公司4月销量稳步增长，与华为合作继续推进，建议“买进”

Investment Rating - The report assigns a "BUY" rating for the company, indicating a potential upside in the stock price [4][6]. Core Insights - The company experienced a steady growth in April sales, with a year-over-year increase of 15.5%, selling 210,000 vehicles. The growth was primarily driven by new energy vehicles and exports [5][6]. - The collaboration with Huawei is progressing, with the establishment of a joint venture focused on smart driving solutions, which is expected to enhance the company's market position [5][6]. - The company is projected to achieve net profits of RMB 81 billion, RMB 97 billion, and RMB 117 billion for the years 2024, 2025, and 2026 respectively, with an expected EPS of RMB 0.82, RMB 0.98, and RMB 1.18 [6][7]. Company Overview - The company operates primarily in the automotive industry, with a market capitalization of RMB 123.62 billion and a current stock price of RMB 15.05 as of May 9, 2024 [2]. - The company’s sales composition includes 96.04% from complete vehicles and 3.96% from outsourcing [2]. - The major shareholder is China Changan Automobile Group Co., Ltd., holding 17.98% of the shares [2]. Sales Performance - In April, the company’s sales of new energy vehicles reached 51,700 units, representing a year-over-year increase of 130%, contributing to 24.6% of total sales [5]. - Cumulative sales from January to April totaled 902,000 units, reflecting a year-over-year growth of 14.2% [5]. Financial Projections - The company’s projected net profit growth rates are +7%, +20%, and +21% for the years 2024, 2025, and 2026, respectively, after excluding the impact of the 2023 consolidation of the Deep Blue brand [6][7]. - The expected price-to-earnings (P/E) ratios for the years 2024, 2025, and 2026 are 18, 15, and 13, respectively [6][7].