Tai Ping Yang·2024-09-04 01:15Investment Rating - The report maintains a "Buy" rating for the company [1][4][10] Core Views - The company has successfully upgraded its organization from L6 to an end-to-end + VLM model, achieving initial commercial success [1][4] - In Q2, the company reported revenues of 31.7 billion yuan, a year-on-year increase of 10.6% and a quarter-on-quarter increase of 23.6% [1] - The automotive sales revenue for Q2 was 30.3 billion yuan, with year-on-year growth of 8.4% and quarter-on-quarter growth of 25.0% [1] - The gross margin for Q2 was 18.7%, slightly down due to price reductions and increased L6 sales [1] - The company expects Q3 automotive deliveries to reach 145,000 to 155,000 units, representing a year-on-year growth of 38% to 47.5% [2][4] Financial Summary - The company reported total revenue of 57.3 billion yuan for the first half of 2024, a year-on-year increase of 20.8% [1] - The net profit attributable to shareholders for the same period was 1.6 billion yuan, a decrease of 47.4% year-on-year [1] - Non-GAAP net profit for the first half was 2.8 billion yuan, down 32.9% year-on-year [1] - The company forecasts revenues of 147.1 billion yuan, 192.9 billion yuan, and 246.3 billion yuan for 2024, 2025, and 2026 respectively [4][5] - The projected net profits for the same years are 8.5 billion yuan, 13.2 billion yuan, and 19.5 billion yuan respectively [4][5] Market Position - The company has achieved a market share of 14.4% in the new energy vehicle segment priced above 200,000 yuan, up from 13.6% in Q1 [2] - The L6 model has been a standout performer, with over 20,000 units delivered monthly since June [2] - The company has established a strong presence with 748 charging stations and 3,506 charging piles across the country [4]