Guolian Securities·2024-03-02 16:00Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook based on the anticipated performance and market conditions [7]. Core Insights - In February 2024, the company delivered 20,251 vehicles, marking a year-on-year increase of 21.8%. The spring launch event on March 1, 2024, introduced the new Mega model and the 2024 L series [1][2]. - The Mega model, priced at 559,800 yuan, features a range of 710 km and the ability to charge 500 km in just 12 minutes, making it the fastest charging mass-produced vehicle currently available. The vehicle's spacious interior and advanced technology are expected to enhance its market appeal [2]. - The 2024 L series has undergone iterations, with price adjustments and upgrades in battery capacity and features, which are expected to improve competitiveness [2]. - The company is investing 6 billion yuan to expand its charging network, aiming to establish 5,000 direct-operated charging stations by the end of 2024 [4]. Financial Projections - Revenue forecasts for 2023, 2024, and 2025 are projected at 123.85 billion yuan, 208.44 billion yuan, and 317.36 billion yuan, respectively, with year-on-year growth rates of 174%, 68%, and 52% [5][6]. - The net profit attributable to shareholders is expected to be 11.83 billion yuan in 2024, with a significant recovery anticipated in 2025 [5][6]. - Earnings per share (EPS) are projected to be 5.57 yuan, 7.61 yuan, and 12.81 yuan for the years 2023, 2024, and 2025, respectively [5][6].