Soochow Securities·2024-09-05 11:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - In August 2024, the company achieved a total wholesale sales volume of 94,461 units, representing a year-on-year increase of 17.2% and a month-on-month increase of 3.5%. The overseas sales reached a record high of 40,454 units, with a year-on-year increase of 31.6% [7][8] - The company continues to advance its globalization and intelligent strategy, with the launch of the new Blue Mountain intelligent driving system [8] - The revenue forecast for 2024-2026 is set at 191.69 billion, 203.47 billion, and 224.87 billion yuan, respectively, with corresponding net profit estimates of 13.2 billion, 15 billion, and 18.6 billion yuan [8] Financial Forecasts and Valuation - Total revenue (in million yuan) for 2022A was 137,340, with projections of 173,212 for 2023A, 191,691 for 2024E, and 203,472 for 2025E, reflecting year-on-year growth rates of 0.69%, 26.12%, 10.67%, and 6.15% respectively [2] - The net profit attributable to the parent company (in million yuan) for 2022A was 8,266, with projections of 7,022 for 2023A, 13,169 for 2024E, and 14,988 for 2025E, showing year-on-year changes of 22.90%, -15.06%, 87.55%, and 13.82% respectively [2] - The latest diluted EPS is projected to be 1.54 yuan for 2024E and 1.75 yuan for 2025E, with corresponding P/E ratios of 14.85 and 13.05 [2][8] Market Data - The closing price of the company's stock is 22.89 yuan, with a one-year low of 19.11 yuan and a high of 31.30 yuan [4] - The market capitalization is approximately 195.53 billion yuan, with a circulating A-share market value of about 141.40 billion yuan [4] Basic Data - The company's book value per share is 8.62 yuan, with a debt-to-asset ratio of 62.78% [5] - The total share capital is 8,542.27 million shares, with 6,177.58 million shares circulating [5]