Core Viewpoint - The company reported a strong financial performance for 2024, with total revenue reaching 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 [2][7]. Revenue Analysis - In Q4 2024, total revenue was 59.94 billion yuan, reflecting a year-on-year increase of 11.6% and a quarter-on-quarter increase of 17.9%. The average selling price (ASP) per vehicle was 158,000 yuan, showing a year-on-year increase of 1,200 yuan [2][4]. - The net profit attributable to shareholders in Q4 2024 was 2.26 billion yuan, down 32.4% year-on-year but up 11.7% quarter-on-quarter. The non-recurring net profit was 1.36 billion yuan, up 32.7% year-on-year but down 50.0% quarter-on-quarter, primarily due to foreign exchange losses in financial expenses [2][3]. Cost Analysis - In Q4 2024, the expense ratios for sales, management, R&D, and financial costs were 2.7%, 2.9%, 5.2%, and -0.2% respectively, showing stability in sales and management expenses while slight increases in R&D and financial expenses [3]. Product Delivery and High-End Strategy - The total vehicle deliveries in Q4 2024 reached 379,000 units, with a year-on-year increase of 3.5% and a quarter-on-quarter increase of 28.9%. Notably, high-end models priced above 200,000 yuan sold 110,000 units, indicating strong performance in the high-end segment [4]. - The Haval brand delivered 234,000 units in Q4 2024, up 6.9% year-on-year, while the Wey brand saw a significant increase of 158.7% year-on-year with 2,200 units delivered [4]. International Sales Growth - The company achieved overseas wholesale sales of 129,000 units in Q4 2024, a year-on-year increase of 23.6%. The company plans to accelerate its overseas product layout, particularly in Thailand and Brazil, leveraging its competitive fuel and hybrid products [5]. Investment Outlook - The company is expected to see steady revenue growth, with projected revenues of 240.9 billion yuan, 277.9 billion yuan, and 314.6 billion yuan for 2025, 2026, and 2027 respectively. The net profit attributable to shareholders is forecasted to be 14.9 billion yuan, 17.0 billion yuan, and 19.3 billion yuan for the same years [7].

事件概述:公司发布2024 年度报告: 2024 年全年营业总收入为2022.0 亿元，同比+16.7%，归母净利润为 126.9 亿元，同比+80.8%，扣非归母净利润为97.4 亿元，同比+101.4%；其中2024Q4 营业总收入为 599.4 亿元，同比/环比分别为+11.6%/+17.9%； 归母净利润为22.6 亿元， 同比/ 环比分别 为-32.4%/+11.7%，扣非归母净利润为13.6 亿元，同比/环比分别为+32.7%/-50.0%。 营收持续向上 单车ASP 提升。收入端：2024Q4 营业总收入599.4 亿元，同比/环比分别为 +11.6%/+17.9%。据我们测算，2024Q4 单车ASP 为15.8 万元，同比/环比分别+1.2 /-0.4 万元。利润端： 2024Q4 扣非归母净利润为13.6亿元，同比/环比分别为+32.7%/-50.0%。我们判断，利润端的下滑主要是 由于财务费用中的汇兑损失所致。费用端：2024Q4 销售/管理/研发/财务费用率分别为 2.7%/2.9%/5.2%/-0.2%，同比分别为-3.3 pts/-0.1 pts/+0.4 pts/+0.5 pts ...