Guohai Securities·2024-05-09 06:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a steady increase in sales, with a 98.3% year-on-year growth in sales of the Tank brand, which has maintained over 50% market share in the hard-core off-road SUV segment for 40 consecutive months [3] - The company is focusing on high-value products, with sales of models priced above 200,000 yuan increasing by 98.18% year-on-year in April [3] - Strategic partnerships, such as the collaboration with Tencent Music Entertainment Group, aim to explore AI technology applications in the automotive sector [3] - The company is actively promoting its global strategy, with April overseas sales reaching 36,000 units, a year-on-year increase of 65.68% [4] Summary by Relevant Sections Sales Performance - In April, the company achieved total vehicle sales of 94,800 units, a year-on-year increase of 1.8% [4] - Cumulative sales from January to April reached 370,100 units, representing an 18.18% year-on-year growth [4] Financial Projections - The company is expected to achieve revenues of 239.7 billion yuan, 274.3 billion yuan, and 299.5 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 38%, 14%, and 9% [7] - Projected net profit attributable to shareholders is 10.95 billion yuan, 13.74 billion yuan, and 19.06 billion yuan for the same years, with growth rates of 56%, 25%, and 39% respectively [7] Market Position - The company has introduced multiple new products at the Beijing Auto Show, reinforcing its competitive edge in niche automotive segments [3] - The company is enhancing its brand's competitiveness through innovation and product diversity, which is expected to positively impact long-term sales and market share [3]