Minsheng Securities·2024-04-09 16:00Investment Rating - The report maintains a positive outlook on the company, indicating a long-term growth potential with a projected revenue increase from 156.9 billion in 2024 to 201.7 billion in 2026, and a net profit growth from 6.5 billion to 8.0 billion during the same period [2][11]. Core Insights - The company reported a total wholesale vehicle sales of 179,000 units in March 2024, reflecting a year-on-year decrease of 22.6% but a month-on-month increase of 82.2%. For Q1 2024, total sales reached 410,000 units, down 24.1% year-on-year [2]. - GAC Honda and GAC Toyota faced significant sales declines in March 2024, with GAC Honda's sales down 25.0% year-on-year and GAC Toyota's down 20.0%. However, GAC's strategy of focusing on flagship models has helped maintain overall sales and profitability [2]. - GAC's new energy vehicle sales reached 34,000 units in March 2024, accounting for 18.7% of total sales, with GAC Trumpchi showing strong performance [2]. - The company's international expansion strategy is accelerating, with new sales outlets established in several South American countries and a strategic partnership signed in Indonesia, indicating potential new growth avenues [2]. Summary by Sections Sales Performance - In March 2024, GAC's wholesale sales were 179,000 units, down 22.6% year-on-year but up 82.2% month-on-month. Q1 2024 sales totaled 410,000 units, a 24.1% decline year-on-year [2]. - GAC Honda and GAC Toyota reported March sales of 53,000 and 65,000 units respectively, with year-on-year declines of 25.0% and 20.0% [2]. New Energy Vehicles - GAC's new energy vehicle sales in March 2024 were 34,000 units, down 23.8% year-on-year, representing 18.7% of total sales. GAC Trumpchi's sales were particularly strong at 33,000 units [2]. International Expansion - The company has accelerated its international strategy, adding 11 new sales points in South America and showcasing models at the Bolivia Expo Auto 2024. A strategic partnership with INDOMOBIL in Indonesia marks entry into Southeast Asia's largest automotive market [2]. Financial Projections - Revenue projections for 2024-2026 are 156.9 billion, 183.3 billion, and 201.7 billion respectively, with net profit estimates of 6.5 billion, 7.3 billion, and 8.0 billion [11].