CIMC VEHICLES(301039) 财通证券·2025-03-30 06:12Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has maintained its position as the sales champion in the semi-trailer market and is poised to benefit from growth opportunities in the new energy head-mounted vehicle sector [5] - The company is actively developing pure electric head-mounted vehicles, with plans to invest in a manufacturing base for these vehicles in Luzhou and establish service outlets in the Sichuan-Chongqing region [5] - The company expects to achieve net profits of 1.464 billion, 1.660 billion, and 1.863 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding PE ratios of 11.62, 10.25, and 9.14 [5] Financial Performance Summary - For 2023, the company reported a revenue of 25.087 billion yuan, with a growth rate of 6.21%. However, in 2024, revenue is expected to decline to 20.998 billion yuan, a decrease of 16.30% [4] - The company's net profit for 2023 was 2.456 billion yuan, with a significant increase of 119.66%. In 2024, net profit is projected to drop to 1.085 billion yuan, a decline of 55.80% [4] - The company's gross margin for 2024 is reported at 16.32%, down by 2.3 percentage points from the previous year [5] - The company has maintained a stable sales expense ratio of 2.70% in 2024, while the management expense ratio decreased by 1.03 percentage points to 4.42% [5] Future Projections - Revenue is projected to recover to 23.009 billion yuan in 2025, with a growth rate of 9.58%, and continue to grow to 25.897 billion yuan in 2026 and 29.167 billion yuan in 2027 [4] - The expected EPS for 2025 is 0.78 yuan, increasing to 0.89 yuan in 2026 and 0.99 yuan in 2027 [4] - The company's ROE is expected to improve from 9.73% in 2025 to 11.31% in 2027 [4]