Soochow Securities·2024-04-11 16:00Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a significant increase in wholesale volume in March 2024, with a month-on-month increase of 82% [3] - The company aims to achieve over 1 million sales for its self-owned brands in 2024, focusing on the integration of hybrid and electric vehicles with intelligent connectivity [3] - The company is actively collaborating with partners, including a partnership with Huawei for smart vehicle technology and a joint venture with Didi for autonomous driving [3] Financial Forecasts - Total revenue is projected to grow from 129,706 million RMB in 2023 to 189,710 million RMB by 2026, with a compound annual growth rate (CAGR) of approximately 7.60% [8] - The net profit attributable to the parent company is expected to increase from 4,429 million RMB in 2023 to 7,946 million RMB in 2026, reflecting a CAGR of 19.59% [8] - The earnings per share (EPS) is forecasted to rise from 0.42 RMB in 2023 to 0.76 RMB in 2026 [8] Market Performance - The closing price of the stock is currently at 9.33 RMB, with a price-to-earnings (P/E) ratio of 20.84 for 2023, expected to decrease to 11.61 by 2026 [8] - The company has a market capitalization of approximately 97,842.82 million RMB [8] Production and Sales Data - In March 2024, the company produced 160,534 vehicles and sold 179,319 vehicles, showing a month-on-month increase of 89% in production and 82% in sales [2][3] - The production and sales figures for different brands within the company indicate varied performance, with GAC Aion showing a remarkable month-on-month increase of 356% in production [2][3]