Shenwan Hongyuan Securities·2025-05-23 12:42Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6] Core Insights - The company has reaffirmed its guidance for R&D investment of 30 billion RMB in 2025 and 200 billion RMB from 2026 to 2030, alongside the launch of strategic new products including the SUV YU7 and 3nm flagship SoC [6][7] - The YU7 SUV features advanced technology such as laser radar and NVIDIA Thor, positioning it as a luxury high-performance SUV with a leading range in its category [6][7] - The 3nm flagship SoC, known as玄戒 O1, is designed with a high transistor count and advanced architecture, enhancing the company's technological capabilities [6][7] - The company aims to strengthen its brand positioning through in-house chip development, which has been a long-term strategy since 2014 [6][7] - The high-end strategy is expected to translate into enhanced product strength, improved profit margins, and increased valuation [6][7] Financial Data Summary - Revenue projections for 2023 to 2027 are as follows: 270,970 million RMB in 2023, 365,906 million RMB in 2024, 469,359 million RMB in 2025, 572,035 million RMB in 2026, and 684,427 million RMB in 2027, with growth rates of -3%, 35%, 28%, 22%, and 20% respectively [2][7] - Net profit estimates for the same period are: 19,274 million RMB in 2023, 27,314 million RMB in 2024, 37,624 million RMB in 2025, 45,739 million RMB in 2026, and 55,769 million RMB in 2027, with growth rates of 127%, 42%, 38%, 22%, and 22% respectively [2][7] - The projected earnings per share (EPS) are 0.76 RMB in 2023, 1.07 RMB in 2024, 1.48 RMB in 2025, 1.79 RMB in 2026, and 2.19 RMB in 2027 [2][7] - The company’s price-to-earnings (PE) ratio is expected to decrease from 66 in 2023 to 23 in 2027, indicating a potential increase in valuation [2][7]