Rating - The investment rating for the company is "Buy" (maintained) [7]. Core Insights - The company delivered 109,000 new vehicles in Q2 2024, representing a year-on-year increase of 25.5% and a quarter-on-quarter increase of 35.0%. Revenue reached 31.68 billion yuan, up 10.6% year-on-year [11]. - The GAAP net profit for Q2 2024 was 1.1 billion yuan, a decrease of 52.3% year-on-year but an increase of 86.3% quarter-on-quarter. The Non-GAAP net profit was 1.5 billion yuan, down 44.6% year-on-year but up 17.4% quarter-on-quarter [11]. - The company expects Q3 2024 deliveries to be between 145,000 and 155,000 vehicles, corresponding to revenue of 39.2 billion to 42.2 billion yuan [11]. Financial Performance - In Q2 2024, the gross margin was 19.5%, down 2.2 percentage points year-on-year and 1.1 percentage points quarter-on-quarter, primarily due to an increase in lower-priced models [11]. - The R&D expense ratio was 8.9%, up 0.4 percentage points year-on-year and down 2.7 percentage points quarter-on-quarter. The SG&A ratio was 9.6%, up 1.5 percentage points year-on-year and down 2.3 percentage points quarter-on-quarter [11]. - The company projects revenues of 147.3 billion, 205.4 billion, and 280 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 19.0%, 39.4%, and 36.3% [12]. Strategic Developments - The company is accelerating its smart electric strategy and ecosystem development, with 487 retail centers and 411 service centers established by July 31, 2024 [11]. - The launch of the L6 model has significantly improved delivery capabilities, contributing to high revenue growth [11]. - The company is expected to see a rapid recovery in profitability due to the scale effect from increased vehicle sales [11].