Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a total wholesale sales volume of 232,000 vehicles in March, representing a year-on-year increase of 53.9% and a month-on-month increase of 13.3%. Cumulatively, from January to March, the total wholesale sales reached 704,000 vehicles, up 47.9% year-on-year [2][3] - The sales of new energy vehicles (NEVs) in March reached 119,696 units, a significant year-on-year increase of 167.2% and a month-on-month increase of 21.6%, with a penetration rate of 51.6%. For the first quarter, cumulative NEV sales were 339,000 units, up 135.4% year-on-year [2][3] - The company is expected to achieve a net profit of 3.58 billion yuan in Q4 2024, exceeding market expectations, with a gross margin of 17.3%, reflecting a gradual realization of profitability improvement driven by new energy [2][4] Summary by Sections Sales Performance - In March, the company's total sales were 232,000 vehicles, with the Galaxy brand contributing 90,032 units. The Zeekr brand sold 15,422 units, and Lynk & Co sold 25,293 units [2][3] New Energy Vehicle Strategy - The company plans to launch five new products under the Galaxy brand, including two SUVs and three sedans, with an annual sales target of over 1 million units for the Galaxy brand [2][4] Technological Advancements - The establishment of Zeekr Technology Group aims to enhance strategic focus and integration, targeting the pure electric market above 300,000 yuan, while Lynk & Co will focus on hybrid models priced around 200,000 yuan [3][4] - The company is integrating AI technologies into its vehicles, with plans to fully implement its AI strategy across new models [4] Financial Forecast - The company is projected to achieve net profits of 14.02 billion yuan in 2025, 17.78 billion yuan in 2026, and 20.38 billion yuan in 2027, with corresponding EPS of 1.39, 1.76, and 2.02 yuan [5][8]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a total wholesale sales volume of 232,000 vehicles in March, representing a year-on-year increase of 53.9% and a month-on-month increase of 13.3% [1][2] - The cumulative wholesale sales for the first three months reached 704,000 vehicles, up 47.9% year-on-year, with new energy vehicle sales showing significant growth of 135.4% year-on-year [2][4] - The company is expected to achieve a net profit of 3.58 billion yuan in Q4 2024, exceeding market expectations, with a gross margin of 17.3% [2][4] - The establishment of Zeekr Technology Group aims to enhance strategic focus and integration, targeting a total sales volume of 710,000 vehicles by 2025 [3][4] - The company is accelerating its AI technology integration, which is expected to boost product sales and reshape its valuation [4] Financial Forecasts - The projected net profits for 2025, 2026, and 2027 are 14.02 billion yuan, 17.78 billion yuan, and 20.38 billion yuan respectively, with corresponding EPS of 1.39, 1.76, and 2.02 yuan [5][8] - Revenue is expected to grow significantly, with forecasts of 364.78 billion yuan in 2025, 439.69 billion yuan in 2026, and 512.83 billion yuan in 2027 [5][8] - The company’s P/E ratios are projected to be 11, 9, and 8 for the years 2025, 2026, and 2027 respectively, indicating a favorable valuation trend [5][8]

Investment Rating - The report maintains a "Recommended" rating for the company [4] Core Insights - The company reported a total wholesale sales volume of 205,000 vehicles in February, representing a year-on-year increase of 83.9% and a month-on-month decrease of 23.2% [2] - The penetration rate of new energy vehicles reached 48.0% in February, with a total of 98,433 new energy vehicles sold, marking a year-on-year increase of 193.8% [1][2] - The company aims to challenge a sales target of 1 million vehicles by 2025, focusing on cost reduction and scaling up its new energy business [2][3] - The establishment of Zeekr Technology Group, following the acquisition of a 51% stake in Lynk & Co, is expected to enhance strategic focus and operational efficiency [3] - The company is accelerating its integration of AI technologies to boost product sales and reshape its valuation [3] Financial Forecasts - Revenue projections for 2024-2026 are estimated at 224.78 billion, 289.69 billion, and 338.83 billion RMB, respectively, with net profits of 16.42 billion, 14.10 billion, and 17.45 billion RMB [4][5] - The expected EPS for the same period is 1.63, 1.40, and 1.73 RMB, corresponding to P/E ratios of 10, 12, and 9 times [4][5] - The company anticipates a significant increase in net profit in 2024, with a projected growth rate of 209.3% [5]