Changjiang Securities·2024-08-06 00:31Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In July 2024, the company achieved a total sales volume of 91,285 vehicles, a year-on-year decrease of 16.3% and a month-on-month decrease of 6.9%. Among these, export sales reached 38,185 vehicles, marking a record high and accounting for 41.8% of total sales [5][6]. - The company is accelerating its global expansion and is committed to transitioning to new energy vehicles (NEVs). The ongoing new vehicle cycle is expected to drive improvements in sales and performance [5][6]. - The company has four major expansion strategies that are expected to open up long-term growth opportunities for sales, while the shift towards smart technology is anticipated to enhance profitability across the entire industry chain [6]. Summary by Sections Sales Performance - In July 2024, total sales were 91,285 vehicles, with a year-on-year decline of 16.3% and a month-on-month decline of 6.9%. NEV sales were 24,145 vehicles, also down 16.5% year-on-year [5][6]. - Cumulative sales from January to July reached 651,000 vehicles, representing a year-on-year increase of 3.6%, while NEV cumulative sales were 157,000 vehicles, up 28.3% year-on-year [5][6]. Brand Performance - In July, the Haval brand sold 52,944 vehicles (down 15.9% year-on-year), the Tank brand sold 18,682 vehicles (up 38.5% year-on-year), and the Ora brand sold 4,780 vehicles (down 52.7% year-on-year) [5][6]. Global Expansion - The company has implemented the "ONE GWM" strategy to accelerate its international presence, covering over 170 countries and regions with more than 1,000 overseas sales channels. The export volume continues to grow, with significant projects in Thailand and Brazil [6]. Financial Projections - The company expects net profits attributable to shareholders to be 13.03 billion, 16.16 billion, and 17.86 billion yuan for 2024, 2025, and 2026, respectively, with corresponding A-share PE ratios of 15.3X, 12.4X, and 11.2X [6].