多部门组织架构调整，聚焦用户价值

Investment Rating - The report assigns a "Buy" rating for the company with a target price of $45.61 or HKD 178.59, indicating a potential upside of 83.10% or 81.59% from the current price [1][3]. Core Insights - The company has adjusted its delivery guidance due to lower-than-expected new car sales orders, forecasting Q1 vehicle deliveries of 76,000 to 78,000 units and an annual sales target of 560,000 to 640,000 units, representing a growth rate of 50% to 70% [1]. - The March delivery figures met the revised expectations, with 29,000 vehicles delivered, marking a year-on-year increase of 39.2% and a month-on-month increase of 43.1% [1]. - The company has restructured its organizational framework to focus on user value and operational efficiency, establishing a new Go to Market (GTM) team to enhance product launch strategies [1]. Financial Summary - Revenue projections for 2024 to 2026 are estimated at RMB 201.8 billion, RMB 266.8 billion, and RMB 306.1 billion, respectively, with net profits expected to be RMB 11.2 billion, RMB 18.9 billion, and RMB 23.9 billion [1][5]. - The company anticipates maintaining profitability over the next three years, with a projected gross margin of 19% in 2024 and 20% in 2026 [5][7]. - The company’s total market capitalization is reported at $26.43 billion, with a current stock price of $24.91 or HKD 98.35 [3][5].