Guohai Securities·2024-11-05 02:14Investment Rating - The investment rating for the company is "Buy" [2][6] Core Views - The company reported a significant increase in vehicle deliveries, achieving a record high of 152,831 units in Q3 2024, representing a year-on-year growth of 45.4% and a quarter-on-quarter growth of 40.8% [2][4] - Revenue for Q3 2024 reached 428.7 billion RMB, a year-on-year increase of 23.6% and a quarter-on-quarter increase of 35.3% [4] - The company has maintained profitability for eight consecutive quarters, with a net profit of 28.2 billion RMB in Q3 2024, reflecting a year-on-year increase of 156.2% [4][6] - The gross margin for Q3 2024 was 21.5%, showing a slight increase from the previous quarter due to improved vehicle gross margins [4][6] - The company is actively expanding its charging infrastructure, with 943 charging stations established across 30 provinces as of October 27, 2024 [5] Summary by Sections Financial Performance - In Q3 2024, the company achieved a vehicle sales revenue of 413.2 billion RMB, with year-on-year and quarter-on-quarter increases of 22.9% and 36.3% respectively [2][4] - The vehicle gross margin was reported at 20.9%, with a year-on-year decrease of 0.3 percentage points but an increase of 2.2 percentage points from the previous quarter [4][6] - The company expects vehicle deliveries for Q4 2024 to be between 160,000 and 170,000 units, representing a year-on-year growth of 21.4% to 29.0% [5] Future Outlook - Revenue projections for 2024-2026 are estimated at 1,521 billion RMB, 2,141 billion RMB, and 2,635 billion RMB, with year-on-year growth rates of 23%, 41%, and 23% respectively [6][7] - The forecasted net profit for the same period is 84 billion RMB, 140 billion RMB, and 203 billion RMB, with a significant increase expected in 2025 and 2026 [6][7] - The company is expected to maintain a strong sales trajectory with the introduction of new models and the continued popularity of existing models [6]