CIMC VEHICLES(301039)2024-10-28 04:34Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a Q3 revenue of 5.124 billion yuan, with year-on-year and quarter-on-quarter changes of 16.0% and -7.6% respectively. The net profit attributable to shareholders was 280 million yuan, with year-on-year and quarter-on-quarter changes of -26.5% and -6.0% respectively [2] - Q3 gross margin improved on a quarter-on-quarter basis, while per vehicle profit declined. The gross margin for Q3 was 17.6%, with year-on-year changes of -0.03 and +3.0 percentage points. The company achieved global sales of 33,000 units, with year-on-year changes of 23.7% and +0.4% [2] - The "Starlink Plan" has begun to show results, with the specialized vehicle assembly business achieving breakeven. The semi-trailer business in China improved its market share despite industry headwinds, with sales increasing by 20.14% year-on-year [2][3] - The North American market has not yet stabilized, but the company's performance may exceed industry averages. The company has resumed normal deliveries of container chassis, with significant improvements in Q3 sales, revenue, and gross margin [2][3] Summary by Sections Financial Forecast and Valuation - The company’s 2024 net profit forecast has been adjusted down to 1.351 billion yuan from a previous estimate of 1.42 billion yuan, with corresponding EPS of 0.72 yuan [3] - The P/E ratios for 2024 to 2026 are projected to be 11.1, 8.9, and 7.6 respectively [3] Market Performance - The company’s stock closed at 10.32 yuan, with a market capitalization of approximately 19.34 billion yuan [5] - The company’s price-to-book ratio is 1.38 [5] Operational Highlights - The company is focusing on domestic market breakthroughs and enhancing new energy initiatives, including innovations in semi-trailer design and production technology [3] - The company is also deepening its innovation in new energy products and exploring areas such as autonomous trucks and smart logistics [3]