Core Viewpoint - Tianfeng Securities projects that Wuling Motors is expected to achieve continued growth in performance due to its research capabilities in the new energy sector and ongoing investments in building a complete independent industrial chain [1] Group 1: Financial Projections - The expected operating revenue for Wuling Motors from 2025 to 2027 is projected to be 8.866 billion, 9.724 billion, and 10.672 billion yuan, representing year-on-year growth of 12%, 10%, and 10% respectively [1] - The projected net profit attributable to shareholders for the same period is expected to be 80 million, 110 million, and 144 million yuan, with year-on-year growth of 58%, 38%, and 31% respectively [1] - The company achieved a net profit of 111 million yuan in 2024, a year-on-year increase of 60.19%, and a net profit attributable to shareholders of 51 million yuan, a year-on-year increase of 115.59% [2] Group 2: Business Strategy and Operations - Wuling Motors focuses on the automotive industry chain, with a core business in automotive parts, accounting for 69% of its main revenue in 2024, while also developing power systems (22%) and commercial vehicles (9%) [1] - The company is implementing the "Lingshi Project" strategy to cultivate three national-level manufacturing champions in the automotive parts sector, aiming to enhance product competitiveness through technological breakthroughs [3] - The company is actively expanding its presence in the new energy sector, integrating traditional power technology upgrades with new energy power development [4] Group 3: Market Position and Clientele - Wuling Motors provides high-value parts to numerous domestic and international OEMs and serves over 10 million end customers with power systems [1] - The company has successfully developed high-value-added products, such as the micro-integrated electric axle, which supports its entry into the supply chains of high-end models from companies like BYD and Great Wall [3] - The company is expanding its international footprint with operations in Indonesia and India, promoting the internationalization of its parts business [3]