2024年一季报点评：出海放量带动销售结构改善，24Q1业绩表现优异

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 2024 performance is outstanding, driven by increased overseas demand and improved sales structure, with a significant year-on-year revenue growth of 85.01% to 6.616 billion yuan and a net profit increase of 445.09% to 657 million yuan [3][4] - The company achieved a sales volume of 7,731 units in Q1 2024, representing a year-on-year increase of 74.16%, with a single vehicle revenue of 885,800 yuan, up 6.23% year-on-year [4] - The gross profit margin for Q1 2024 was 24.84%, an increase of 3.36 percentage points year-on-year, and the net profit margin was 9.60%, up 6.50 percentage points year-on-year, indicating a significant improvement in profitability [5] Summary by Sections Financial Performance - In Q1 2024, the company reported operating revenue of 6.616 billion yuan, a year-on-year increase of 85.01%, and a net profit attributable to shareholders of 657 million yuan, up 445.09% [3] - The company’s Q1 2024 sales volume reached 7,731 units, with domestic sales of 5,133 units (up 66.33% year-on-year) and export sales of 2,598 units (up 92% year-on-year), accounting for 33.6% of total sales [4] - The company’s single vehicle gross profit was 213,000 yuan, an increase of 22.86% year-on-year, and the net profit per vehicle reached 85,000 yuan, up 212.98% year-on-year [4] Profitability and Cost Control - The company has improved its profitability through cost control, achieving a sales expense ratio of 6.86%, a management expense ratio of 2.82%, and a research and development expense ratio of 4.70%, all showing year-on-year reductions [5] - The company aims to enhance product quality through a "mid-to-high-end" strategy, focusing on market and customer needs, and plans to expand its overseas market presence [5] Future Outlook - The company is expected to benefit from the growing demand in the overseas bus market, particularly for new energy buses, and the domestic bus market is anticipated to continue its recovery, leading to sustained improvements in sales volume and structure [5] - The revenue forecast for 2024-2026 is adjusted to 32.954 billion, 38.170 billion, and 41.945 billion yuan, with year-on-year growth rates of 22%, 16%, and 10% respectively [6][7]