Changjiang Securities·2024-12-04 01:51Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Insights - In November 2024, the company achieved sales of 49,000 units, representing a year-on-year increase of 18.8% but a month-on-month decline of 5.3% [6][8]. - The company has maintained the top sales position among new force brands in the Chinese market for 31 consecutive weeks [6]. - Cumulative sales from January to November 2024 reached 442,000 units, reflecting a year-on-year growth of 35.7% [6]. - The company anticipates Q4 delivery volumes to be between 160,000 and 170,000 units, indicating a year-on-year growth of 21.4% to 29.0% [8]. Sales Performance - The company’s sales data for the weeks leading up to November 2024 shows consistent growth, with weekly sales figures of 11,400, 11,700, 12,300, and 11,600 units for weeks 44 to 47 respectively [6]. - The forecast for December 2024 sales is between 60,000 and 70,000 units, which would represent a year-on-year increase of 18.8% to 38.7% [6]. Strategic Developments - The company is rapidly expanding its supercharging station network, with 1,135 stations operational as of November 30, 2024, an increase of 131 stations from the previous month [7]. - The company has launched the OTA 6.5 version of its vehicle system, enhancing its smart driving technology [7]. - The AD Max sales ratio for models priced above 300,000 yuan exceeds 70%, and for models above 400,000 yuan, it exceeds 80% [7]. Product and Market Positioning - The company has a clear product roadmap with a lineup of four range-extended electric vehicle models and one high-voltage pure electric model, covering the market above 200,000 yuan [8]. - As of November 2024, the company operates 475 retail centers across 141 cities, with 451 after-sales service centers and authorized repair centers [8]. - The company expects to maintain strong profitability levels, with projected net profits of 8.1 billion, 14.68 billion, and 20.08 billion yuan for 2024 to 2026, respectively [8].