Soochow Securities·2024-06-05 15:31Investment Rating - The report maintains a "Buy" rating for the company [1][4] Core Views - In May 2024, the company delivered 35,020 new vehicles, representing a year-on-year increase of 23.8%. Cumulatively, from January to May 2024, the total deliveries reached 141,207 vehicles, aligning with expectations. The weekly delivery levels have shown a consistent upward trend, maintaining strong positions in various market segments [3] - The company has established 487 retail centers across 144 cities and 374 after-sales service centers, enhancing its channel network and charging infrastructure. This development supports future sales growth for electric vehicles [3] - The new model, L6, has achieved rapid delivery since its launch, with over 15,000 units delivered, setting a record for the fastest delivery of a new model. The company’s market share in the new energy vehicle segment priced above 200,000 yuan has seen healthy growth, reaching 13.5% from January to April 2024, leading among Chinese automotive brands [3] - The company is focused on continuous product upgrades and user value enhancement while beginning to explore overseas markets. An OTA upgrade is expected in Q3 2024, enhancing its autonomous driving capabilities [3] Financial Summary - The company’s projected revenue for 2024-2026 is 151.3 billion, 216.9 billion, and 273.2 billion yuan, with year-on-year growth rates of 22%, 43%, and 26% respectively. The net profit attributable to the parent company is forecasted to be 8.3 billion, 13 billion, and 18.6 billion yuan, with corresponding year-on-year changes of -29%, +57%, and +43% [2][4] - The earnings per share (EPS) for 2024-2026 are estimated at 3.91, 6.14, and 8.75 yuan, with price-to-earnings (P/E) ratios of 19, 12, and 8 respectively [4] - The company’s closing price is 79.55 HKD, with a market capitalization of approximately 140.5 billion HKD [6]