GWMOTOR(SH:601633) 车中旭霞·2025-05-11 10:44Core Viewpoint - The company experienced sales fluctuations, leading to short-term pressure on net profit in the first quarter of 2025 [1][13]. Financial Performance - In 2024, the company achieved revenue of 202.2 billion yuan, a year-on-year increase of 16.7%, and a net profit attributable to shareholders of 12.7 billion yuan, up 80.8% year-on-year, with a non-recurring profit of 9.74 billion yuan, up 101.4% year-on-year [2][7][13]. - In the first quarter of 2025, the company reported revenue of 40.02 billion yuan, a decrease of 6.6% year-on-year and 33.2% quarter-on-quarter, with a net profit of 1.75 billion yuan, down 45.6% year-on-year and 22.7% quarter-on-quarter [2][7][13]. - The gross margin for Q1 2025 was 17.8%, down 2.2 percentage points year-on-year but up 1.3 percentage points quarter-on-quarter [2][7][13]. Sales and Volume - The company sold 257,000 vehicles in Q1 2025, a decrease of 6.7% year-on-year and 32.3% quarter-on-quarter, with overseas sales of 91,000 vehicles, down 2.0% year-on-year and 29.5% quarter-on-quarter [2][7][13]. - The sales of the Tank model in Q1 2025 were 42,000 units, down 14.6% year-on-year, accounting for 16.4% of total sales, a decrease of 1.5 percentage points year-on-year but an increase of 0.2 percentage points quarter-on-quarter [2][7][13]. Profitability and Cost Structure - The company maintained relatively stable per-vehicle profitability, with a per-vehicle revenue of 156,000 yuan in Q1 2025, unchanged year-on-year, and a net profit of 7,000 yuan per vehicle, down 500 yuan year-on-year but up 100 yuan quarter-on-quarter [4][11]. - The cost structure showed an increase in sales expenses due to new product marketing and direct sales system investments, while financial expenses decreased mainly due to exchange gains [4][11]. Strategic Outlook - The company is advancing its new energy strategy, with expectations for product and technology upgrades to drive sales growth [5][6]. - In April, the second-generation Xiaolong Max was officially launched, receiving 16,368 orders within 24 hours, and the new Gaoshan model also saw strong pre-sales [6]. - The company is focusing on hybrid, pure electric, and hydrogen energy technologies, with the launch of the Hi4-Z technology expected to broaden its customer base [6]. International Expansion - The company has over 1,400 overseas sales channels and more than 15 million global users, with ongoing efforts to enhance local operations in markets like Thailand and Brazil, which are expected to support continued sales growth [6].