GWMOTOR(601633) 中国银河·2024-06-04 09:00Investment Rating - The report maintains a "Recommended" rating for the company [3][5]. Core Insights - The company has a strong foundation in automotive manufacturing, with a focus on optimizing product structure to enhance performance and profitability. In 2023, the company achieved a revenue of 1732.12 billion yuan, a year-on-year increase of 26.12%, and a net profit of 48.34 billion yuan, reflecting a significant recovery [2][16]. - The company is leveraging its technological advancements to strengthen its brand presence, particularly in the luxury SUV segment, and is expanding its global footprint through an "ecological export" strategy [2][12]. Summary by Sections 1. Automotive Manufacturing Experience and Product Optimization - The company, founded in 1984, has extensive experience in vehicle manufacturing and has diversified its product range to include SUVs, pickups, and sedans. It has established a strong presence in both domestic and international markets, with production facilities in several countries [2][8]. - In 2023, the company sold 1.2307 million vehicles, a year-on-year increase of 15.29%, with significant growth in high-end SUV sales [15]. 2. Strengths: Technological R&D and Brand Positioning - The company has developed a "forest ecological technology system" to enhance its core supply chain and product offerings, focusing on smart and new energy vehicles [21][24]. - The Tank brand has achieved a comprehensive product matrix covering the 200,000 to 700,000 yuan price range, with significant sales growth driven by the Hi4-T hybrid system [26][29]. 3. Addressing Weaknesses: Product Renewal and Market Strategy - The company is actively addressing past shortcomings in its new energy vehicle offerings by adjusting product strategies and enhancing technological capabilities. The Haval brand is focusing on high-performance compact models to regain market competitiveness [37][39]. - The company has implemented a direct sales model to improve sales efficiency and is strategically slowing down the release of new electric models to stabilize profitability [2][11]. 4. Investment Recommendations and Valuation - The company is projected to achieve revenues of 2235.03 billion yuan, 2599.79 billion yuan, and 2841.97 billion yuan from 2024 to 2026, with corresponding net profits of 102.51 billion yuan, 131.52 billion yuan, and 157.98 billion yuan [5][6]. - The estimated fair value per share ranges from 29.97 yuan to 40.31 yuan, indicating a market capitalization potential of 2560.02 billion yuan to 3443.25 billion yuan [5].