GWMOTOR(SH:601633) Guohai Securities·2025-03-31 12:02Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1][12][13] Core Views - The company has shown significant results in high-end product development, driven by robust technology that promotes technological equality [2][9] - The company's total revenue for 2024 reached 202.0 billion yuan, representing a year-on-year increase of 16.7%, while the net profit attributable to shareholders was 12.69 billion yuan, up 80.8% year-on-year [6][9] - The company is expanding its overseas market presence, with overseas sales reaching 454,000 units in 2024, a historical high, and a year-on-year increase of 45% [9][12] Summary by Sections Recent Performance - The company's stock performance over the last year shows a 15.7% increase compared to the Shanghai and Shenzhen 300 index, which decreased by 9.9% [3] - The current stock price is 26.10 yuan, with a market capitalization of approximately 223.49 billion yuan [3] Sales and Profitability - In 2024, the company sold 1.235 million vehicles, with an average selling price of 164,000 yuan, and a net profit per vehicle of 10,000 yuan [9] - The gross margin for 2024 was 19.5%, an increase of 1.4 percentage points year-on-year [9] Future Projections - The company is expected to achieve revenues of 253.4 billion yuan, 287.6 billion yuan, and 307.5 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 25%, 13%, and 7% [12][13] - The projected net profit attributable to shareholders for the same years is 15.77 billion yuan, 18.19 billion yuan, and 19.50 billion yuan, with growth rates of 24%, 15%, and 7% [12][13] Market Strategy - The company has established a comprehensive global presence with R&D branches in seven countries and production bases in Thailand and Brazil [9] - The company is focusing on electric and intelligent vehicle technologies, with a significant increase in new energy vehicle sales, which reached 322,000 units in 2024, a year-on-year increase of 25.7% [9][10]