Soochow Securities·2024-05-03 18:30Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Views - The company achieved a total revenue of 21.566 billion yuan in Q1 2024, with a year-on-year decline of 20.6% [4] - The main operational strategy for Q1 was to continue inventory clearance, impacting quarterly revenue performance [4] - The company focuses on the "XEV (Hybrid) + ICV (Intelligent Connected Vehicle)" and "EV (Electric) + ICV" strategies to enhance independent innovation capabilities [5] Financial Performance Summary - Total revenue for 2022 was 110.272 billion yuan, with a year-on-year growth of 45.72% [1] - The net profit attributable to the parent company for 2022 was 8.064 billion yuan, reflecting a year-on-year increase of 9.94% [1] - The projected net profit for 2024 is 5.211 billion yuan, with a year-on-year growth of 17.67% [1][5] - The company aims to achieve over 1 million units in sales for its independent brands in 2024 [5] Key Financial Metrics - The latest diluted EPS is projected to be 0.50 yuan per share in 2024, with a P/E ratio of 17.67 [1][5] - The gross margin for Q1 2024 was reported at 7.14%, showing an improvement compared to previous quarters [4] - The company's total assets are projected to reach 244.926 billion yuan by 2024 [6]