Changjiang Securities·2025-01-09 02:04Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - In December 2024, the company achieved a record sales volume of 59,000 units, representing a year-on-year growth of 16.2% and a month-on-month growth of 20.1%. The total sales for the year exceeded 500,000 units, with a year-on-year increase of 33.1% [2][4][6]. Summary by Sections Sales Performance - December 2024 sales reached 58,513 units, marking a year-on-year increase of 16.2% and a month-on-month increase of 20.1%. Cumulatively, sales for the year amounted to 501,000 units, reflecting a year-on-year growth of 33.1% [4][6]. - In Q4 2024, the company delivered 159,000 vehicles, which is a year-on-year increase of 20.4% and a month-on-month increase of 3.8% [6]. Strategic Initiatives - The "Dual Energy Strategy" is being implemented, with rapid expansion of supercharging stations and enhancements in smart technology to improve user experience. As of December 31, 2024, there were 1,727 supercharging stations and 9,100 charging piles in operation [6]. - The company is set to launch the OTA 7.0 version of its vehicle system in January 2025, which will enhance its autonomous driving capabilities [6]. 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, targeting a market segment above 200,000 [6]. - As of December 2024, the company has established 502 retail centers across 150 cities, with an increase of 27 centers from the previous month [6]. Financial Projections - The projected net profit for the company from 2024 to 2026 is estimated at 81.0 billion, 146.8 billion, and 200.8 billion respectively, with corresponding PE ratios of 22.8X, 12.6X, and 9.2X [6].