GWMOTOR(601633) 国联证券·2024-12-02 10:15Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company achieved a total automobile sales of 127,000 units in November, representing a year-on-year increase of 3.7% and a month-on-month increase of 9.1%. Cumulatively, from January to November, the total sales reached 1.098 million units, a year-on-year decrease of 1.8%. The peak season of the industry, combined with the effects of the trade-in policy, is expected to further boost sales in December [2][11] - The company has successfully met its annual export target, with overseas sales reaching 43,000 units in November, a year-on-year increase of 21.7%. Cumulatively, from January to November, overseas sales totaled 412,000 units, a year-on-year increase of 45.8%. The company is expected to further increase its overseas sales in 2025, supported by the opening of new dealerships and the upcoming production of its factory in Brazil [11] - The launch of the new model "Blue Mountain" with advanced driving capabilities has been announced, enhancing the company's competitive edge in intelligent electric vehicles. This model is expected to contribute positively to sales growth [11] Financial Summary - The company forecasts revenue for 2024, 2025, and 2026 to be 218.1 billion, 266.4 billion, and 314.9 billion yuan respectively, with year-on-year growth rates of 26%, 22%, and 18% [11] - The projected net profit attributable to shareholders for the same years is 13.5 billion, 15.2 billion, and 17.3 billion yuan, with year-on-year growth rates of 92%, 13%, and 14% [11] - Earnings per share (EPS) are expected to be 1.6, 1.8, and 2.0 yuan per share for 2024, 2025, and 2026 respectively, with a compound annual growth rate (CAGR) of 35% [11]