Ping An Securities·2024-05-21 07:32Investment Rating - The report maintains a "Buy" recommendation for the company [3][7]. Core Views - The competitive landscape for range-extended SUVs remains favorable, while the rollout of pure electric models has been delayed [3][5]. - The company reported a revenue of 25.63 billion yuan for Q1 2024, with a year-on-year growth of 36.4% but a quarter-on-quarter decline of 38.6% [4]. - The net profit attributable to shareholders for Q1 2024 was 590 million yuan, showing a year-on-year decline of 36.3% and a quarter-on-quarter decline of 89.5% [4]. - The company delivered 80,400 vehicles in Q1 2024, representing a year-on-year increase of 52.9% but a quarter-on-quarter decrease of 39% [4]. - The gross margin for vehicle sales in Q1 2024 was 19.3%, with a slight decline compared to previous periods [4][5]. - The company has a cash reserve of 98.9 billion yuan as of the end of Q1 2024 [4]. Financial Summary - The company expects Q2 2024 deliveries to be between 105,000 and 110,000 units, with revenue guidance of 29.9 billion to 31.4 billion yuan [4]. - The adjusted net profit forecasts for 2024 to 2026 are 12.38 billion, 18.09 billion, and 24.81 billion yuan respectively [7]. - The company maintains a healthy gross margin and sufficient cash reserves, positioning it well in the high-end electric vehicle market [7]. - The report indicates that the company’s valuation has significantly corrected, supporting the "Buy" rating [7].