Guolian Securities·2024-04-01 16:00Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report suggests continuous attention to the company due to its accelerating transformation and growth potential in the new energy sector [5]. Core Insights - The company achieved significant sales growth in March 2024, with total vehicle sales reaching 151,000 units, representing a year-on-year increase of 38.5% and a month-on-month increase of 35.4% [1]. - The company is expanding its global market presence, with exports in March 2024 reaching 36,000 units, a year-on-year increase of 80.9% [4]. - New product launches, including various models under the "Longteng" series, are expected to further boost sales [3]. Summary by Sections Sales Performance - In March 2024, the company's sales by brand included 118,000 units for the Geely brand, 13,000 units for the Zeekr brand, and 20,000 units for the Lynk & Co brand, with respective year-on-year increases of 33.9%, 95.3%, and 40.5% [2]. - Cumulative sales for Q1 2024 reached 476,000 units, a year-on-year increase of 49.5% [1]. New Energy Vehicles - In March 2024, the company sold 45,000 new energy vehicles, marking a year-on-year increase of 65.3% [2]. - The penetration rate of new energy vehicles reached 30.3%, an increase of 11.7 percentage points year-on-year [2]. Product Development - The launch of new models, including the Galaxy E5 and Lynk & Co 07 EM-P, is expected to enhance the product lineup and drive sales growth [3]. Global Expansion - The company is actively expanding its overseas market, with plans to establish stores in major Southeast Asian cities and the introduction of right-hand drive models [4]. - The export volume accounted for 18.3% of total sales in Q1 2024, reflecting a strategic focus on international markets [4]. Financial Projections - Revenue projections for 2024-2026 are estimated at 223.21 billion, 266.34 billion, and 306.59 billion yuan, with respective growth rates of 24.6%, 19.3%, and 15.1% [5]. - Net profit forecasts for the same period are 7.08 billion, 8.53 billion, and 9.98 billion yuan, with growth rates of 33.4%, 20.5%, and 16.9% [5].