Soochow Securities·2024-05-13 09:32Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company aims to achieve over 1 million sales for its self-owned brands in 2024, focusing on the "XEV (hybrid) + ICV (intelligent connected vehicles)" and "EV (electric) + ICV" strategies to enhance its innovation capabilities [3] - The company is accelerating the electric transformation of its joint venture brands and continuously optimizing its product mix [3] Financial Forecasts and Valuation - Total revenue is projected to grow from 129,706 million RMB in 2023 to 189,710 million RMB in 2026, with a compound annual growth rate (CAGR) of approximately 7.60% [1][6] - The net profit attributable to the parent company is expected to increase from 4,429 million RMB in 2023 to 7,946 million RMB in 2026, reflecting a CAGR of approximately 19.59% [1][6] - The latest diluted EPS is forecasted to rise from 0.42 RMB in 2023 to 0.76 RMB in 2026 [1][6] - The P/E ratio is expected to decrease from 20.79 in 2023 to 11.59 in 2026, indicating an improving valuation [1][6] Production and Sales Performance - In April 2024, the company's total passenger car production was 146,266 units, with a year-on-year decrease of 17% and a month-on-month decrease of 9% [2] - The total sales volume for April 2024 was 133,304 units, reflecting a year-on-year decline of 25% and a month-on-month decline of 26% [2] - The performance varied by brand, with GAC Honda's production increasing by 12% year-on-year, while GAC Toyota's production decreased by 33% year-on-year [2] Inventory and Market Position - The overall inventory of the company decreased in April 2024, with a total inventory of 12,962 units [3] - The company is launching new models, including the second-generation AION V, which supports advanced driving capabilities and has a long range of 750 km [2][3]