GWMOTOR(601633) 长江证券·2025-01-20 07:45Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company achieved a revenue of 50.83 billion yuan in Q3 2024, representing a year-on-year increase of 2.6%, while the net profit attributable to shareholders decreased by 7.8% to 3.35 billion yuan. The company is committed to its transition to new energy, making adjustments across products, channels, and supply chains, which is expected to improve sales and performance [2][4]. - For the full year 2024, the company forecasts a net profit attributable to shareholders between 12.4 billion and 13 billion yuan, indicating a year-on-year growth of 76.6% to 85.1% [4]. Summary by Sections Financial Performance - In Q4 2024, the company expects sales of 379,000 vehicles, a year-on-year increase of 3.5% and a quarter-on-quarter increase of 29.0%. Overseas sales reached 129,000 vehicles, up 23.6% year-on-year [9]. - The expected net profit for Q4 2024 is between 1.97 billion and 2.57 billion yuan, reflecting a year-on-year change of -2.7% to +26.9% [9]. Strategic Initiatives - The company is accelerating its global expansion and firmly transitioning to new energy. It has made significant adjustments in product offerings, channels, and supply chains. The "ONE GWM" strategy is enhancing its overseas presence, covering over 170 countries and regions [9]. - The company is focusing on high-value models, with the sales of its WEY brand increasing significantly, contributing to improved profitability [9]. Future Outlook - The company anticipates a long-term growth trajectory driven by four strategic expansion initiatives and a shift towards intelligent vehicles, which is expected to enhance profitability across the entire industry chain [9]. - Projected net profits for 2024, 2025, and 2026 are 12.69 billion, 16.05 billion, and 17.95 billion yuan, respectively, with corresponding A-share PE ratios of 17.0X, 13.5X, and 12.0X [9].