CIMC VEHICLES(SZ:301039) Haitong Securities·2025-03-27 14:10Investment Rating - The report maintains an "Outperform" rating for the company, with a target valuation range of 10.19 to 11.76 CNY based on a PE ratio of 13-15x for 2025 [7][13]. Core Views - The company is focusing on expanding its scale advantages and targeting growth in global southern markets, particularly in Southeast Asia, the Middle East, and Africa, where it has achieved a revenue increase of 6% and a significant gross margin improvement of 5.8 percentage points [7]. - Despite challenges in the European market, the company has managed to optimize its product structure and reduce costs, resulting in a gross margin increase of 2.4 percentage points [7]. - The company is advancing its electric logistics development through strategic collaborations, aiming to innovate in the electric head-trailer technology [7]. Financial Performance and Forecast - In 2024, the company is projected to achieve a revenue of 20.998 billion CNY, a year-on-year decrease of 16.3%, with a net profit of 1.085 billion CNY, down 55.8% [6][7]. - The gross margin for Q4 2024 is expected to be 18.0%, with a net margin of 4.3% [7]. - Revenue forecasts for 2025, 2026, and 2027 are 22.350 billion CNY, 24.429 billion CNY, and 26.727 billion CNY respectively, with corresponding net profits of 1.469 billion CNY, 1.662 billion CNY, and 1.788 billion CNY [6][7]. Market Comparison - The company has entered 50 countries and regions, establishing a strong sales presence in the southern global markets, which account for 34% of the total export volume of Chinese trailers [7]. - The report compares the company's valuation with peers, indicating a reasonable valuation range based on industry standards [8].