Orient Securities·2025-05-18 00:25Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has shown strong sales growth in April, significantly outperforming the industry average, with total sales reaching 234,100 units, a year-on-year increase of 52.7% [9] - The company is expected to achieve earnings per share (EPS) of 1.27, 1.50, and 1.84 yuan for the years 2025 to 2027, respectively, with a target price set at 19.05 yuan [2] - The report highlights the impressive performance of the Galaxy series and the launch of new models, which are expected to drive future sales growth [9] Financial Forecasts - Revenue is projected to grow from 179,204 million yuan in 2023 to 414,141 million yuan in 2027, with a compound annual growth rate (CAGR) of 16.5% [4] - Operating profit is expected to increase from 3,806 million yuan in 2023 to 17,395 million yuan in 2027, reflecting a significant growth trajectory [4] - Net profit attributable to the parent company is forecasted to rise from 5,308 million yuan in 2023 to 18,526 million yuan in 2027, with a notable increase of 213.3% in 2024 [4] Sales Performance - In April, the company's sales of new energy vehicles reached 125,600 units, a year-on-year increase of 144.2% [9] - The Galaxy brand has shown remarkable sales performance, with 96,600 units sold in April, representing a year-on-year increase of 281.1% [9] - The report notes the launch of several new models, including the Galaxy Star耀 8 and the Zeekr 007 GT, which are expected to enhance the company's market presence [9]