GWMOTOR(601633) 民生证券·2025-01-15 04:25Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Views - The company is expected to achieve a net profit attributable to shareholders of between 12.4 billion to 13 billion yuan in 2024, representing a year-on-year increase of 76.6% to 85.1% [1][2]. - The projected net profit for 2024, based on the average of the forecast, is 12.79 billion yuan, with a significant increase in single-vehicle net profit to approximately 10,000 yuan, up by about 6,000 yuan year-on-year [2]. - The company anticipates wholesale sales of 1.233 million vehicles in 2024, a slight increase of 0.2% year-on-year, driven by improved product structure and increased overseas sales [2]. - The Tank model is expected to contribute stable profits, with wholesale sales projected at 231,000 units in 2024, a year-on-year increase of 42.1% [2]. - The company is expanding its global presence, with overseas wholesale sales expected to reach 453,000 units in 2024, a year-on-year increase of 43.4% [3]. Summary by Sections Financial Performance - The company forecasts total revenue of 202.9 billion yuan for 2024, with a growth rate of 17.1% [4]. - The net profit attributable to shareholders is projected to be 12.79 billion yuan in 2024, with a growth rate of 82.2% [4]. - The earnings per share (EPS) is expected to be 1.49 yuan in 2024, with a price-to-earnings (PE) ratio of 17 [4][7]. Sales and Market Position - The company is focusing on high-end product development, with the WEY brand expected to achieve wholesale sales of 55,000 units in 2024, a year-on-year increase of 31.6% [2]. - The introduction of new models such as Tank Hi4Z and Lanshan is anticipated to enhance the company's market position in the high-end segment [2]. Global Expansion - The company has established a global sales network covering 170 countries and regions, with over 1,300 overseas sales channels [3]. - New factories in Thailand and Brazil, along with KD factories in Ecuador and Pakistan, are expected to enhance the company's global production capacity [3].