Shanghai Securities·2024-10-29 04:37Investment Rating - The investment rating for Great Wall Motors is "Buy" (maintained) [7][14]. Core Views - The company reported a steady revenue growth in Q3 2024, achieving an operating income of 142.25 billion yuan, a year-on-year increase of 19.04%, and a net profit attributable to shareholders of 10.43 billion yuan, up 108.78% year-on-year [6][7]. - The Q3 single-quarter revenue reached 50.83 billion yuan, with a gross margin maintained at 20.80% [6]. - The overseas sales for Q3 accounted for over 40% of total sales, with 122,700 vehicles sold internationally, marking a year-on-year increase of 16.28 percentage points [6]. - The launch of the new Blue Mountain model, featuring advanced intelligent driving systems, is expected to contribute significantly to sales growth [6]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved an operating income of 142.25 billion yuan, a year-on-year increase of 19.04%, and a net profit of 10.43 billion yuan, up 108.78% year-on-year [6]. - Q3 revenue was 50.83 billion yuan, with a gross margin of 20.80% [6]. - The company expects net profits for 2024, 2025, and 2026 to be 12.93 billion yuan, 15.05 billion yuan, and 17.65 billion yuan, respectively, with year-on-year growth rates of 84.08%, 16.41%, and 17.33% [7]. Market Position and Strategy - The company has been focusing on expanding its overseas market presence, with significant projects in Malaysia, Indonesia, and Pakistan [6]. - The introduction of the Blue Mountain model, equipped with the third-generation intelligent driving system, is anticipated to enhance the company's competitive edge in the SUV market [6]. Valuation Metrics - The projected P/E ratios for 2024, 2025, and 2026 are 18.02X, 15.48X, and 13.19X, respectively [7].