Changjiang Securities·2024-11-15 03:16Investment Rating - The investment rating for the company is "Buy" and it is maintained [7]. Core Views - The company achieved a sales volume of 51,443 units in October 2024, representing a year-on-year growth of 27.3% but a month-on-month decline of 4.2% [4]. - The company has maintained the top sales position among new energy vehicle brands in China for 27 consecutive weeks [4]. - The company expects a total delivery volume of 160,000 to 170,000 units for 2024, which translates to a year-on-year growth of 21.4% to 29.0% [4]. - Cumulative sales from January to October 2024 reached 393,000 units, reflecting a year-on-year increase of 38.2% [4]. - The company is implementing a "dual energy strategy" with rapid expansion of supercharging stations and enhancements in smart technology to improve user experience [5]. - The product lineup includes four range-extended electric vehicle models and one high-voltage pure electric model, covering a market segment above 200,000 [5]. - The company has established 475 retail centers across 144 cities and 444 after-sales service centers, indicating ongoing optimization of its distribution network [5]. Summary by Sections Sales Performance - In October 2024, the company sold 51,443 vehicles, marking a 27.3% increase year-on-year and a 4.2% decrease month-on-month [4]. - The company has been the leading new energy vehicle brand in China for 27 weeks [4]. Future Outlook - The company anticipates a total delivery volume of 160,000 to 170,000 units for 2024, with a year-on-year growth of 21.4% to 29.0% [4]. - Cumulative sales from January to October 2024 reached 393,000 units, a 38.2% increase year-on-year [4]. Strategic Initiatives - The "dual energy strategy" includes the deployment of supercharging stations and advancements in smart technology [5]. - The company has launched 1,004 supercharging stations and 4,910 charging piles as of October 31, 2024 [5]. - The product matrix is designed to cover a market segment above 200,000, with a strong new car cycle expected to drive sales growth [5]. Retail and Service Network - The company operates 475 retail centers in 144 cities and 444 after-sales service centers, enhancing its market presence [5]. Financial Projections - The projected net profit for 2024-2026 is estimated at 81.0 billion, 146.8 billion, and 200.8 billion respectively, with corresponding PE ratios of 21.5X, 11.8X, and 8.7X [6].