Guotou Securities·2025-05-05 15:15Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 32.79 CNY per share [4]. Core Views - The report indicates that the company has seen 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 company is entering a new growth phase, driven by new product launches and improved marketing strategies, which are expected to lead to an upward trend in sales [3]. - The report highlights the potential for significant profit elasticity due to the introduction of new models and advanced technologies [3]. Sales Performance - April sales were boosted by the accelerated delivery of the Tank 300 and the launch of the second-generation Xiaolong MAX, contributing to a year-on-year increase in sales [2]. - The company sold 29,000 new energy vehicles in April, representing a year-on-year increase of 28% and a month-on-month increase of 14% [2]. - The sales breakdown for April includes 57,000 units for Haval (up 21% year-on-year), 4,811 units for Wey (up 8% year-on-year), and 1,797 units for Ora (down 62% year-on-year) [2]. Financial Forecast - The company is projected to achieve net profits of 14.03 billion CNY, 17.40 billion CNY, and 20.96 billion CNY for the years 2025, 2026, and 2027, respectively [9]. - The expected price-to-earnings ratios for these years are 13.8, 11.1, and 9.2 times, indicating a favorable valuation trend [8][9]. - Revenue is forecasted to grow from 173.21 billion CNY in 2023 to 336.49 billion CNY by 2027, reflecting a compound annual growth rate [9][10]. Market Outlook - The mainstream market for new vehicles is expected to see an upward sales trend, supported by the successful launch of new models and enhanced marketing efforts [3]. - The company has a diverse product lineup and strong technological reserves, which position it well for future growth in both domestic and international markets [3]. - The report emphasizes the potential for the Hi4Z technology to expand the company's market share in the off-road segment, enhancing profitability [3].