GWMOTOR(601633) 长江证券·2025-01-15 12:55Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company achieved a total sales volume of 135,286 vehicles in December 2024, representing a year-on-year increase of 20.3% and a month-on-month increase of 6.2%. The total annual sales exceeded 1.23 million vehicles [2][4]. - The company is accelerating its global expansion and is committed to transitioning to new energy vehicles, with a continuous new car cycle expected to drive improvements in sales and performance [2][4]. - The company's four major expansion strategies are expected to open up long-term growth opportunities for sales, while the shift towards smart technology is anticipated to enhance profitability across the entire industry chain [2][4]. Summary by Sections Sales Performance - In December 2024, domestic sales reached 93,993 vehicles, up 18.9% year-on-year and 11.6% month-on-month. New energy vehicle sales reached 42,265 units, marking a record high with a year-on-year increase of 41.6% [2][4]. - Cumulatively, the company sold 1.233 million vehicles in 2024, a slight increase of 0.2% year-on-year, with new energy vehicle sales totaling 322,000 units, up 22.9% year-on-year [2][4]. Brand Performance - The Haval brand sold 83,425 vehicles in December, up 27.2% year-on-year. The Tank brand sold 21,879 vehicles, up 26.4% year-on-year. The WEY brand saw a significant increase of 150.8% year-on-year, with the Blue Mountain model contributing 8,057 units sold [2][4]. - The company's overseas sales in December reached 41,293 vehicles, a year-on-year increase of 23.4%, with a total of 453,000 units sold overseas in 2024, up 43.4% year-on-year [2][4]. Strategic Initiatives - The company is focusing on product, channel, and supply chain adjustments to enhance domestic performance. It is committed to deepening its transition to new energy, with a focus on plug-in hybrid vehicles and a clear positioning for new models [2][4]. - The "ONE GWM" strategy is accelerating the company's overseas expansion, with sales channels covering over 1,300 locations in more than 170 countries and regions [2][4]. - The company is actively promoting the development of smart vehicles, leveraging data and algorithms as core competitive advantages [2][4]. Financial Projections - The company is expected to achieve net profits of 12.69 billion, 16.05 billion, and 17.95 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding A-share price-to-earnings ratios of 16.8X, 13.3X, and 11.9X [2][4].