GWMOTOR(601633) 民生证券·2024-12-04 08:30Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company is accelerating its high-end product strategy and steadily increasing its overseas sales, with a forecasted revenue growth of 26.1% in 2024 [2]. - The company reported a wholesale sales volume of 127,000 vehicles in November, a year-on-year increase of 3.7% and a month-on-month increase of 9.1% [2]. - The company is expected to benefit from the successful launch of new products and the increasing share of new energy intelligent vehicles [2]. Summary by Relevant Sections Sales Performance - In November, the company achieved a wholesale sales volume of 127,000 vehicles, with a cumulative total of 1,098,000 vehicles from January to November, reflecting a year-on-year decrease of 1.8% [2]. - The Haval brand sold 78,000 vehicles in November, up 4.5% year-on-year, while the Tank brand saw a significant increase of 44% year-on-year with 20,900 vehicles sold [2]. International Expansion - The company’s overseas wholesale sales reached 43,000 vehicles in November, marking a year-on-year increase of 21.7% and a cumulative total of 412,000 vehicles from January to November, up 45.8% year-on-year [2]. - The company is launching its GWM brand in Colombia in November 2024, indicating a strong competitive position in international markets [2]. Product Development and Technology - The company signed a cooperation agreement with Huawei to enhance its smart vehicle technology, which is expected to drive sales growth [2]. - The Tank 500Hi4-Z model, featuring advanced hybrid technology, is set to enhance the company's product offerings in the high-end market [2]. Financial Forecast - Projected revenues for 2024-2026 are estimated at 202.9 billion, 247.1 billion, and 271.9 billion yuan, respectively, with net profits expected to reach 13.2 billion, 16.1 billion, and 18.0 billion yuan [3]. - The report anticipates a PE ratio of 18, 15, and 13 for the years 2024, 2025, and 2026, respectively, based on the closing price of 27.77 yuan per share on December 3, 2024 [2][3].