sntonly(834599) 东海证券·2025-03-03 12:31Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10]. Core Views - The company reported a stable revenue growth of 5.53% year-on-year, reaching a total revenue of 6.185 billion yuan in 2024, while net profit increased by 26.54% to 778 million yuan [7]. - The growth in revenue is primarily driven by the increase in sales of new energy vehicles, high unit prices, and the successful operation of autonomous driving vehicles [7]. - The company has successfully launched various new energy products, which now account for approximately 20% of total sales, contributing to higher gross margins [7]. - The company is advancing its international strategy, with exports of non-road dump trucks increasing by 13.7% in 2024, expanding its market presence in several countries [7]. Summary by Sections Financial Performance - Total revenue for 2023 was 5.860 billion yuan, with projections of 6.185 billion yuan for 2024, 7.051 billion yuan for 2025, and 7.756 billion yuan for 2026 [6]. - The net profit for 2023 was 614.67 million yuan, expected to rise to 777.81 million yuan in 2024, 940.83 million yuan in 2025, and 1.03875 billion yuan in 2026 [6]. - The diluted EPS is projected to increase from 1.34 yuan in 2023 to 2.27 yuan in 2026 [6]. Product Development - The company is focusing on large-tonnage rigid dump trucks, with a 180-ton model already in testing and plans for a 220-ton model in the design phase [7]. - The company has established deep strategic partnerships in the autonomous driving sector, enhancing its operational capabilities in this area [7]. Market Strategy - The company is leveraging its first-mover advantage in the autonomous driving field, aiming to play a pivotal role in the construction of unmanned mines [7]. - The international expansion strategy is being rapidly implemented, with products now exported to multiple countries, supported by a Singapore subsidiary as a global business platform [7].