KAIYUAN SECURITIES·2024-10-28 11:46Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a slight increase in revenue in Q3 2024, achieving a revenue of 142.25 billion yuan, a year-on-year increase of 19.04%, while the net profit attributable to shareholders was 10.428 billion yuan, a year-on-year increase of 108.8% [4] - The company has launched the new Hi4-Z four-wheel drive technology, which is expected to enhance its competitiveness in the general off-road market [5] - The company is focusing on expanding its overseas business and has initiated several projects in countries like Malaysia, Indonesia, Senegal, and Vietnam, which are anticipated to contribute significantly to future growth [5] Summary by Sections Company Information - The current stock price is 27.27 yuan, with a market capitalization of 232.93 billion yuan and a circulating market capitalization of 168.48 billion yuan [1] Financial Performance - Q3 sales reached 294,000 vehicles, with a quarter-on-quarter increase of 3.4%, and the average selling price per vehicle reached a record high of 173,000 yuan [5] - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 13.63 billion yuan (-8.0%), 15.85 billion yuan (-8.9%), and 18.37 billion yuan (-14.3%) respectively [4] Market Position - The company’s high-end brand and overseas business are experiencing significant growth, with overseas sales reaching 123,000 vehicles, a quarter-on-quarter increase of 39.9% [5] - The company’s new energy vehicle sales accounted for 26.9% of total sales in Q3, reflecting a year-on-year increase of 4.5 percentage points [5] Future Outlook - The company is expected to continue benefiting from the growth of its Tank and Wey brands, with the potential for further volume increases and advancements in intelligent technology [4][5] - The company’s ongoing development in smart technology and overseas expansion is anticipated to be key drivers for long-term growth [5]