SINOLINK SECURITIES·2025-05-09 05:23Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4][12]. Core Insights - The recent model updates for the L series are in line with expectations, providing certain upgrades and pre-sale benefits, although the overall effectiveness of these benefits in recovering previous discounts remains uncertain [3]. - The company's core advantages include strong product development capabilities, excellent strategic positioning, and refined management skills, which are expected to support long-term growth despite short-term pressures [4]. - The report highlights the importance of monitoring order status and the performance of the new electric model i8, as market acceptance remains a key concern [3][4]. Financial Summary - Projected revenues for 2023 are estimated at 123.85 billion RMB, with a growth rate of 173.48%. For 2024, revenues are expected to reach 144.46 billion RMB, growing at 16.64% [9]. - The net profit for 2023 is projected at 11.70 billion RMB, with a significant increase of 681.65% compared to the previous year. The net profit for 2024 is expected to be 8.03 billion RMB, reflecting a decrease of 31.37% [9]. - The diluted earnings per share (EPS) for 2023 is estimated at 5.52 RMB, with projections of 3.79 RMB for 2024 and 5.07 RMB for 2025 [9]. - The report anticipates a return on equity (ROE) of 19.46% for 2023, decreasing to 11.33% in 2024, and gradually increasing to 15.12% by 2027 [9].