Guohai Securities·2024-10-11 03:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a month-on-month improvement in sales for September, with a total of 108,000 vehicles sold, reflecting a 14.8% increase compared to the previous month, although a 10.9% decrease year-on-year [3] - The sales performance of the WEY brand has been particularly strong, with a year-on-year increase of 165.1% in September, driven by the successful launch of the new model [4] - The company is making significant strides in its overseas market expansion, achieving a 46.9% year-on-year increase in overseas sales in September [5] Summary by Sections Sales Performance - In September, the company sold 108,000 vehicles, with a year-on-year decrease of 10.9% and a month-on-month increase of 14.8%. Cumulative sales from January to September reached 854,000 vehicles, a year-on-year decrease of 1.2% [3] - The Haval brand sold 63,000 vehicles in September, down 14.7% year-on-year but up 12.0% month-on-month. The WEY brand sold 6,755 vehicles, up 165.1% year-on-year and 125.1% month-on-month [3] Product Development - The company has optimized its product matrix, with sales of models priced above 200,000 yuan reaching 212,000 units from January to September, a year-on-year increase of 38.7% [4] - The new WEY model, the Blue Mountain, sold 6,108 units in September, accounting for 90.4% of WEY's sales, with a year-on-year increase of 201.5% [4] Overseas Expansion - The company achieved overseas sales of 44,000 vehicles in September, a year-on-year increase of 46.9% and a month-on-month increase of 9.0%, with exports accounting for 40.7% of total sales [5] - The company has signed a memorandum of cooperation with a Vietnamese group to accelerate its Southeast Asian market entry and has successfully launched a KD factory in Indonesia [5] Financial Forecast - The company is expected to achieve revenues of 222.5 billion yuan, 260.7 billion yuan, and 287.1 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 28%, 17%, and 10% [7] - The projected net profit for 2024, 2025, and 2026 is 13.26 billion yuan, 16.56 billion yuan, and 19.20 billion yuan, with growth rates of 89%, 25%, and 16% respectively [7]