GWMOTOR(601633) 长江证券·2025-04-05 01:13Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In March 2025, the company achieved a total sales volume of 97,991 vehicles, representing a year-on-year decrease of 2.3% but a month-on-month increase of 25.8%. Notably, the sales of new energy vehicles reached 25,000 units, accounting for 32.5% of total sales, with a year-on-year increase of 15.0% and a month-on-month increase of 66.5% [2][5]. - The company is accelerating its global expansion and is committed to transitioning towards new energy, which is expected to drive improvements in both sales and performance. The long-term growth potential is supported by four strategic expansion initiatives and a shift towards smart technology, which opens up profitability across the entire industry chain [2][5]. Summary by Sections Sales Performance - In March 2025, the company sold 97,991 vehicles, with domestic sales of 66,000 units (up 2.7% year-on-year, up 41.4% month-on-month) and export sales of 31,806 units (down 11.2% year-on-year, up 2.4% month-on-month) [5]. - Cumulative sales for the first three months of 2025 totaled 257,000 vehicles, down 6.7% year-on-year, while new energy vehicle sales reached 63,000 units, up 5.7% year-on-year [5]. Brand Performance - In March, the Haval brand sold 52,732 units (down 2.4% year-on-year, up 21.8% month-on-month), while the Tank brand sold 17,381 units (down 8.3% year-on-year, up 47.8% month-on-month). The WEY brand saw a significant increase in sales, up 29.6% year-on-year [5]. Strategic Initiatives - The company is focusing on product, channel, and supply chain adjustments domestically, emphasizing the plug-in hybrid segment and accelerating the launch of smart new energy products across multiple brands [5]. - The "ONE GWM" strategy is enhancing the company's overseas presence, with sales channels established in over 170 countries and regions, and production bases in Thailand and Brazil [5]. Financial Projections - The company is projected to achieve net profits of 16.04 billion, 17.62 billion, and 19.66 billion yuan for the years 2025, 2026, and 2027, respectively. Corresponding A-share price-to-earnings ratios are estimated at 13.7X, 12.5X, and 11.2X [5].