Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a year-on-year decline in Q3 performance while actively expanding into overseas markets [1] - For the first three quarters of 2024, the company achieved operating revenue of 35.762 billion yuan, a decrease of 16.72% year-on-year, and a net profit attributable to shareholders of 432 million yuan, down 45.20% year-on-year [2] - The company aims to achieve overseas sales of 300,000 vehicles by 2030, with 30% being new energy vehicles, under its global strategy GREEN 3030 [4] - The company expects net profits for 2024-2026 to be 554 million, 769 million, and 990 million yuan respectively, with corresponding PE ratios of 39.59, 28.53, and 22.15 times [4] Financial Performance Summary - In Q3 2024, the company achieved operating revenue of 11.793 billion yuan, a decrease of 16.34% year-on-year, and a net profit of 18 million yuan, down 90.16% year-on-year [2] - The gross profit margin improved to 12.59%, an increase of 0.58 percentage points year-on-year, while the expense ratios increased with sales expense ratio at 3.94%, management expense ratio at 3.12%, and R&D expense ratio at 4.22% [3] - The company’s operating revenue for 2024 is projected to be 47.384 billion yuan, with a growth rate of -15.53%, followed by 53.210 billion yuan in 2025 and 59.669 billion yuan in 2026, with growth rates of 12.30% and 12.14% respectively [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Viewpoints - In October 2024, the company achieved a significant year-on-year increase in vehicle deliveries, reaching 38,177 units, which is a 109.7% growth. The monthly order volume also set a record, exceeding 42,000 units, with all three models C10, C11, and C16 each receiving over 10,000 orders [3] - The B10 model was officially unveiled overseas, marking a key step in the company's global strategy. The B10 is designed for young global users and is built on the latest LEAP3.5 technology architecture, emphasizing intelligence, style, fun, and quality. The company has established over 200 dealerships across 13 European countries and plans to expand to 500 dealerships by the end of 2025 [3] - The company remains among the top three in sales among new energy vehicle manufacturers, with continuous improvements in user experience. Recent models have received high praise from consumers and media, and the C16 model has won multiple awards for its chassis and body design [4] - The company forecasts a net profit attributable to shareholders of -3.703 billion RMB in 2024, -1.08 billion RMB in 2025, and a positive profit of 854 million RMB in 2026, with a corresponding PE ratio of 46.37 in 2026 [4][5] Financial Summary - The company expects to achieve operating revenue of 29.906 billion RMB in 2024, with a growth rate of 78.58%. By 2026, the revenue is projected to reach 79.932 billion RMB, with a growth rate of 47.47% [5][6] - The net profit attributable to shareholders is projected to improve from -4.216 billion RMB in 2023 to a positive 854 million RMB in 2026, indicating a significant turnaround [5][6] - The company's total assets are expected to grow from 32.563 billion RMB in 2024 to 61.452 billion RMB in 2026, reflecting a strong growth trajectory [6][7]

投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-11-13 | | 收盘价 ( 港元 ) | 32.20 | | 流通股本 ( 亿股 ) | 11.16 | | 每股净资产 ( 港元 ) | 7.81 | | 总股本 ( 亿股 ) | 13.37 | | 最近 12 月市场表现 | | -44% -28% -13% 2% 17% 33% 零跑汽车 恒生指数 乘用车 分析师 邢重阳 SAC 证书编号：S0160522110003 xingcy01@ctsec.com 分析师 李渤 SAC 证书编号：S0160521050001 libo@ctsec.com ❖ 事件：公司发布 2024 三季度报告，2024 年第三季度实现营业总收入 98.6 亿 元，环比增长 89.3%，同比增长 74.3%；实现归母净利润-6.9 亿元。 ❖ 毛利率同比提升，期间费用率有所降低：公司 2024 年 Q3 毛利率为 8.1%， 同比+5.3pct。毛利率改善的原因为：1）产品销售结构的变化，2）公司持续进 ...

吉利汽车(00175) / 汽车 / 公司点评 / 2024.11.14 销量同比增长，发布新一代超级电混 投资评级:增持(维持) 核心观点 证券研究报告 | --- | --- | |------------------------|------------| | 基本数据 | 2024-11-13 | | 收盘价 ( 港元 ) | 14.04 | | 流通股本 ( 亿股 ) | 100.69 | | 每股净资产 ( 港元 ) | 7.88 | | 总股本 ( 亿股 ) | 100.69 | | 最近 12 月市场表现 | | ❖ 事件：2024 年 11 月 1 日公司公告 2024 年 10 月销量情况。10 月销量 17.1 万 辆，同比增长 22%。10 月新能源销量 10.9 万辆，同比增长 82.7%，其中 10 月 BEV 销量 7.9 万辆，同比+131.9%，10 月 PHEV 销量 3.0 万辆，同比+17.1%。 10 月出口 3.3 万辆，同比+17.8%。 ❖ 银河、极氪销量大幅增长，加快海外布局：分品牌看，吉利品牌 10 月销 量 17.1 万辆，同比增长超 22%；其中银河系列 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a year-on-year revenue growth of 10.44% in Q3 2024, achieving a total revenue of 1.363 billion yuan, while the net profit attributable to shareholders decreased by 16.19% to 129 million yuan [3] - The company is leveraging SAP systems to enhance project management and is focusing on continuous innovation in research and development [4] - The projected net profits for 2024-2026 are estimated at 597 million yuan, 750 million yuan, and 868 million yuan respectively, with corresponding PE ratios of 9.74, 7.75, and 6.70 [4] Financial Performance Summary - Q3 2024 revenue reached 1.363 billion yuan, up 10.44% year-on-year, while net profit decreased by 16.19% to 129 million yuan [3] - The gross margin for Q3 2024 was 16.82%, down 2.75 percentage points year-on-year [3] - The company expects revenue growth rates of 19.89% for 2024, 14.90% for 2025, and 14.90% for 2026 [5] - The projected net profit growth rates are 9.31% for 2024, 25.69% for 2025, and 15.74% for 2026 [5] - The company’s EPS is expected to increase from 1.57 yuan in 2024 to 2.28 yuan in 2026 [5] Operational Insights - The company has completed the upgrade of its SAP system and is enhancing its digital capabilities to optimize internal control processes [4] - The focus on integrating R&D efforts between its Munich and domestic centers aims to reduce project development costs and meet industry trends in smart cockpits [4]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 1.009 billion yuan in Q3 2024, representing a year-on-year growth of 29.48%. However, the net profit attributable to shareholders decreased by 18.91% to 63 million yuan, while the net profit excluding non-recurring items increased by 13.80% to 73 million yuan [2][3] - The gross margin has slightly declined to 26.91%, down by 3.65 percentage points year-on-year. The selling expense ratio decreased by 0.88 percentage points to 6.27%, the management expense ratio decreased by 0.69 percentage points to 6.85%, and the R&D expense ratio remained stable at 3.25% [2][3] - The company has sufficient production capacity and is upgrading its warehousing system. It has completed the construction of a project with an annual production capacity of 2.4 million sets of automotive transmission assemblies and the transformation of a smart production line for 1.5 million precision hub bearing units. The global warehousing network is operational, aiming to enhance supply chain services and improve order fulfillment rates [3] - The investment suggestion anticipates net profits attributable to shareholders of 322 million yuan, 377 million yuan, and 433 million yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 11.25, 9.62, and 8.39 [3] Financial Performance Summary - Revenue (in million yuan) is projected to grow from 2,941 in 2022 to 4,694 in 2026, with a revenue growth rate of 18.26% in 2022, declining to 14.21% by 2026 [4] - Net profit (in million yuan) is expected to increase from 238 in 2022 to 433 in 2026, with a net profit growth rate of 102.88% in 2022, tapering to 14.74% by 2026 [4] - The company’s EPS is projected to rise from 1.47 in 2022 to 2.42 in 2026, while the PE ratio is expected to decrease from 11.69 in 2022 to 8.39 in 2026 [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant year-on-year growth in Q3 2024, with operating revenue reaching 4.974 billion yuan, an increase of 17.46%, and a net profit attributable to shareholders of 742 million yuan, up 24.13% [2] - The company is accelerating its business in the new energy and smart vehicle sectors, with a comprehensive product development strategy in place for key components such as electric drive systems, intelligent driving systems, and thermal management systems [4] - The company has established a global production layout, with new factories in Mexico and Malaysia set to enhance its production capacity for new energy vehicle components [4] Financial Performance - In Q3 2024, the company achieved operating revenue of 1.725 billion yuan, a year-on-year increase of 8.40%, and a net profit of 292 million yuan, up 44.74% [2] - The gross margin for Q3 2024 was 29.05%, reflecting a slight increase of 0.09 percentage points year-on-year [3] - The company expects net profits for 2024-2026 to be 1.099 billion, 1.343 billion, and 1.637 billion yuan, respectively, with corresponding P/E ratios of 14.24, 11.66, and 9.56 [5][6] Business Development - The company is focusing on expanding its market presence in the new energy vehicle sector, with a full coverage of aluminum alloy high-pressure die-casting products for various vehicle components [4] - The construction of the second phase of the factory in Mexico is set to begin production in Q2 2025, while the Malaysian production base is expected to complete its factory delivery by June 2024 [4]

Investment Rating - The investment rating for Weichai Power is maintained at "Buy" [1] Core Views - The company has shown a steady improvement in gross margin and is making progress in its international expansion efforts [1][3] - For the first three quarters of 2024, Weichai Power achieved operating revenue of 161.95 billion yuan, a year-on-year increase of 0.98%, and a net profit attributable to shareholders of 8.40 billion yuan, a year-on-year increase of 29.23% [2][3] - The gross margin for the first three quarters of 2024 was 21.86%, an increase of 1.63 percentage points year-on-year [3] Financial Performance - In Q3 2024, the company reported operating revenue of 49.46 billion yuan, a year-on-year decline of 8.82%, and a net profit attributable to shareholders of 2.50 billion yuan, a year-on-year decline of 4.00% [2] - The company’s sales expense ratio was 5.64%, down 0.34 percentage points year-on-year, while the management expense ratio was 4.66%, up 0.30 percentage points year-on-year [3] - The company expects net profits for 2024-2026 to be 10.64 billion, 11.81 billion, and 13.26 billion yuan respectively, with corresponding PE ratios of 11.40, 10.27, and 9.15 times [4] Strategic Developments - Weichai Power has engaged in multiple collaborations to enhance its global presence, including partnerships with China Yangtze Shipping Group and Yutong Bus [3] - The company showcased its latest green and intelligent solutions at the Hannover International Commercial Vehicle Exhibition in Germany, highlighting products that meet Euro VII emission standards [3]

长城汽车(601633) / 乘用车 / 公司点评 / 2024.11.14 总销量同比有所下滑，海外销量同比增长 投资评级:增持(维持) 核心观点 证券研究报告 | --- | --- | |------------------------|------------| | 基本数据 | 2024-11-13 | | 收盘价 ( 元 ) | 28.26 | | 流通股本 ( 亿股 ) | 85.01 | | 每股净资产 ( 元 ) | 9.01 | | 总股本 ( 亿股 ) | 85.45 | | 最近 12 月市场表现 | | ❖ 事件： 2024 年 11 月 1 日公司发布 10 月产销快报，10 月公司总销量为 11.7 万辆，同比减少 11.05%；哈弗品牌 10 月销量为 7.3 万辆，同比减少 7.65%； WEY 品牌 10 月销量为 6486 辆，同比增长 187.50%；长城皮卡 10 月销量为 1.3 万辆，同比减少 25.64%；欧拉品牌 10 月销量为 5560 辆，同比减少 48.64%； 坦克品牌 10 月销量为 1.9 万辆，同比减少 13.49%。 -29% -19% -10 ...

单击或点击此处输入文字。 汽车 / 行业点评报告 / 2024.11.14 10 月新能源汽车行业洞察 投资评级:看好(维持) 最近 12 月市场表现 -25% -16% -8% 1% 10% 19% 汽车 沪深300 上证指数 分析师 邢重阳 SAC 证书编号：S0160522110003 xingcy01@ctsec.com 分析师 李渤 SAC 证书编号：S0160521050001 libo@ctsec.com 相关报告 1. 《 10 月 份 中 国 车 市 运 行 回 顾 》 2024-11-12 2. 《10 月重卡行业洞察》 2024-11-02 3. 《汽车行业周报》 2024-10-22 销量同比持续增长，极氪、零跑增长较快 核心观点 证券研究报告 ❖ 自主品牌销量：据各公司发布的 10 月销量数据，总体来看主要结论有如下 几点：1）新势力车企销量同比持续增长，极氪、零跑增长较快。2）小米交付 量 10 月突破两万辆，预计 11 月将提前完成 10 万台全年交付目标。 ❖ 零跑：10 月交付量同比+109.7%。2024 年 10 月，零跑汽车交付达 38177 台，同比增长 109.7% ...