Ping An Securities·2024-10-31 02:53Investment Rating - The investment rating for the company is "Recommended (Maintain)" [1][8] Core Views - The company achieved record high sales in the third quarter, with a total sales volume of 1.135 million units, a 15.0% increase from the previous quarter [4] - The company's revenue for the first three quarters of 2024 reached 502.25 billion yuan, representing a year-on-year increase of 18.9%, while the net profit attributable to shareholders was 25.24 billion yuan, up 18.1% year-on-year [4] - Despite a decline in overseas and high-end brand sales, the company's overall profitability improved, with a gross margin of 21.9%, an increase of 3.2 percentage points from the previous quarter [5] Summary by Sections Sales Performance - In Q3 2024, the company sold 1.135 million vehicles, marking a record high for quarterly sales, with domestic retail sales significantly contributing to this growth [4] - The sales of high-end brands such as Tengshi, Fangchengbao, and Yangwang were 30,628 units, 12,140 units, and 1,059 units respectively, with Tengshi experiencing a 14.0% decline [4] Financial Performance - The company reported a Q3 revenue of 201.12 billion yuan, a 24.0% increase year-on-year, and a non-recurring net profit of 10.88 billion yuan, up 12.7% year-on-year [4] - The single-vehicle profit reached 0.93 million yuan, an increase from 0.86 million yuan in the previous quarter [5] Future Outlook - The company adjusted its net profit forecasts for 2024-2026 to 37.3 billion yuan, 45.4 billion yuan, and 52.9 billion yuan respectively, reflecting a positive outlook despite some challenges [8] - The launch of new models under the Tengshi brand is expected to further boost sales, with the company aiming to implement self-developed intelligent driving solutions by mid-2025 [5][8]