GWMOTOR(SH:601633) CAITONG SECURITIES·2024-09-09 06:03Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant year-on-year growth in Q2 performance, with a revenue of 914.29 billion yuan for H1 2024, representing a 30.67% increase, and a net profit of 70.79 billion yuan, up 419.99% [4][5] - The growth in overseas sales and optimization of domestic product structure contributed to a gross margin increase of 20.74%, up 3.89 percentage points year-on-year [4] - The company is enhancing its intelligence capabilities across various domains, achieving a 62.09% increase in overseas sales volume, totaling 199,847 units in H1 2024 [4] Financial Performance Summary - For H1 2024, the company achieved an operating income of 914.29 billion yuan, with a net profit of 70.79 billion yuan, and a non-recurring net profit of 56.51 billion yuan [4] - Q2 2024 results showed an operating income of 485.69 billion yuan, a year-on-year increase of 18.66%, and a net profit of 38.51 billion yuan, up 224.40% [4] - The company expects net profits for 2024-2026 to be 120.89 billion yuan, 141.43 billion yuan, and 164.79 billion yuan respectively, with corresponding PE ratios of 16.44, 14.05, and 12.06 [5][6]