GWMOTOR(601633) CAITONG SECURITIES·2024-11-07 08:23Investment Rating - The investment rating for the company is "Accumulate" (maintained) [3][5]. Core Views - In Q3 2024, the company achieved operating revenue of 50.825 billion yuan, a year-on-year increase of 2.61%, and a net profit attributable to shareholders of 3.350 billion yuan, a decrease of 7.82% year-on-year [3]. - The company is focusing on dual drivers of smart technology and globalization, with significant investments in overseas markets and continuous innovation in smart vehicle technology [4]. Financial Performance Summary - Q3 2024 financial highlights include: - Operating revenue: 50.825 billion yuan, up 2.61% year-on-year - Net profit attributable to shareholders: 3.350 billion yuan, down 7.82% year-on-year - Non-recurring net profit: 2.722 billion yuan, down 10.98% year-on-year - Gross margin: 20.81%, down 0.85 percentage points year-on-year - Sales expense ratio: 4.80%, up 1.06 percentage points year-on-year [3][4]. Future Profitability Forecast - The company is expected to achieve net profits of 11.719 billion yuan, 13.530 billion yuan, and 15.959 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 19.61, 16.98, and 14.40 [5][6].