系列点评七：智己L6上市中高端纯电市场再突破

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on the closing price of 14.60 CNY per share on May 14, 2024, corresponding to a PE ratio of 11/10/9 for the years 2024-2026 [2][5]. Core Views - The launch of the Zhiji L6 on May 13, 2024, is expected to enhance the company's position in the mid-to-high-end electric vehicle market, with strong demand indicated by over 29,000 pre-orders by May 3, 2024 [1]. - The company is projected to achieve revenues of 767.79 billion CNY in 2024, with a net profit of 15.44 billion CNY, reflecting a growth rate of 9.5% [2][5]. - The company is expanding its global presence, with overseas sales reaching 31.9 billion CNY in the first four months of 2024, despite a slight decline in overall sales [1][5]. Summary by Sections Product Launch and Market Position - The Zhiji L6 is positioned as a mid-large electric sedan with dimensions of 4,931mm in length, 1,960mm in width, and 1,474mm in height, featuring a range of 650km to over 1000km depending on the version [1]. - The vehicle is equipped with advanced technology, including a high-precision laser radar and NVIDIA DRIVE Orin X chip, enhancing its competitive edge in the market [1]. Sales Performance - In April 2024, the company sold 3,000 vehicles, bringing the total sales from January to April to 13,001 vehicles, indicating a slight decline in sales due to increased competition in the 200,000-300,000 CNY price range [1]. - The penetration rate of electric vehicles in the 200,000-300,000 CNY price segment was reported at 30.4%, with significant room for growth for domestic brands [1]. Financial Projections - The company forecasts revenues of 744.71 billion CNY in 2024, with a net profit of 15.44 billion CNY, and expects continued growth through 2026 [2][5]. - The projected EPS for 2024 is 1.33 CNY, with a PE ratio of 11, indicating a solid financial outlook [2][5]. Global Expansion - The company plans to launch 14 new intelligent electric "global cars" in overseas markets, aiming to boost international sales further [1][5]. - The MG brand has shown strong performance in Europe, contributing to the overall growth in overseas sales [1].