2024-04-23 01:02Investment Rating - The report assigns a "Hold" rating to the company, indicating a limited expected price movement within a range of -10% to +10% over the next six months [1][11]. Core Insights - The company reported a total vehicle delivery of 160,038 units in 2023, representing a year-on-year increase of 30.7%. Revenue reached 55.62 billion RMB, up 12.9% year-on-year, while net loss expanded to 21.15 billion RMB, a 45.3% increase in losses compared to the previous year [5]. - The introduction of new models, including the flagship ET9 and the second brand Le Dao, is expected to enhance the product lineup and target the mid-range market, potentially boosting monthly sales to 20,000 units in 2024 [5]. - The company has made significant investments in charging infrastructure, with 3,767 charging stations and 21,912 charging piles established nationwide, leading to improved profitability in its battery swapping business [5]. Financial Performance and Forecast - The company’s revenue is projected to grow from 61.99 billion RMB in 2024 to 110.87 billion RMB by 2026, with a compound annual growth rate of approximately 22% [6][8]. - Net losses are expected to decrease from 18.25 billion RMB in 2024 to 9.72 billion RMB in 2026, indicating a potential improvement in financial performance over the forecast period [6][8]. - The report anticipates a decline in vehicle sales forecast for 2024 from 240,000 to 180,000 units due to increased competition and market pressures [5].