Changjiang Securities·2024-05-28 02:02Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a Q1 2024 sales volume of 80,000 vehicles, representing a year-on-year increase of 53% but a quarter-on-quarter decrease of 39%. Revenue reached 25.63 billion yuan, up 36% year-on-year but down 39% quarter-on-quarter. The vehicle gross margin was 19.3%, down 0.4 percentage points year-on-year and 3.4 percentage points quarter-on-quarter. The company's product advantages and brand design are well recognized, and the future model planning is clear, with ongoing optimization of the direct sales channel structure. The "dual-energy strategy" is expected to further expand the company's advantages, indicating significant future sales potential [2][6][7] Summary by Sections Sales and Revenue - In Q1 2024, the company achieved sales of 80,000 vehicles, with an average selling price of approximately 300,000 yuan. The sales figures for different models were as follows: L7 (33,000 units), L8 (21,000 units), L9 (24,000 units), and MEGA (3,000 units). The upcoming launch of the L6 model is anticipated to complete the extended-range product matrix and open up further sales opportunities [6][7] Financial Performance - The company reported Q1 revenue of 25.63 billion yuan, with vehicle sales revenue of 24.25 billion yuan, reflecting a year-on-year increase of 32.3% but a quarter-on-quarter decrease of 39.9%. The gross margin for Q1 was 20.6%, with a vehicle gross margin of 19.3%, impacted by increased discounting and scale effects. The total sales, administrative, and general expenses were 2.98 billion yuan, with an expense ratio of approximately 11.6%, up 2.9 percentage points year-on-year and 3.8 percentage points quarter-on-quarter. R&D expenses for Q1 reached 3.05 billion yuan, up 64.6% year-on-year but down 12.7% quarter-on-quarter, with a corresponding R&D expense ratio of 11.9% [6][7] Future Outlook - The company has a clear product planning strategy, with a goal to have a product matrix of four extended-range electric vehicle models and one high-voltage pure electric model by the end of 2024. The sales and service network is also set to expand, with plans to increase retail centers to 800 and service centers to over 500 by the end of the year. The company expects to deliver between 105,000 and 110,000 vehicles in Q2 2024, representing a year-on-year increase of 21.3% to 27.1%, with projected revenue of 29.9 billion to 31.4 billion yuan, up 4.2% to 9.4% year-on-year [7][8]