Minsheng Securities·2025-07-02 08:30Investment Rating - The report maintains a "Recommended" rating for the company [6][8]. Core Views - The company has shown strong sales growth, particularly in the WEY brand, with a significant year-on-year increase of 247.0% in June [4]. - The introduction of new models and the enhancement of existing ones are expected to drive sales further, particularly with the upcoming SUV and plug-in hybrid vehicles [4]. - The company is actively expanding its global presence, with overseas sales showing a year-on-year increase of 5.2% in June [5]. - The financial forecasts indicate a steady growth in revenue and net profit from 2025 to 2027, with projected revenues of 226.78 billion, 261.70 billion, and 296.25 billion yuan respectively [6][7]. Summary by Sections Sales Performance - In June 2025, the company reported a wholesale volume of 111,000 vehicles, a year-on-year increase of 12.9% and a month-on-month increase of 8.3% [3]. - The Haval brand sold 62,000 vehicles in June, up 30.7% year-on-year, while the WEY brand saw a remarkable increase of 247.0% [3][4]. Product Development - The company is set to launch new models, including a new SUV equipped with advanced technology and a high-capacity battery, enhancing its product lineup [4]. - The Haval brand is also preparing for the launch of a mid-term facelift model and a new flagship model, which are expected to boost overall sales [5]. Global Expansion - The company is making strides in its global strategy, with plans to launch models in markets such as Thailand and Mexico, and to enhance its presence in the Middle East, Africa, and Latin America [5]. - The overseas wholesale volume for the first half of 2025 was 198,000 vehicles, reflecting a slight decline of 1.9% year-on-year [5]. Financial Projections - The company forecasts revenues of 226.78 billion yuan for 2025, with a net profit of 14.09 billion yuan, reflecting a growth rate of 11.0% [6][7]. - The projected earnings per share for 2025 is 1.65 yuan, with a price-to-earnings ratio of 13 times [7].