NORTHEAST SECURITIES·2025-04-30 11:07Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][5] Core Insights - The company demonstrates resilient growth driven by three key dynamics: globalization, high-end product strategy, and technological advancements [1][2] - In 2024, the company is projected to achieve total revenue of CNY 777.10 billion, a year-on-year increase of 29.02%, and a net profit attributable to shareholders of CNY 40.25 billion, up 34.00% [1][3] - The company is expected to continue its growth trajectory with revenue forecasts of CNY 967.63 billion, CNY 1,144.06 billion, and CNY 1,324.84 billion for 2025, 2026, and 2027 respectively [2][3] Financial Performance Summary - In Q1 2025, the company reported revenue of CNY 170.36 billion, a 36.35% increase year-on-year, and a net profit of CNY 9.16 billion, reflecting a 100.38% growth [1] - The overall gross margin for 2024 is expected to be 19.44%, with a slight decline, while Q1 2025 shows a gross margin of 20.07% [1] - The company’s sales volume reached 4.27 million vehicles in 2024, a 41.1% increase, with Q1 2025 sales volume at 1 million vehicles, up 59.8% [1] Strategic Developments - The company is enhancing its global footprint with new factories in Thailand and Uzbekistan in 2024, and ongoing construction in Brazil and Indonesia [2] - The introduction of high-end models and a diversified product matrix is expected to elevate the average selling price (ASP) and contribute to revenue growth [2] - The company is investing heavily in R&D, with an annual budget of CNY 53.2 billion, a 34.4% increase, to strengthen its technological edge [1][2]