sntonly(834599) 东海证券·2025-04-23 08:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6]. Core Views - The company achieved a total revenue of 6.145 billion yuan in 2024, representing a year-on-year growth of 4.85%, and a net profit attributable to shareholders of 793 million yuan, which is a 29.03% increase year-on-year [4]. - The growth in revenue is primarily driven by the increase in sales of new energy vehicles, high unit prices, stable operations in domestic and overseas markets, and significant growth in autonomous driving models [4]. - The company is focusing on new energy vehicles and autonomous driving models, with new energy products accounting for approximately 20% of total sales, contributing to higher gross margins [4]. - The company is advancing its strategy of "large-scale, intelligent, new energy, and internationalization," which is expected to provide sustained momentum for growth [4]. Summary by Sections Financial Performance - In 2024, the company reported a gross margin of 21.45% and a net margin of 12.91% [4]. - The projected total revenue for 2025 is 6.925 billion yuan, with an expected growth rate of 12.7% [4]. - The net profit attributable to shareholders is forecasted to be 941 million yuan in 2025, reflecting an 18.65% growth [4]. Product Development - The company has launched various new energy models, including pure electric, hybrid, hydrogen fuel, and methanol fuel vehicles, which have higher gross margins [4]. - The company is also testing a 180-ton rigid mining truck, with plans for domestic promotion and subsequent international market entry [4]. Market Expansion - The company is rapidly expanding its overseas market presence, with exports of non-road dump trucks increasing by 13.7% in 2024 [4]. - The company has established a global strategy, with products now available in multiple countries, including Pakistan, Indonesia, and Ecuador [4]. Future Outlook - The company maintains its profit forecasts for 2025-2027, expecting net profits of 941 million yuan, 1.039 billion yuan, and 1.129 billion yuan respectively [4]. - The projected EPS for 2025 is 2.06 yuan, with a corresponding P/E ratio of 10.28 [4].