24Q1业绩超预期，利润率维持稳定

Investment Rating - The investment rating for the company is "Buy" and it is maintained [2][17]. Core Views - The company reported Q1 2024 revenue of 79.77 billion yuan, a year-on-year decrease of 10.4% and a quarter-on-quarter decrease of 24.9%. However, the net profit attributable to shareholders was 10.51 billion yuan, representing a year-on-year increase of 7.0% and a quarter-on-quarter decrease of 19.0% [6][8]. - The company's gross profit margin for Q1 2024 was 26.4%, with a slight increase of 0.75 percentage points quarter-on-quarter, while the net profit margin was 13.2%, up by 1.0 percentage points quarter-on-quarter, indicating stable profitability [9][17]. - The company has maintained a strong market position, achieving a global market share of 38.4% in January-February 2024, an increase of 4.8 percentage points year-on-year, and a share of 26.3% in overseas markets, surpassing LG Energy to become the leading battery supplier in these markets [14][16]. Financial Summary - The company’s total assets are 731.29 billion yuan, with net assets of 207.73 billion yuan. The total number of shares is approximately 4.40 billion [3]. - The company’s R&D expenses for Q1 2024 reached 4.34 billion yuan, reflecting a commitment to innovation and product development [11][17]. - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 48.20 billion, 55.83 billion, and 66.86 billion yuan, respectively, with corresponding price-to-earnings ratios of 17.8, 15.4, and 12.9 times based on the closing price of 195.56 yuan on April 18, 2024 [17][19].