GWMOTOR(SH:601633) CHINA DRAGON SECURITIES·2024-10-31 00:46Investment Rating - The investment rating for the company is "Buy" [4][5]. Core Viewpoints - The company achieved a record high single-vehicle revenue in Q3 2024, with a year-on-year increase of 20.3% and a quarter-on-quarter increase of 1.2% [4]. - The company reported a revenue of 142.25 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 19.04%, and a net profit attributable to shareholders of 10.43 billion yuan, up 108.78% year-on-year [2]. - The company is expected to enter a product boom in 2025, driven by increased investment in smart technology, which is anticipated to significantly boost sales [3]. Financial Performance Summary - In Q3 2024, the company achieved a net profit of 3.35 billion yuan, a decrease of 7.82% year-on-year, primarily due to fluctuations in sales and increased marketing expenses [2]. - The single-vehicle net profit for Q3 2024 was 11,400 yuan, reflecting an increase of 8.1% year-on-year, indicating resilient profitability despite market challenges [2]. - The company’s total revenue for Q3 2024 was 50.83 billion yuan, a year-on-year increase of 2.61%, with cumulative sales of 294,100 vehicles, showing a year-on-year decrease of 14.7% [4]. Future Outlook - The company is focusing on high-end and global strategies, with rapid advancements in smart technology expected to enhance sales and drive continuous growth in performance [4]. - The company’s net profit forecasts for 2024-2026 are adjusted to 12.56 billion, 15.78 billion, and 17.86 billion yuan respectively, reflecting strong growth potential [4][6].