HUAXI Securities·2024-06-02 10:02Investment Rating - The report assigns an "Accumulate" rating to the company [2]. Core Views - The company is positioned to capture a significant share of the mainstream household market, specifically in the 200,000 to 300,000 yuan range, with the launch of the L60 model priced starting at 219,900 yuan [1]. - The company is expected to leverage its extensive battery swap network, with 1,000 battery swap stations already operational, enhancing its competitive edge in the market [5]. - The report forecasts revenue growth from 73.89 billion yuan in 2024 to 239.15 billion yuan in 2026, with net profit projected to turn positive by 2026 [5]. Financial Summary - Revenue projections for 2024, 2025, and 2026 are 73.89 billion yuan, 167.58 billion yuan, and 239.15 billion yuan respectively, with year-on-year growth rates of 32.86%, 126.78%, and 42.71% [8]. - The net profit for the same years is expected to be -17.95 billion yuan, -4.40 billion yuan, and 6.77 billion yuan, indicating a significant turnaround by 2026 [8]. - The earnings per share (EPS) are projected to improve from -8.66 yuan in 2024 to 3.26 yuan in 2026 [5][8]. Competitive Positioning - The L60 model features a low drag coefficient of 0.229 and spacious interior design, maximizing passenger and cargo space [4]. - The vehicle is equipped with advanced autonomous driving capabilities, including a single NVIDIA Orin X chip and 30 high-performance sensing hardware units, ensuring nationwide usability [4]. - The company aims to achieve the highest market share in the pure electric vehicle segment priced above 300,000 yuan by the second half of 2023 [5].