Guohai Securities·2024-11-05 01:39Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - The company reported a significant increase in Q3 2024 performance, with revenue reaching 201.125 billion yuan, a year-on-year growth of 24.04%, and a net profit attributable to shareholders of 11.607 billion yuan, up 11.47% year-on-year [2] - The automotive sales volume in Q3 2024 was 1.1349 million units, reflecting a year-on-year increase of 37.73% [2] - The company is benefiting from the launch of its DM5 generation products, which has positively impacted gross margins and overall profitability [2] Summary by Sections Financial Performance - Q3 2024 revenue was 2,011.25 million yuan, with a quarter-on-quarter increase of 14.2% and a year-on-year increase of 24.0% [2] - Net profit for Q3 2024 was 11.607 billion yuan, with a quarter-on-quarter increase of 28.1% and a year-on-year increase of 11.5% [2] - The gross margin for Q3 2024 was 21.9%, up 3.2 percentage points quarter-on-quarter, but down 0.2 percentage points year-on-year [2] Automotive Business - Automotive revenue reached 157.58 billion yuan in Q3 2024, with a quarter-on-quarter increase of 17.5% and a year-on-year increase of 24.9% [2] - The automotive gross margin was 26%, reflecting a quarter-on-quarter increase of 4.2 percentage points and a year-on-year increase of 0.4 percentage points [2] - The company launched multiple DM5 generation hybrid models, contributing to the sales growth in Q3 2024 [2] Market Performance - As of November 4, 2024, the company's stock price was 306.98 yuan, with a market capitalization of approximately 893.09 billion yuan [2] - The stock has outperformed the CSI 300 index over the past 1 month, 3 months, and 12 months, with respective returns of -0.1%, 30.8%, and 30.2% [2] Future Outlook - The company is expected to continue benefiting from its high-end product launches and the ongoing development of its intelligent vehicle technology [2] - Earnings forecasts have been adjusted to 773.1 billion yuan, 901.6 billion yuan, and 1,020.4 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 38.0 billion yuan, 48.2 billion yuan, and 59.7 billion yuan [3][5]