跨越盈亏平衡，智选车开启新成长

Investment Rating - The report assigns a "Buy" rating for the company, indicating a strong expectation for the stock to outperform the benchmark index by more than 15% over the next six months [19]. Core Views - The company has achieved a revenue of 35.84 billion yuan in 2023, representing a year-on-year increase of 5.1%. The net profit attributable to shareholders was -2.45 billion yuan, showing a reduction in losses compared to the previous year [2]. - In Q1 2024, the company reported a revenue of 26.56 billion yuan, a significant year-on-year increase of 421.8%, and a net profit of 220 million yuan, marking a turnaround from losses [2]. - The company is expected to continue benefiting from increased deliveries and scale effects, particularly with the launch of new models such as the M9 and M5, which are anticipated to drive further revenue growth in Q2 2024 [2][3]. Summary by Sections Financial Performance - In Q4 2023, the company sold 84,000 new energy vehicles, a year-on-year increase of 90.4%, generating a revenue of 19.16 billion yuan, up 74.5% year-on-year. The net profit was -160 million yuan, a reduction in losses by 1 billion yuan [2]. - The company forecasts revenues of 144.5 billion yuan, 174.4 billion yuan, and 203.1 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 4.1 billion yuan, 6.2 billion yuan, and 8.8 billion yuan [3][4]. Strategic Developments - The company plans to acquire 100% of Longsheng New Energy through a share issuance, which is expected to enhance asset scale and optimize capital structure [3]. - The M9 model began deliveries at the end of February 2024, and the company has received significant pre-orders for its new models, indicating strong market demand [2][3]. Market Outlook - The report highlights the potential for continued growth in net profit driven by the successful launch of new models and the expansion of the company's production capabilities [3][4]. - The gross margin for Q1 2024 was reported at 21.5%, an increase of 12.6 percentage points year-on-year, reflecting improved operational efficiency [2].