Investment Rating - The report maintains a "Buy" rating for the company [2]. Core Views - The company has significantly improved its sales volume and gross margin in Q2 2024, delivering 57,373 vehicles, a year-on-year increase of 143.9% [4]. - The company expects to deliver between 61,000 and 63,000 vehicles in Q3 2024, representing a year-on-year growth of 10.0% to 13.7% [4]. - The launch of the new brand and model, L60, is anticipated to contribute positively to sales, with a competitive pricing strategy [5]. - The company is expanding its sales and service network, aiming for full coverage of battery swap stations across county-level administrative regions by the end of 2025 [4]. Summary by Sections Market Data - As of September 20, 2024, the closing price is $5.28, with a total share capital of 2,074 million shares and net assets of 16,075 million RMB [3]. Sales and Financial Performance - In Q2 2024, the company achieved automotive sales revenue of 156.8 billion RMB, a year-on-year increase of 118.2% [4]. - The gross margin for automotive sales in Q2 2024 was 12.2%, up by 6.0 percentage points year-on-year [4]. - The net loss attributable to ordinary shareholders was 51.3 billion RMB, a decrease of 16.3% year-on-year [4]. Future Outlook - The company projects sales revenues of 696.52 billion RMB, 1,016.25 billion RMB, and 1,377.31 billion RMB for the years 2024, 2025, and 2026, respectively [5]. - The company plans to enhance its service network with over 1,000 battery swap stations and more than 200 stores across 120 cities by the end of 2024 [5].
蔚来：销量及毛利率大幅提升，乐道L60产品力强劲、销量可期