Tai Ping Yang·2024-09-04 14:00Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [6][7]. Core Views - The company reported a significant increase in revenue and profit for the first half of 2024, with total revenue reaching 914.29 billion yuan, up 30.67% year-on-year, and net profit attributable to shareholders at 70.79 billion yuan, up 419.99% year-on-year [1]. - The company achieved a record high in single-vehicle net profit, with a notable improvement in profitability driven by exports and the growth of the Tank series [1]. - The company is focusing on international expansion and has established over 1,300 sales channels overseas, with production bases in Southeast Asia, Eurasia, and Central and South America [1]. Financial Summary - Revenue projections for 2024-2026 are 2,194 billion yuan, 2,499 billion yuan, and 2,893 billion yuan, respectively, with net profits of 129.17 billion yuan, 155.44 billion yuan, and 189.44 billion yuan [3]. - The company’s gross margin for the first half of 2024 was 20.74%, an increase of 3.9 percentage points year-on-year, while the net margin was 7.74%, up 5.8 percentage points year-on-year [1]. - The earnings per share (EPS) are projected to be 1.51 yuan, 1.82 yuan, and 2.22 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 14.60, 12.13, and 9.96 [3].