Shanxi Securities·2025-05-30 10:58Investment Rating - The report assigns an "Add-A" rating to the company, indicating a positive outlook for its stock performance in the near term [2][8]. Core Views - The company has shown significant revenue growth in 2024, achieving an operating income of 38.374 billion yuan, a year-on-year increase of 15.7%. However, the net profit for the same year was 1.537 billion yuan, reflecting a modest growth of 4.2% [2][3]. - The company is actively expanding its overseas market presence and advancing its transition to new energy and intelligent vehicles, which are expected to drive future growth [2][4][8]. Financial Performance - In 2024, the company's total vehicle revenue reached 34.702 billion yuan, up 14.32% year-on-year, with steady growth in SUV, pickup, and light passenger vehicle sales [3]. - The gross margin for 2024 was 14.13%, a decrease of 1.25 percentage points year-on-year, while the net margin was 3.14%, down 0.07 percentage points [3]. - For Q1 2025, the company reported an operating income of 7.967 billion yuan, a slight decrease of 0.09% year-on-year, and a net profit of 306 million yuan, down 36.56% [2][3]. Market Expansion - The company has made significant strides in international markets, with exports reaching 116,600 units in 2024, a year-on-year increase of 21.9%. It has established over 100 overseas dealers and showrooms, exporting to more than 100 countries [4][8]. - The collaboration with Ford has deepened, with a framework agreement for vehicle exports signed, enhancing the company's global footprint [4]. New Energy Strategy - The company is actively developing its new energy vehicle lineup, achieving sales of 10,900 units and generating revenue of 1.118 billion yuan from these products in 2024 [4][8]. - The introduction of new electric models is expected to strengthen the company's position in the new energy vehicle market [4]. Future Projections - Revenue projections for 2025-2027 are estimated at 42.439 billion yuan, 48.208 billion yuan, and 55.728 billion yuan, respectively, with corresponding net profits of 1.6 billion yuan, 1.849 billion yuan, and 2.187 billion yuan [8][10]. - The report anticipates continued growth in earnings per share (EPS), with estimates of 1.85 yuan, 2.14 yuan, and 2.53 yuan for the same period [8][10].