Investment Rating - The report maintains a "Buy" rating for the company with a target price of 18.0 HKD, indicating a potential upside of 58% from the current price [1][4][7]. Core Insights - The company achieved a significant revenue growth of 16.7% year-on-year, reaching a total revenue of 202.0 billion RMB in 2024, while the net profit surged by 80.8% to 12.69 billion RMB, marking a record high [2][4]. - A strategic partnership was established with Yushu Technology to explore advancements in embodied intelligence, focusing on robotics and smart manufacturing [1][4]. Sales Performance - In March, the company's total sales reached 98,000 units, reflecting a year-on-year decline of 2.3% but a month-on-month increase of 26% [3]. - The sales breakdown shows a decline in Haval brand sales by 2.5% year-on-year, while WEY brand sales increased by 30.0% [3]. Financial Projections - The financial forecast indicates a projected revenue growth rate of 26% for FY2023, followed by 17% in FY2024, and a net profit growth of 81% for FY2024 [5][11]. - The report outlines a steady gross margin of 20% and a net profit margin of 6% for the upcoming years [5][11].
长城汽车：业绩大幅增长，与宇树科技达成合作-20250409