Ping An Securities·2024-04-19 07:02Investment Rating - The report maintains a "Recommended" investment rating for the company [3][7]. Core Views - The launch of the L6 model is expected to enhance the sales scale of the L series, solidifying the company's sales foundation. The company maintains a healthy gross margin and sufficient cash reserves, supporting its future operations [7]. - The L6 model targets the young family market and is the smallest and lowest-priced model in the L series, with a starting price of 249,800 yuan. It is anticipated to achieve monthly sales of 15,000 to 20,000 units, competing primarily with fuel vehicles from brands like Audi and BMW [4][5]. Summary by Sections Company Overview - The company is engaged in the automotive industry, with a total market capitalization of 220.97 billion yuan and a total share capital of 2,122.02 million shares [3]. Financial Projections - Revenue projections for the company are as follows: 45.29 billion yuan in 2024, 123.85 billion yuan in 2025, and 215.43 billion yuan in 2026, reflecting year-over-year growth rates of 73.9% and 38.5% respectively [6]. - Net profit is projected to be 11.704 billion yuan in 2024, 14.563 billion yuan in 2025, and 25.474 billion yuan in 2026, with significant year-over-year growth anticipated [6]. Market Positioning - The L6 model is positioned in the competitive 200,000 to 300,000 yuan market segment, where it faces competition from several new energy SUVs. Its competitive advantages include a lower starting price and superior suspension technology compared to its main competitor, the AITO M7 [4][5].