Soochow Securities·2024-09-05 12:13Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - In August 2024, the company delivered 48,122 new vehicles, representing a year-on-year increase of 37.8%. Cumulatively, from January to August 2024, total deliveries reached 288,103 vehicles, up 38.4% year-on-year, with a total of 921,467 vehicles delivered as of August 31, 2024 [3]. - The company's model L6 continues to perform strongly, with monthly deliveries exceeding 20,000 units for three consecutive months, showcasing its competitive strength in the price range of 200,000 to 300,000 yuan [3]. - The company has expanded its retail presence to 481 centers across 145 cities and has established 423 after-sales service and authorized repair centers in 220 cities. Additionally, it has deployed 748 charging stations with 3,506 charging piles nationwide [3]. - The penetration rate of the company's NOA (Navigation on Autopilot) in urban areas has improved, with the OTA 6.2 upgrade enhancing smart driving capabilities. User satisfaction is rising, with the NPS (Net Promoter Score) reaching a new high for the year [3]. - Revenue forecasts for 2024 to 2026 are set at 146.3 billion, 191.8 billion, and 250.7 billion yuan, respectively, with year-on-year growth rates of 18%, 31%, and 31%. The net profit attributable to the parent company is projected to be 7.5 billion, 12.1 billion, and 17.6 billion yuan, with corresponding EPS of 3.55, 5.72, and 8.28 yuan, leading to PE ratios of 19, 12, and 8 times [3].