GWMOTOR(601633) 广发证券·2024-09-04 10:38Investment Rating - The investment rating for the company is "Buy - A / Buy - H" [2] Core Views - The company's Q2 2024 net profit attributable to shareholders reached 3.85 billion yuan, showing impressive performance. The revenue for Q2 2024 was 48.57 billion yuan, a year-on-year increase of 18.7%, with a net profit of 3.85 billion yuan compared to 1.19 billion yuan in the same period last year. The non-recurring net profit was 3.63 billion yuan, up from 0.97 billion yuan year-on-year, primarily driven by increased export sales and optimized product structure in the domestic market [3][6]. - The company's gross margin and net margin improved sequentially, with Q2 2024 gross margin at 21.4% and net margin at 7.9%, reflecting year-on-year increases of 3.9 and 5.0 percentage points, respectively. The expense ratio for the period was 10.4%, down 0.7 percentage points year-on-year and sequentially [3][8]. - The product structure continued to optimize, with an increasing proportion of export sales. In Q2 2024, the total vehicle sales were 284,000 units, with a year-on-year decrease of 4.9% but a sequential increase of 3.4%. The export volume was 109,000 units, accounting for 38.2% of total sales, up 14.2 percentage points year-on-year [3][10][11]. - The company is expected to benefit from industry changes and is projected to enter a new upward development cycle. The estimated EPS for 2024-2026 is 1.28, 1.39, and 1.56 yuan per share, maintaining a fair value of 32.03 yuan per share for A-shares and 17.36 HKD per share for H-shares, both with a "Buy" rating [3][12].