GWMOTOR(601633) 方正证券·2024-07-11 23:31Investment Rating - The report maintains a "Recommended" rating for the company, indicating a forecasted increase of over 10% relative to the benchmark index in the next 12 months [2][5]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of between 6.5 billion and 7.3 billion RMB for the first half of 2024, representing a year-on-year increase of 377.49% to 436.26% [3][4]. - The significant growth in net profit is driven by the performance of the Tank brand and increased exports, with a notable improvement in the sales structure domestically [4]. - The company has successfully expanded its global market presence, exporting to over 170 countries and establishing a sales network of more than 1,000 outlets [4]. Financial Performance Summary - For Q2 2024, the company anticipates a net profit of 3.27 billion to 4.07 billion RMB, reflecting a year-on-year increase of 175.5% to 243% [4]. - The expected net profit for 2024 is projected to be between 12.19 billion and 14.35 billion RMB, with corresponding PE ratios of 18, 15, and 13 for the years 2024 to 2026 [5][6]. - The company’s total revenue is forecasted to grow from 225.22 billion RMB in 2024 to 286.19 billion RMB in 2026, with a compound annual growth rate of approximately 8.80% [6][7]. Sales and Market Expansion - In Q2 2024, the company sold 284,000 vehicles, a decrease of 4.9% year-on-year but an increase of 3.3% quarter-on-quarter, with Tank sales reaching 67,000 units, up 96.2% year-on-year [4]. - The export volume increased significantly, with 109,000 units sold abroad, marking a year-on-year growth of 51.1% [4]. - The company is actively pursuing a global strategy, with new models launched in international markets, contributing to a diversified revenue stream [4].