Shanghai Securities·2024-09-05 03:00Investment Rating - The investment rating for the company is "Buy" (maintained) [4][10] Core Views - The company reported a total vehicle sales of 94,500 units in August, a year-on-year decrease of 17.21%, while the cumulative sales for the year reached 745,400 units, reflecting a slight increase of 0.4% year-on-year [4][5] - The sales structure is continuously optimizing, with the Tank brand accounting for 20.27% of total sales from January to August, an increase of 8.62 percentage points year-on-year [5] - The overseas sales reached a record high in August, accounting for 42.83% of total sales, with a year-on-year increase of 31.60% [5] Summary by Sections Company Overview - The latest closing price is 22.42 yuan, with a 12-month A-share price range of 19.87-30.98 yuan and a total market capitalization of 190.49 billion yuan [2][4] Sales Performance - August sales were 94,500 units, down 17.21% year-on-year but up 3.48% month-on-month [4][5] - Breakdown of sales by brand in August: - Haval: 56,200 units, down 15.57% year-on-year, up 6.09% month-on-month - WEY: 3,000 units, down 46.58% year-on-year, up 8.54% month-on-month - Pickup: 13,700 units, down 19.50% year-on-year, up 14.05% month-on-month - Ora: 5,200 units, down 49.53% year-on-year, up 7.76% month-on-month - Tank: 16,400 units, up 11.42% year-on-year, down 12.48% month-on-month [5] Financial Forecast - Expected net profit for 2024, 2025, and 2026 is projected to be 12.205 billion, 13.510 billion, and 15.386 billion yuan respectively, with year-on-year growth rates of 73.83%, 10.69%, and 13.88% [6][8] - The price-to-earnings ratio (PE) for 2024, 2025, and 2026 is estimated to be 15.69X, 14.18X, and 12.45X respectively [6][8] Financial Data Summary - Revenue for 2023 is projected at 173.212 billion yuan, with expected growth rates of 26.1% in 2024, 19.4% in 2025, and 13.5% in 2026 [8] - The gross margin is expected to be 20.3% in 2024, with a net profit margin of 5.9% [8]