Minsheng Securities·2025-01-02 03:53Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company achieved record sales in December, with wholesale sales of new energy passenger vehicles reaching 509,000 units, a year-on-year increase of 49.8% [18]. - The company is expected to enhance its market position through the upcoming e4.0 platform, which will improve electric vehicle technology and smart driving capabilities [18]. - 2025 is projected to be a significant year for high-end products, with new models expected to drive sales and profitability [18]. - The company is expanding its overseas presence, with a notable increase in export sales, which is anticipated to boost profitability [18]. - Revenue forecasts for 2024-2026 are set at 833.6 billion, 1,017.3 billion, and 1,214.3 billion yuan, respectively, with net profits expected to be 39.88 billion, 55.44 billion, and 65.61 billion yuan [18]. Financial Summary - Projected revenue for 2025 is 602,315 million yuan, with a growth rate of 42.0% [6]. - The net profit attributable to shareholders is expected to be 30,041 million yuan in 2025, reflecting a growth rate of 80.7% [6]. - Earnings per share (EPS) is projected to be 10.33 yuan in 2025, with a price-to-earnings (PE) ratio of 27 [6]. - The company’s gross margin is expected to be 20.21% in 2025, while the net profit margin is projected at 4.99% [12]. - The return on equity (ROE) is forecasted to be 21.64% in 2025 [12].