Changjiang Securities·2024-10-12 01:40Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - In September 2024, the company achieved a total sales volume of 108,398 vehicles, representing a year-on-year decrease of 10.9% but a month-on-month increase of 14.8%. Export sales reached 44,105 vehicles, marking a new high and accounting for 40.7% of total sales [6][7]. - The company is accelerating its global expansion and is committed to transitioning to new energy vehicles. The ongoing new vehicle cycle is expected to drive improvements in sales and performance [6][7]. - The company has four major expansion strategies that open up long-term growth potential for sales, while its transformation towards smart technology is expected to enhance profitability across the entire industry chain [7]. Summary by Sections Sales Performance - In September 2024, total sales were 108,398 vehicles, down 10.9% year-on-year but up 14.8% month-on-month. New energy vehicle sales were 30,129 units, up 37.6% year-on-year and 21.3% month-on-month, with a share of 32.1% [6]. - Cumulative sales from January to September reached 854,000 vehicles, a decrease of 1.2% year-on-year, while new energy vehicle sales totaled 211,000 units, an increase of 24.2% year-on-year [6]. Brand Performance - In September, the Haval brand sold 62,900 vehicles (down 14.7% year-on-year), the Tank brand sold 18,740 vehicles (up 3.8% year-on-year), and the WEY brand saw a significant increase of 165.1% year-on-year with 6,755 vehicles sold [6]. Overseas Expansion - The company benefited from increased overseas demand, with export sales reaching 44,105 vehicles in September, up 46.9% year-on-year. Cumulative overseas sales for the first nine months were 324,000 vehicles, an increase of 53.2% year-on-year [6]. Strategic Initiatives - The company is focusing on product, channel, and supply chain adjustments domestically, emphasizing the new energy transition and launching multiple new models across various brands [6]. - The "ONE GWM" strategy is accelerating the company's overseas expansion, with a presence in over 170 countries and regions, and ongoing projects in Thailand and Brazil [6]. Financial Projections - The company is expected to achieve net profits of 13 billion, 16.17 billion, and 18.12 billion yuan for 2024, 2025, and 2026 respectively, with corresponding A-share PE ratios of 19.8X, 16.0X, and 14.2X [7].