24年盈利稳健增长，市占率保持领先

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company maintains a leading market share with steady performance in Q1 2024, achieving revenue of 79.771 billion yuan, a year-over-year decrease of 10.41%, and a net profit attributable to shareholders of 10.51 billion yuan, a year-over-year increase of 7% [2][3] - The company's market share in the domestic power battery sector is approximately 48.93%, with a global market share of about 40% [3] - The gross margin for Q1 2024 is reported at 26.42%, with a net margin of 14.03%, indicating profitability improvements despite increased competition [3] - The company is expanding its production capacity, with a total capacity of 552 GWh and an additional 100 GWh under construction, aiming to enhance market position and product competitiveness [3] Financial Summary - Revenue projections for 2024-2026 are 418.3 billion yuan, 511.1 billion yuan, and 595.6 billion yuan, respectively, with net profits expected to be 45.6 billion yuan, 55.6 billion yuan, and 68.5 billion yuan, reflecting growth rates of 3.4%, 22%, and 23% [3][4] - Key financial metrics include a gross margin of 22.2% in 2024, a return on equity (ROE) of 17.9%, and an earnings per share (EPS) of 10.37 yuan [4]