Changjiang Securities·2025-07-06 03:40Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In June 2025, the company achieved a total sales volume of 111,000 vehicles, representing a year-on-year increase of 12.9% and a month-on-month increase of 8.3%. Among these, export sales accounted for 40,000 vehicles, making up 36.2% of total sales, while new energy vehicle sales reached 36,000 units, with a share of 37.3% in new energy passenger vehicles [2][9]. - The company is accelerating its global expansion and is committed to transitioning to new energy, with a continuous new vehicle cycle expected to drive improvements in sales and performance. Long-term, the company's four major expansion strategies are expected to open up long-term growth potential in sales, while the shift towards intelligence is set to enhance profitability across the entire industry chain [2][9]. Summary by Sections Sales Performance - In June 2025, the company sold 110,690 vehicles, with domestic sales of 71,000 units (up 17.8% year-on-year) and new energy sales of 36,000 units (up 39.4% year-on-year). Cumulatively, from January to June 2025, total sales reached 570,000 vehicles, a year-on-year increase of 1.8% [9]. - By brand, Haval sold 62,396 units (up 30.7% year-on-year), Tank sold 21,571 units (down 17.2% year-on-year), WEY sold 10,197 units (up 247.0% year-on-year), Ora sold 3,283 units (down 45.5% year-on-year), and Great Wall Pickup sold 13,213 units (down 13.4% year-on-year) [9]. Global Expansion - The company has implemented the "ONE GWM" strategy to accelerate its overseas expansion, covering over 170 countries and regions with more than 1,400 overseas sales channels. It has established three complete vehicle production bases in Thailand and Brazil, and several KD factories in Ecuador and Pakistan, which are expected to drive future sales growth [9]. Technological Advancements - In the context of the intelligent era, the company is actively promoting the development of intelligent sales and models, strengthening its technological advantages in areas such as algorithms, data, and computing power. This is expected to enhance its capabilities in intelligence continuously [9]. Financial Projections - The company forecasts net profits attributable to shareholders for 2025, 2026, and 2027 to be 141.6 billion, 172.7 billion, and 213.9 billion respectively, with corresponding A-share PE ratios of 13.0X, 10.6X, and 8.6X [9].