GWMOTOR(601633) 长江证券·2024-09-09 04:36Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In August 2024, the company achieved total sales of 94,461 vehicles, a year-on-year decrease of 17.2% but a month-on-month increase of 3.5%. Notably, overseas sales reached 40,454 vehicles, marking a year-on-year increase of 31.6% and accounting for 42.8% 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 both sales and performance. Long-term strategies are anticipated to open up significant growth opportunities in sales, while the shift towards smart technology is expected to enhance profitability across the entire industry chain [5][6]. Summary by Sections Sales Performance - In August 2024, total sales were 94,461 vehicles, down 17.2% year-on-year but up 3.5% month-on-month. NEV sales were 24,844 vehicles, down 5.5% year-on-year but up 2.9% month-on-month, with NEVs accounting for 30.8% of total sales [5][6]. - Cumulative sales from January to August 2024 reached 745,000 vehicles, a slight increase of 0.4% year-on-year, while NEV sales totaled 181,000 vehicles, up 22.3% year-on-year [5]. Brand Performance - In August, the Haval brand sold 56,166 vehicles (down 15.6% year-on-year), the Tank brand sold 16,350 vehicles (up 11.4% year-on-year), the Ora brand sold 5,151 vehicles (down 49.5% year-on-year), the WEY brand sold 3,001 vehicles (down 46.6% year-on-year), and the Great Wall pickup sold 13,718 vehicles (down 19.5% year-on-year) [5]. 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 Thai Rayong plant has begun mass production of multiple models, and the Brazilian project is progressing steadily [5][6]. Financial Projections - The company expects net profits attributable to shareholders to be 13.03 billion, 16.26 billion, and 17.97 billion yuan for 2024, 2025, and 2026, respectively. The corresponding price-to-earnings ratios for A-shares are projected to be 14.7X, 11.8X, and 10.7X [6].