Guolian Securities·2024-09-03 01:00Investment Rating - The investment rating for the company is "Buy" [14] Core Views - The company reported a significant increase in revenue and net profit for H1 2024, with revenue reaching 91.43 billion yuan, up 30.7% year-on-year, and net profit attributable to shareholders at 7.08 billion yuan, up 420.0% year-on-year [10][3] - The company's export and high-end product strategy is accelerating, contributing to improved profitability [10] - The company aims to achieve an export target of 400,000 to 500,000 units for the year [10] Financial Performance Summary - In H1 2024, the company sold 555,000 vehicles, a 7.0% increase year-on-year, with exports accounting for 200,000 units, representing 36.0% of total sales, up 12.3 percentage points year-on-year [10] - The average revenue per vehicle increased to 165,000 yuan, up 3,000 yuan year-on-year, and net profit per vehicle rose to 13,000 yuan, up 10,000 yuan year-on-year [10] - The gross margin reached 20.7%, an increase of 3.9 percentage points year-on-year, with Q2 gross margin at 21.4% [10] Future Projections - Revenue projections for 2024-2026 are 218.1 billion yuan, 266.4 billion yuan, and 314.9 billion yuan, with year-on-year growth rates of 26%, 22%, and 18% respectively [10] - Net profit projections for the same period are 11.91 billion yuan, 14.49 billion yuan, and 16.44 billion yuan, with growth rates of 70%, 22%, and 13% respectively [10] - Earnings per share (EPS) are expected to be 1.39 yuan, 1.70 yuan, and 1.92 yuan for 2024, 2025, and 2026 respectively [10]