Haitong Securities·2024-06-02 06:01Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The report highlights that the company achieved a revenue of 25.63 billion yuan in Q1 2024, representing a year-on-year increase of 36% but a quarter-on-quarter decrease of 39% [5] - The net profit for Q1 2024 was 590 million yuan, showing a year-on-year decline of 37% and a quarter-on-quarter decline of 90% [5] - The company delivered over 80,000 new vehicles in Q1 2024, which is a 53% increase year-on-year [5] - The report anticipates that the new vehicle delivery volume in Q2 2024 will recover, with an expected delivery of 105,000 to 110,000 vehicles, a year-on-year increase of 21% to 27% [6] - The company plans to launch three pure electric models in H2 2024, which have been postponed to H1 2025 [6] Financial Performance Summary - For Q1 2024, the company reported a gross margin of 20.6%, which is a year-on-year increase of 0.2 percentage points but a quarter-on-quarter decrease of 2.8 percentage points [6] - The selling, general and administrative (SG&A) expense ratio increased to 11.6%, up 2.9 percentage points year-on-year and 3.8 percentage points quarter-on-quarter [6] - The forecast for vehicle sales is 540,000, 710,000, and 950,000 units for 2024, 2025, and 2026 respectively, with revenues projected at 158.1 billion, 207.6 billion, and 283 billion yuan [6][9] - The report uses a price-to-sales (PS) method for valuation, suggesting a reasonable value range of 106.34 to 114.35 HKD per share [6] Comparative Valuation - The report includes a comparison of the company with peers such as Tesla, BYD, NIO, and Xpeng, indicating that the average PS for comparable companies is 2.09 for 2024 [8]