Guolian Securities·2024-05-10 01:32Investment Rating - The investment rating for the company is currently not explicitly stated in the provided documents, but the report suggests a focus on continuous monitoring of the company's performance due to its ongoing transformation and growth potential [6]. Core Views - The company achieved a significant year-on-year sales growth of 39.3% in April 2024, with total sales reaching 153,000 vehicles [2]. - Cumulative sales for the first four months of 2024 reached 629,000 vehicles, reflecting a 46.9% increase compared to the same period last year [2]. - The report highlights the acceleration of the company's transformation towards new energy vehicles, with a notable increase in the penetration rate of such vehicles to 33.6% in April 2024, up by 6.8 percentage points year-on-year [3]. Summary by Sections Sales Performance - In April 2024, the company's sales by brand included 118,000 vehicles for the Geely brand, 16,000 for the Zeekr brand, and 19,000 for the Lynk & Co brand [3]. - The new energy vehicle sales reached 51,000 units in April, marking a 75.0% increase year-on-year, with a cumulative total of 196,000 units sold in the first four months of 2024, up 120.4% year-on-year [3]. New Product Launches - The report notes that several new models were launched in April 2024, including the Lynk & Co 07 EM-P and various models from the Zeekr brand, which are expected to support future sales growth [4]. Export Growth - The company exported 38,000 vehicles in April 2024, a 74.7% increase year-on-year, with exports accounting for 24.9% of total sales [5]. - Cumulative exports for the first four months of 2024 reached 125,000 vehicles, reflecting a 68.8% increase year-on-year [5]. Financial Forecasts - The company is projected to achieve revenues of 223.2 billion, 266.3 billion, and 306.6 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 24.6%, 19.3%, and 15.1% [6]. - Net profit forecasts for the same period are 7.08 billion, 8.53 billion, and 9.98 billion yuan, with growth rates of 33.4%, 20.5%, and 16.9% [6].