1Q24业绩扭亏高增，强产品+品牌引领增长

Investment Rating - The report upgrades the investment rating of the company to "Buy" [2] Core Views - The company achieved a significant turnaround in Q1 2024, with a revenue increase of 421.8% year-on-year, reaching 25.65 billion yuan, and a net profit of 220 million yuan, driven by improved gross margins and reduced expense ratios [1][2] - The sales of the company's flagship model, the AITO Wenjie, surged by 617.3% year-on-year in Q1 2024, indicating strong market demand and effective pricing strategies [1][2] - The collaboration with Huawei is deepening, enhancing production capacity and operational efficiency, which is expected to further boost sales of new models [2] Summary by Sections Financial Performance - In 2023, the company reported a revenue of 35.84 billion yuan, a year-on-year increase of 5.1%, but incurred a net loss of 2.45 billion yuan. The Q4 2023 revenue was 19.16 billion yuan, showing a significant increase of 74.6% year-on-year and 239.1% quarter-on-quarter [1][3] - For Q1 2024, the company reported a revenue of 25.65 billion yuan, with a gross margin of 21.5%, reflecting a year-on-year increase of 12.6 percentage points [1][3] Sales and Market Strategy - The company sold 114,000 vehicles in Q1 2024, with the AITO Wenjie model accounting for 83,000 units sold, marking a 172.2% increase year-on-year [1][2] - The new M5 model was launched with enhanced features and competitive pricing, aimed at capturing a larger market share [1][2] Production Capacity and Collaboration - The company has established three factories for the production of AITO models, with the first two factories achieving a monthly delivery capacity of 30,000 units for the new M7 model, and the third factory recently commencing operations for the M9 model [2] - The collaboration with Huawei is expected to deepen, potentially leading to equity partnerships that could enhance the company's access to technological resources [2]