GWMOTOR(601633) 平安证券·2025-01-15 07:48Investment Rating - The report maintains a "Recommended" investment rating for Great Wall Motors (601633.SH) with a current stock price of 25.93 yuan [1]. Core Views - The company is expected to achieve a net profit of 12.4 billion to 13 billion yuan in 2024, representing a year-on-year increase of 76.6% to 85.1% [4]. - The company is focusing on improving operational quality, with significant growth in overseas and new energy vehicle sales [9]. - The report highlights the increasing proportion of high-value models, with sales of vehicles priced above 200,000 yuan reaching 310,000 units, a year-on-year increase of 37.1% [9]. - The introduction of the Hi4-Z model is expected to enhance the company's off-road vehicle offerings [9]. - The report projects net profits of 12.7 billion, 14 billion, and 15.9 billion yuan for 2024, 2025, and 2026 respectively, maintaining the "Recommended" rating [10]. Financial Summary - Revenue is projected to grow from 173.2 billion yuan in 2023 to 237.7 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 11.8% [6]. - The net profit is expected to rebound significantly in 2024, with a forecast of 12.7 billion yuan, up from 7 billion yuan in 2023 [6]. - The gross margin is anticipated to improve from 18.7% in 2023 to 21.0% in 2026 [6]. - The return on equity (ROE) is projected to increase from 10.3% in 2023 to 16.0% in 2025 and remain stable thereafter [6].