Changjiang Securities·2024-09-11 06:10Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - In August 2024, the company achieved a sales volume of 48,122 units, representing a year-on-year growth of 37.8% but a month-on-month decline of 5.6% [5][6] - The company has established a clear product roadmap with a focus on its "dual energy strategy," which is expected to enhance its competitive advantage and expand future sales potential [6] - The company anticipates Q3 delivery volumes to be between 145,000 and 155,000 units, with September deliveries projected to be between 46,000 and 56,000 units, indicating a year-on-year growth of 27.2% to 55.0% [5][6] Summary by Sections Sales Performance - The company has been the top-selling new energy vehicle brand in China for four consecutive weeks in August 2024, with weekly sales consistently above 10,000 units [5][6] - Cumulative sales from January to August 2024 reached 288,000 units, reflecting a year-on-year increase of 38.4% [5] Product and Strategy - The company has a product lineup consisting of four range-extended electric vehicle models and one high-voltage pure electric model, targeting a market segment above 200,000 [6] - The company plans to invest 6 billion yuan to build 2,000 supercharging stations by the end of 2024, with a long-term goal of over 5,000 stations [5][6] Financial Projections - The company expects to achieve sales of 530,000 units in 2024, with projected net profits of 5.94 billion, 9.19 billion, and 12.2 billion yuan for 2024, 2025, and 2026 respectively [6]