GWMOTOR(SH:601633) Tianfeng Securities·2024-11-12 12:44Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within the next six months [6]. Core Insights - The company has shown improvement in sales volume, with a month-on-month increase of 7.8% in October 2024, despite a year-on-year decline of 11.1%. Cumulative sales from January to October 2024 reached 971,000 units, down 2.5% year-on-year [1]. - The high-end model sales continue to grow steadily, with sales of models priced above 200,000 yuan reaching 30,000 units in October, a year-on-year increase of 12.7% [1]. - The company has successfully launched the new WEY model, which has contributed significantly to sales, with October sales reaching 6,486 units, a remarkable year-on-year increase of 187.5% [2]. - The overseas sales have reached a record high, with 369,000 units sold from January to October 2024, and October sales alone increased by 25.7% year-on-year [3]. - A strategic partnership with Mianbi Intelligent has been established to accelerate the development of AI technologies in the automotive sector, enhancing the company's technological capabilities [4]. Financial Data and Valuation - The company's revenue is projected to grow from 173.2 billion yuan in 2023 to 227.2 billion yuan in 2024, reflecting a growth rate of 31.17% [5]. - The net profit attributable to the parent company is expected to increase significantly from 7.02 billion yuan in 2023 to 12.92 billion yuan in 2024, representing an 84.05% growth [5]. - The earnings per share (EPS) is forecasted to rise from 0.82 yuan in 2023 to 1.51 yuan in 2024 [5]. - The company’s price-to-earnings (P/E) ratio is projected to decrease from 34.45 in 2023 to 18.72 in 2024, indicating a more attractive valuation [5]. Cash Flow and Debt Management - The operating cash flow is expected to increase significantly to 46.49 billion yuan in 2024, up from 17.75 billion yuan in 2023 [9]. - The company maintains a healthy liquidity position, with a current ratio projected at 1.10 in 2024 [9].