赛力斯：鸿蒙智行排头兵，自主豪华新标杆

Investment Rating - The report gives a "Buy" rating for the company [4][6]. Core Views - The company is positioned as a leader in the high-end home-use electric vehicle market, benefiting from strong sales and a competitive product lineup. The partnership with Huawei enhances its technological capabilities and market reach [2][3][4]. - The company has successfully transitioned to profitability, with significant revenue growth driven by increased sales of its electric vehicles. The production capacity has been expanded, and supply chain improvements are expected to further enhance profitability [4][46]. Summary by Sections Company Overview - The company has undergone a complete transformation to focus on electric vehicles since 2016, launching several successful models in collaboration with Huawei, including the AITO brand [24][30]. - The main business involves the manufacturing and sales of electric vehicles, with a significant portion of revenue coming from this segment [30]. Market and Industry Analysis - The overall passenger vehicle market is expected to grow, with a projected total sales volume of 27.49 million units in 2024, reflecting a year-on-year increase of 5.7%. The electric vehicle segment is anticipated to contribute significantly to this growth [54][58]. - The company has a strong market share in the electric vehicle sector, with self-owned brands capturing 34% of the fuel vehicle market, 82% of the pure electric market, and 98% of the plug-in hybrid market as of Q3 2024 [57][61]. Financial Performance - The company reported a revenue of 106.6 billion yuan for the first three quarters of 2024, marking a year-on-year increase of 539.24%. The net profit for the same period was 3.41 billion yuan, indicating a successful turnaround from previous losses [46][47]. - Profitability is expected to continue improving, with forecasts indicating net profits of 6.67 billion yuan in 2024, 10 billion yuan in 2025, and 12.8 billion yuan in 2026, representing substantial growth rates [4][5]. Strategic Partnerships - The collaboration with Huawei is deepening, with the introduction of advanced technologies such as the HarmonyOS and ADS systems, which are expected to enhance the user experience and operational efficiency [3][54]. - The company aims to expand its retail presence, with plans to increase the number of stores to nearly 1,000 by 2025, leveraging Huawei's marketing strengths [3][54].