GWMOTOR(SH:601633) Changjiang Securities·2024-11-15 01:46Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In October 2024, the company's total sales reached 117,000 units, a year-on-year decrease of 11.0% but a month-on-month increase of 7.8%. Export sales were 44,418 units, marking a new high and accounting for 38.0% of total sales. New energy vehicle sales were 32,039 units, with a 30.8% share of total sales [3][4]. - The company is accelerating its global expansion and is committed to transitioning to new energy, with a continuous new vehicle cycle expected to drive improvements in sales and performance. Long-term strategies are set to open up growth opportunities in sales, while the shift towards smart technology is anticipated to enhance profitability across the entire industry chain [4][5]. Summary by Sections Sales Performance - In October 2024, total sales were 116,799 units, down 11.0% year-on-year but up 7.8% month-on-month. New energy vehicle sales were 32,039 units, up 4.9% year-on-year and 6.3% month-on-month, with a 30.8% share of total sales [3][4]. - Cumulative sales from January to October 2024 reached 971,000 units, a decrease of 2.5% year-on-year, while new energy vehicle sales totaled 244,000 units, an increase of 21.3% year-on-year [3]. Brand Performance - In October, the Haval brand sold 72,675 units (down 7.7% year-on-year, up 15.5% month-on-month), the Tank brand sold 19,123 units (down 13.5% year-on-year, up 2.0% month-on-month), and the Ora brand sold 5,560 units (down 48.6% year-on-year, up 1.3% month-on-month) [3]. International Expansion - The company has expanded its overseas market presence to over 170 countries and regions, with more than 1,300 sales channels. In October, overseas sales reached 44,418 units, a year-on-year increase of 25.7% and accounting for 38.0% of total sales [3][4]. Financial Projections - The company expects net profits attributable to shareholders to be 12.69 billion, 16.05 billion, and 17.95 billion yuan for 2024, 2025, and 2026, respectively. The corresponding A-share PE ratios are projected to be 19.2x, 15.2x, and 13.6x [5][9].