Guotou Securities·2025-05-05 12:34Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 32.79 CNY per share, compared to the current price of 22.58 CNY per share [4]. Core Views - The report indicates that the company has shown a recovery in sales, with April wholesale sales reaching 100,000 units, a year-on-year increase of 6% and a month-on-month increase of 2% [2]. - The introduction of new models, such as the Tank 300 and the second-generation Haval Max, is expected to contribute positively to sales growth [2][3]. - The company is entering a new growth phase, with expectations of increased sales in the mainstream market and significant potential in the off-road vehicle segment [3]. Sales Performance - April sales included 29,000 units of new energy vehicles, a year-on-year increase of 28% and a month-on-month increase of 14%, while fuel vehicle sales were 71,000 units, showing a year-on-year decrease of 2% [2]. - The Tank brand sold 19,000 units in April, with the Tank 300 contributing significantly to this figure, achieving sales of 11,000 units, a year-on-year increase of 13% [2]. - Haval brand sales reached 57,000 units in April, a year-on-year increase of 21%, attributed to the launch of the second-generation Haval Max [2]. Financial Forecast - The company is projected to achieve net profits of 140.3 billion CNY, 174.0 billion CNY, and 209.6 billion CNY for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 13.8, 11.1, and 9.2 [8][9]. - Revenue is expected to grow from 1,732.1 billion CNY in 2023 to 3,364.9 billion CNY by 2027, indicating a strong growth trajectory [9][10]. Market Outlook - The report suggests that the mainstream market for new vehicles is entering a growth phase, with the company’s refined product offerings and marketing strategies likely to drive sales upward [3]. - The Hi4Z technology is expected to enhance the company's competitive edge in the off-road vehicle market, potentially leading to significant profit margins [3]. - The company has a diverse product lineup and strong technological capabilities, which are anticipated to boost export potential as new models are introduced [3].