KAIYUAN SECURITIES·2024-08-31 04:19Investment Rating - The investment rating for the company is "Buy" (maintained) as of August 29, 2024 [1]. Core Views - The report indicates that the company aims to stabilize its range-extended platform while tracking improvements in its pure electric platform to enhance the certainty of its next blockbuster product [1]. - Revenue forecasts for 2024-2026 have been adjusted downwards due to lower-than-expected product structure, with projected revenues of 133.1 billion, 156.7 billion, and 181.6 billion respectively, representing year-on-year growth of 7%, 18%, and 16% [1]. - Non-GAAP net profit for 2024 has been slightly raised to 7.8 billion, while forecasts for 2025 and 2026 have been lowered to 8.2 billion and 10.7 billion respectively, with corresponding EPS of 3.6, 3.8, and 4.9 [1]. - The current stock price of 73.15 HKD corresponds to a price-to-sales (P/S) ratio of 1.2, 1.0, and 0.9 for 2024-2026, and a price-to-earnings (P/E) ratio of 20.3, 19.4, and 15.1 for the same period [1]. Financial Summary and Valuation Metrics - Revenue (in million) for the years 2022A, 2023A, 2024E, 2025E, and 2026E is reported as 45,287, 123,851, 133,051, 156,676, and 181,581 respectively, with year-on-year growth rates of 67.7%, 173.5%, 7.4%, 17.8%, and 15.9% [1]. - Net profit (in million) for the same years is 21, 12,198, 7,753, 8,189, and 10,670, with year-on-year changes of -97.3%, 58,494.3%, -36.4%, 5.6%, and 30.3% [1]. - Gross margin percentages are projected to be 19%, 22%, 20%, 20%, and 20% for the respective years, while net profit margins are 0.0%, 9.3%, 5.8%, 5.2%, and 5.9% [1]. - Return on equity (ROE) is expected to be 0.0%, 22.0%, 13.0%, 12.8%, and 15.2% for the years 2022A to 2026E [1].