赛力斯：三季度业绩改善明确，资本运作积极彰显坚定信心

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [1]. Core Views - The company reported significant improvement in its Q3 performance, achieving revenue of 41.58 billion yuan, a year-on-year increase of 636.3%, and a net profit attributable to shareholders of 2.41 billion yuan, exceeding the forecast midpoint of 2.18 billion yuan [2][3]. - The company is actively engaging in capital operations, showcasing confidence in its future development, including acquisitions and investments totaling approximately 81.6 billion yuan [4]. - The sales volume of new energy vehicles continues to rise, with Q3 sales reaching 116,000 units, a year-on-year increase of 394.2% [3]. Summary by Sections Financial Performance - In Q3, the company achieved a gross margin of 25.5%, up 18.0 percentage points year-on-year, while the net profit margin increased by 1.6 percentage points to 4.9% [2]. - For the first three quarters, total revenue reached 106.63 billion yuan, a year-on-year increase of 539.2%, with a net profit of 4.04 billion yuan [2]. Sales and Market Position - The company’s flagship brand, AITO, delivered 110,000 vehicles in Q3, marking a year-on-year increase of 595.7% [3]. - The M9 model has achieved a market share of over 20% in the segment priced above 450,000 yuan, with total orders exceeding 160,000 units [3]. Capital Operations - The company has announced several strategic acquisitions, including a 2.5 billion yuan purchase of trademarks from Huawei and a 13.29 billion yuan acquisition of minority stakes in its subsidiary [4]. - The company plans to acquire 100% of Longsheng New Energy for 81.6 billion yuan, which is expected to enhance its asset quality and profitability [4]. Earnings Forecast - The company is projected to achieve revenues of 152.2 billion yuan, 190.6 billion yuan, and 226.3 billion yuan for the years 2024, 2025, and 2026, respectively, with net profits expected to reach 6.1 billion yuan, 9 billion yuan, and 11.9 billion yuan [4].