GWMOTOR(SH:601633) Haitong Securities·2025-04-01 14:13Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][7]. Core Views - The report highlights that the company's performance in 2024 is expected to be robust, driven by product structure optimization and growth in exports [7]. - The company achieved a revenue of 202.2 billion yuan in 2024, representing a year-on-year increase of 16.7%, with a net profit of 12.7 billion yuan, up 80.8% year-on-year [7]. - The report emphasizes the company's strong sales performance, with a total of 1.235 million vehicles delivered in 2024, a slight increase of 0.4% year-on-year [7]. - The company is focusing on international expansion, achieving record-high export sales of 454,000 vehicles in 2024, a 44.6% increase year-on-year [7]. - Continuous investment in smart technology is noted, with R&D spending exceeding 10 billion yuan for three consecutive years, enhancing product offerings and driving sales growth [7]. Financial Data and Forecast - The company’s projected revenues for 2025, 2026, and 2027 are approximately 239.5 billion yuan, 268.9 billion yuan, and 293.8 billion yuan, respectively [6][10]. - The estimated net profits for the same years are around 16 billion yuan, 17.7 billion yuan, and 20.1 billion yuan, respectively [6][10]. - The report forecasts an EPS of 1.86 yuan for 2025, increasing to 2.34 yuan by 2027 [6][10]. - The gross margin is expected to improve slightly, reaching 20.0% by 2026 and maintaining that level through 2027 [6][10].