积极开拓海外市场，新合作模式再添动力

Investment Rating - The report maintains a "Buy" rating for the company [3][29]. Core Insights - The company is steadily increasing its overseas production capacity, with factories established in Germany and Hungary, and a planned factory in the US in collaboration with Ford, aiming for a total overseas capacity of 149GWh by 2026 [4][7][29]. - The company has actively expanded its upstream mineral resources since 2018, securing lithium and nickel resources globally, which helps reduce operational costs and enhance supply chain reliability [4][22]. - The company's market share reached 37.8% in Q1 2024, a significant increase from 35.0% in Q1 2023, with overseas revenue accounting for 32.7% of total revenue in 2023 [25][26]. Summary by Sections Overseas Production Capacity - The company has established a factory in Germany with a capacity of 14GWh, which began production in January 2023, and is constructing a 100GWh factory in Hungary expected to start production in 2026 [10][12]. - A partnership with Ford in the US aims to build a 35GWh lithium iron phosphate battery factory, utilizing a licensing and service model (LRS) [17][20]. Mineral Resource Layout - The company has invested in various mineral resources across North America, Africa, Australia, South America, and Asia, including significant stakes in North American lithium and nickel companies [22][24]. Market Share and Revenue Growth - The company’s overseas revenue grew by 70.29% year-on-year in 2023, reflecting its successful expansion into international markets [25]. - The report forecasts net profits for 2024-2026 at 48.2 billion, 55.8 billion, and 66.9 billion yuan, respectively, with corresponding PE ratios of 18.6, 16.0, and 13.4 [29].