Guotai Junan Securities·2024-03-04 16:00Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company reported a decrease in sales month-on-month for February 2024, but still achieved a strong year-on-year growth of 21.8%, delivering 20,251 vehicles [2]. - The launch of the MEGA model and the updated 2024 L series is expected to drive sales growth, with the company projected to achieve record sales in the future [2]. - The financial projections estimate revenue per share for 2024, 2025, and 2026 to be 107.03, 149.23, and 184.62 RMB respectively, with a price-to-sales (PS) ratio of 1.4 for 2024 [2]. Sales Performance - In February 2024, the cumulative delivery volume reached 684,780 vehicles, solidifying the company's leading position among new energy vehicle manufacturers in China [2]. - The MEGA model, launched on March 1, 2024, is anticipated to achieve over 500,000 units in sales due to its innovative design and advanced technology [2]. Financial Summary - The company’s revenue for 2023 is projected at 123.85 billion RMB, with a year-on-year growth of 173% [3]. - The net profit for 2024 is expected to be 11.81 billion RMB, reflecting a significant increase of 687% compared to the previous year [3].