Guolian Securities·2024-06-03 03:31Investment Rating - The investment rating for the company is not explicitly stated in the provided content, but it suggests continuous attention to the company's performance and potential [6]. Core Insights - In May 2024, the company delivered 35,020 vehicles, representing a year-on-year growth of 23.8% [1]. - The launch of the L6 model has positively impacted sales momentum, with over 15,000 units delivered since its release on April 24, 2024 [1]. - The company has achieved the first A-level certification for its AI smart cockpit, enhancing user experience through its self-developed Mind GPT model [2]. - The service and charging ecosystem is expanding, with 487 retail centers and 426 supercharging stations established across the country [3]. - Revenue projections for 2024-2026 are estimated at 155.5 billion, 231.7 billion, and 314.2 billion yuan, with respective growth rates of 25.5%, 49.1%, and 35.6% [4]. Summary by Sections Sales Performance - In May 2024, the company delivered 35,020 vehicles, a 23.8% increase year-on-year, with cumulative deliveries reaching 775,000 units [1]. - The L6 model's launch has significantly boosted sales, with expectations for further growth due to promotional financing options [1]. Technological Advancements - The company’s L9 Ultra model received the first A-level certification for AI smart cockpit capabilities, indicating a strong focus on technological innovation [2]. - The Mind GPT model enhances the smart cockpit's functionality, achieving a user satisfaction score of 8.59 [2]. Ecosystem Development - The company has established 487 retail centers and 426 supercharging stations, enhancing its service and charging network across 144 cities [3]. - The expansion into lower-tier cities is expected to further strengthen the service ecosystem [3]. Financial Projections - Revenue forecasts for 2024-2026 are 155.5 billion, 231.7 billion, and 314.2 billion yuan, with growth rates of 25.5%, 49.1%, and 35.6% respectively [4]. - The projected net profit for the same period is 10.81 billion, 17.86 billion, and 29.25 billion yuan, with growth rates of -7.6%, 65.2%, and 63.7% [4].