Guolian Securities·2024-09-06 00:11Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - In August 2024, the company delivered 48,122 vehicles, representing a year-on-year growth of 37.8% [11] - The launch of the L6 model has significantly improved delivery capabilities and market share, with an 18% market share in the over 200,000 yuan electric vehicle segment in July [11] - The company is expected to deliver between 145,000 to 155,000 vehicles in Q3 2024, with a cumulative delivery of 99,000 vehicles in July and August [11] - The software capabilities have been enhanced with the OTA 6.2 update, improving features such as highway NOA and parking capabilities [11] - The company has established a comprehensive ecosystem with 481 retail centers and 748 charging stations across China [11] - Revenue projections for 2024-2026 are 147.3 billion, 205.4 billion, and 280 billion yuan, with respective growth rates of 19.0%, 39.4%, and 36.3% [12] Summary by Sections Delivery Performance - In August 2024, the company delivered 48,122 vehicles, a 37.8% increase year-on-year, with cumulative deliveries of 288,000 vehicles for the year, up 38.4% [11] Market Share and Product Launch - The L6 model's launch has led to a significant increase in deliveries, achieving over 20,000 units for three consecutive months and an 18% market share in the high-end electric vehicle market [11] Software and Technology Enhancements - The OTA 6.2 update has improved the company's software capabilities, enhancing features such as highway NOA and parking assistance, contributing to higher customer satisfaction [11] Ecosystem Development - The company has expanded its retail and service network, with 481 retail centers and 423 service centers across 220 cities, along with 748 charging stations [11] Financial Projections - Projected revenues for 2024-2026 are 147.3 billion, 205.4 billion, and 280 billion yuan, with net profits expected to be 8.53 billion, 14.24 billion, and 23.72 billion yuan respectively [12]