GWMOTOR(601633) 申万宏源·2025-03-05 05:51Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total sales volume of 77,900 vehicles in February 2025, representing a year-on-year increase of 9.65% but a month-on-month decrease of 3.77% [4] - The company is expected to enter a new vehicle cycle soon, with significant model launches planned, including the Tank 400 and the 2025 Tank 300, which are anticipated to drive sales growth [7] - The company aims for substantial sales growth in both domestic and overseas markets, projecting domestic sales to reach 1.13 million units in 2025, a year-on-year increase of 46%, and overseas sales to reach 550,000 units, a year-on-year increase of 20% [7] Summary by Sections Market Data - Closing price: 25.08 CNY - Market capitalization: 155,342 million CNY - Price-to-book ratio: 2.8 - Dividend yield: 1.20% [1] Sales Performance - February sales breakdown: - Haval: 43,300 units (YoY -3.20%, MoM -10.82%) - Wey: 3,643 units (YoY +37.52%, MoM -27.24%) - Pickup trucks: 17,300 units (YoY +65.04%, MoM +40.11%) - Ora: 1,898 units (YoY -36.86%, MoM -13.45%) - Tank: 1,180 units (YoY +15.72%, MoM -8.43%) [4] Financial Data and Profit Forecast - Total revenue forecast for 2025: 243,546 million CNY - Net profit forecast for 2025: 15,676 million CNY - Earnings per share (EPS) forecast for 2025: 1.83 CNY - Projected growth rates: Revenue growth of 26.1% in 2025 and net profit growth of 25.7% in 2025 [5][10] Strategic Outlook - The company is focusing on enhancing its product lineup with new models and technological advancements, particularly in smart driving capabilities, which are expected to improve brand reputation and user coverage [7] - The company is also set to benefit from local production in Brazil, which will help mitigate risks associated with tax increases in other markets [7]