Guohai Securities·2024-09-03 23:42Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9] Core Views - The company experienced a significant increase in performance in Q2 2024, with revenue reaching 176.18 billion yuan, representing a year-on-year growth of 25.9% and a quarter-on-quarter growth of 41.0% [3][6] - The net profit attributable to shareholders was 9.06 billion yuan, showing a year-on-year increase of 32.8% and a quarter-on-quarter increase of 98.4%, aligning with expectations [3][6] - The company is accelerating its high-end and intelligent product offerings, with new models launched in February contributing to sales growth [4][6] Financial Performance Summary - In Q2 2024, the automotive business generated revenue of 134.08 billion yuan, with year-on-year growth of 21.7% and quarter-on-quarter growth of 51.6% [3][6] - The gross margin for Q2 2024 was 18.7%, remaining stable year-on-year but decreasing by 3.2 percentage points quarter-on-quarter due to price reductions from new model launches [3][6] - The company effectively controlled costs, with R&D, sales, and management expense ratios decreasing to 5.1%, 4.3%, and 2.2% respectively, reflecting a significant reduction in overall expense ratios [3][6] Future Earnings Forecast - The company is projected to achieve revenues of 785.87 billion yuan, 916.54 billion yuan, and 1,037.18 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 30%, 17%, and 13% [8][9] - The net profit attributable to shareholders is expected to reach 37.01 billion yuan, 47.00 billion yuan, and 58.67 billion yuan for the same years, with growth rates of 23%, 27%, and 25% respectively [8][9] - The earnings per share (EPS) is forecasted to be 12.72 yuan, 16.16 yuan, and 20.17 yuan for 2024, 2025, and 2026 respectively, indicating a positive growth trajectory [8][9]