GWMOTOR(601633) 国投证券·2025-01-15 02:15Investment Rating - The investment rating for Great Wall Motors is maintained at "Buy-A" [6] Core Views - The company is expected to achieve a net profit of 124-130 billion yuan in 2024, representing a year-on-year increase of 77%-85% [1] - The fourth quarter of 2024 is projected to see a net profit of 20-26 billion yuan, with a year-on-year change of -2% to +27% [2] - The growth in profits is primarily driven by scale effects, increased exports, and higher sales of high-end models [2] Summary by Sections Financial Performance - The company anticipates a net profit of 127.3 billion yuan in 2024, 170.3 billion yuan in 2025, and 190.1 billion yuan in 2026, with corresponding PE ratios of 17.4, 13.0, and 11.7 times [4][9] - The expected revenue for 2024 is 2,023.1 billion yuan, with a growth rate of 16.8% [11] Market Outlook - The off-road vehicle market has significant potential, with the Hi4Z technology expected to enhance the performance of the Tank series [3] - The company is making progress in mainstream markets, with successful product refinement and marketing strategies [3] - The diverse product range and technological reserves indicate strong export potential [3] Valuation - The target price for the stock is set at 39.80 yuan per share, based on a 20 times PE ratio for 2025 [4] - The current stock price is 25.93 yuan, indicating a potential upside [6]