Investment Rating - The investment rating for the company is "Buy" [6][9][23] Core Views - The company is expected to see a significant increase in sales due to the upcoming launch of several new models under the Haval brand, which will likely drive a rapid recovery in brand sales [3][4] - The company has demonstrated strong growth in both new energy vehicles and overseas sales, with April 2024 sales reaching 9.48 million units, a year-on-year increase of 1.8% [1][2] - The company is projected to achieve a revenue of 210 billion RMB or more in 2024, driven by expanding sales volume, particularly in new energy vehicles and exports [5][9] Sales Performance - In April 2024, the company recorded a total vehicle sales of 94,800 units, with Haval brand sales at 47,000 units (down 10% year-on-year), Tank brand sales at 20,500 units (up 87.5%), and WEY brand sales at 4,500 units (up 87.7%) [1] - For the first four months of 2024, total vehicle sales reached 370,000 units, representing an 18.2% year-on-year increase, with significant growth in Tank and WEY brands [1][2] Financial Performance - In Q1 2024, the company achieved a revenue of 42.86 billion RMB, a year-on-year increase of 47.6%, and a net profit attributable to shareholders of 3.23 billion RMB, marking the highest quarterly profit in the company's history [2][5] - The gross margin for Q1 2024 was reported at 20.04%, indicating a recovery in profitability [2] Future Outlook - The company anticipates a noticeable increase in sales growth in mid-2024, supported by the launch of new models and favorable domestic market policies [4][5] - The company is expected to maintain a competitive edge in the off-road vehicle and pickup truck segments, which will contribute to sustained market demand [9]
哈弗多款新车即将上市，或带动品牌销量快速回升