Investment Rating - The report maintains a "Buy" rating for the company [1][4] Core Insights - In April 2024, the company delivered 9,393 new vehicles, representing a year-on-year increase of 33% and a month-on-month increase of 4%. Cumulatively, from January to April 2024, total deliveries reached 31,214 vehicles, up 23% year-on-year, aligning with expectations [3] - The company is accelerating its smart driving capabilities and expanding its product and market reach. The X9 model delivered 1,959 units in April, leading the pure electric MPV and three-row seating market. The monthly active user penetration rate for the XNGP urban smart driving feature reached 82%, with total driving mileage exceeding 18 million kilometers during the May Day holiday [3] - A strategic partnership with Volkswagen Group was established to develop a new electronic and electrical architecture, expected to reduce the number of vehicle controllers by 30% and enhance cost efficiency. This collaboration is anticipated to positively impact the company's future profitability and operational cost structure [3] - The company plans to launch a new brand, MONA, in June 2024, targeting the mid-range market, which is expected to contribute significantly to sales growth [3] Financial Forecasts - The company’s revenue projections for 2024 to 2026 are set at 63 billion, 111.41 billion, and 164.51 billion yuan, respectively, with year-on-year growth rates of 105%, 76.84%, and 47.66% [4] - The forecasted net profit for the same period is expected to be -4.31 billion, 804.57 million, and 5.37 billion yuan, with corresponding EPS of -2.28, 0.43, and 2.84 yuan [4] - The price-to-earnings ratio (P/E) for 2025 and 2026 is projected to be 74.05 and 11.09, respectively [4]
4月销量同比高增，智能驾驶再提速，MONA品牌爆款可期