GAC GROUP(601238) CAITONG SECURITIES·2024-10-14 08:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total vehicle sales of 182,600 units in September 2024, representing a month-on-month increase of 23.2% but a year-on-year decrease of 25.03% [2][3] - The company is actively expanding its overseas market presence, with a total export of 95,000 vehicles from January to September 2024, marking a year-on-year growth of 112% [4] - The company is expected to achieve net profits attributable to shareholders of 4.008 billion, 4.630 billion, and 5.279 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding PE ratios of 21.23, 18.38, and 16.11 [5][6] Sales Performance - In September 2024, the sales figures for the company's major brands were as follows: GAC Honda sold 35,000 units (up 7% month-on-month, down 42.82% year-on-year), GAC Toyota sold 72,000 units (up 29.1% month-on-month, down 21.78% year-on-year), GAC Trumpchi sold 35,000 units (up 26.3% month-on-month, down 6.75% year-on-year), and GAC Aion sold 40,000 units (up 27% month-on-month, down 21.78% year-on-year) [2][3] Financial Forecast - The company's projected operating revenue for 2024 is 150.69 billion yuan, with a growth rate of 17.03% [6][7] - The net profit for 2023 is forecasted to be 4.429 billion yuan, reflecting a significant decrease of 45.08% compared to the previous year [6][7] - The company's earnings per share (EPS) for 2024 is estimated to be 0.39 yuan, with a projected PE ratio of 21.23 [6][7]