Minsheng Securities·2025-05-05 07:41Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Insights - The company achieved a wholesale sales volume of 380,000 new energy vehicles in April, representing a year-on-year increase of 21.3% and a month-on-month increase of 0.7% [1][2]. - Cumulative sales from January to April reached 1.359 million units, up 45.1% year-on-year [2]. - The company’s export sales reached a record high of 79,000 units in April, with steady growth in overseas markets such as Turkey, Brazil, and Europe [2]. - The launch of the intelligent driving version of the Dynasty Ocean series is expected to accelerate the adoption of advanced driving assistance systems [3]. - 2025 is projected to be a significant year for high-end products, with the launch of the Tengshi N9 and flagship models equipped with advanced driving systems [3]. Financial Projections - Revenue forecasts for 2025, 2026, and 2027 are projected at 1,014.12 billion, 1,237.23 billion, and 1,477.25 billion yuan respectively, with corresponding net profits of 58.15 billion, 67.12 billion, and 74.19 billion yuan [4][5]. - Earnings per share (EPS) are expected to be 19.13 yuan in 2025, increasing to 24.41 yuan by 2027 [5][4]. - The price-to-earnings (PE) ratios are projected to be 18, 16, and 14 for the years 2025, 2026, and 2027 respectively [4][5].