GWMOTOR(601633) Guotou Securities·2025-06-03 14:00Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 32.79 CNY per share, while the current share price is 22.46 CNY [4]. Core Views - The company has shown strong performance in May with a wholesale sales volume of 102,000 units, representing a year-on-year increase of 12% and a month-on-month increase of 2% [1]. - The domestic sales reached 68,000 units in May, up 19% year-on-year, primarily driven by the accelerated delivery of models such as Tank 300 and the second-generation Xiaolong MAX [2]. - The company is entering a new growth phase with the launch of new models and a focus on the mainstream market, which is expected to lead to a sales upturn [3]. Summary by Sections Sales Performance - In May, the company achieved a wholesale sales volume of 102,000 units, with a notable increase in new energy vehicle sales, which reached 33,000 units, up 32% year-on-year and 13% month-on-month [2]. - The Tank series sold 21,000 units, while Haval and Wey brands also reported significant year-on-year growth of 23% and 115%, respectively [2]. Future Outlook - The company is expected to benefit from the launch of new models and a refined marketing strategy, which could lead to a significant increase in sales in the domestic mainstream new energy market [3]. - The Hi4Z technology is anticipated to enhance the Tank series' appeal, potentially expanding its market share in urban SUVs [3]. - The company has a diverse product lineup and strong technological reserves, indicating substantial export potential as new models and powertrains are introduced [3]. Financial Projections - The projected net profits for 2025, 2026, and 2027 are 14.03 billion, 17.40 billion, and 20.96 billion CNY, respectively, with corresponding price-to-earnings ratios of 13.7, 11.1, and 9.2 times [9][10].