GWMOTOR(601633) CAITONG SECURITIES·2024-11-14 10:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's total sales in October decreased by 11.05% year-on-year, while overseas sales increased by 25.65% [3][4] - The company has a leading new architecture with the Hi4-Z platform, which supports long-range off-road capabilities and is expanding its overseas presence [4] - The projected net profits for 2024-2026 are 11.632 billion, 13.698 billion, and 15.909 billion yuan respectively, with corresponding PE ratios of 20.76, 17.63, and 15.18 [5][6] Summary by Sections Sales Performance - In October, total sales were 117,000 units, with a decline in sales for several brands: Haval down 7.65%, Great Wall Pickup down 25.64%, and Ora down 48.64% [3] - The sales of WEY brand increased by 187.50% year-on-year, and sales of models priced above 200,000 yuan grew by 12.69% [3][4] Financial Projections - Revenue projections for 2024-2026 are 218.63 billion, 260.65 billion, and 306.12 billion yuan, with growth rates of 26.22%, 19.22%, and 17.44% respectively [6][7] - The net profit growth rates are expected to be 65.66%, 17.77%, and 16.14% for the same period [6][7] Market Position and Strategy - The company is enhancing its overseas strategy, with the second-generation Haval H9 entering the Saudi market and a distribution center in Queensland, Australia becoming operational [4] - The Hi4-Z architecture features a maximum system power of 715 kW and over 200 km of pure electric range, catering to both urban and off-road needs [4]