Soochow Securities·2024-06-14 06:31Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 2024 performance was slightly below expectations, with total revenue of 9.91 billion yuan, representing a quarter-on-quarter decline of 7.2% and a year-on-year decline of 42.1% [3] - Vehicle sales revenue was 8.38 billion yuan, with a quarter-on-quarter decline of 9.1% and a year-on-year decline of 45.7% [3] - The company delivered 30,000 vehicles in Q1 2024, down 3.2% quarter-on-quarter and 39.9% year-on-year [3] - The company launched a new brand, Ladao, targeting the mainstream family market, with the first model, a mid-size SUV L60, priced at 219,900 yuan [4] - Due to increased market competition, the company's net profit forecasts for 2024-2026 have been revised downwards, but the "Buy" rating is maintained due to the comprehensive layout of core technologies and marketing strategies [4] Summary by Sections Financial Performance - Q1 2024 revenue was 99.1 billion yuan, with a gross margin of 4.9% [3] - Adjusted net loss for Q1 2024 was 4.9 billion yuan, compared to a loss of 4.15 billion yuan in Q1 2023 [3] - The average revenue per vehicle decreased to 278,900 yuan, down 6.2% quarter-on-quarter and 9.6% year-on-year [3] Revenue and Profit Forecasts - Revenue forecasts for 2024-2026 are adjusted to -18.24 billion yuan, -8.81 billion yuan, and -1.99 billion yuan respectively [4] - The company expects Q2 2024 vehicle deliveries to be between 54,000 and 56,000, representing a year-on-year increase of 129.6% to 138.1% [3] New Product Launch - The new brand Ladao was officially launched on May 15, 2024, with plans for a second model to be introduced next year [4] Market Data - The closing price of the stock is 34.80 HKD, with a market capitalization of approximately 66.99 billion HKD [6]