CAITONG SECURITIES·2024-06-13 10:22Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total sales volume of 332,000 units in May 2024, representing a year-on-year increase of 38.1%. The sales of pure electric passenger vehicles reached 146,000 units, up 22.4%, while plug-in hybrid vehicles saw sales of 184,000 units, a growth of 54.1%. The overseas sales of new energy passenger vehicles surged by 267.5% [3][4] - The launch of the DM5.0 and new models is expected to boost sales further. The company has expanded its global presence, particularly in Brazil and Saudi Arabia, with plans to increase its dealership network significantly [3][4] Financial Performance Summary - The company is projected to achieve net profits of 36.985 billion, 45.307 billion, and 54.342 billion yuan for the years 2024, 2025, and 2026, respectively. The corresponding price-to-earnings (PE) ratios are expected to be 19.24, 15.71, and 13.10 [4][5] - Revenue is forecasted to grow from 602.315 billion yuan in 2023 to 765.146 billion yuan in 2024, reflecting a growth rate of 27.03% [5][6] - The company's return on equity (ROE) is projected to be 22.51%, 23.11%, and 23.22% for the years 2024, 2025, and 2026, respectively [5][6]