GWMOTOR(601633) 东吴证券·2025-04-27 04:47Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing short-term pressure on performance due to product cycle fluctuations, despite ongoing globalization efforts [1] - The company reported a Q1 2025 revenue of 40.02 billion yuan, a decrease of 6.6% quarter-on-quarter and 33.2% year-on-year, with a net profit attributable to shareholders of 1.751 billion yuan, down 45.7% quarter-on-quarter and 22.7% year-on-year [1] - The company plans to launch multiple new models in 2025, enhancing its product matrix [1] - The forecast for 2025-2027 has been adjusted downwards for both revenue and net profit due to increased competition in the industry [1] Financial Summary - Total revenue forecast for 2025 is 219.515 billion yuan, with a year-on-year growth of 8.57% [1] - Net profit attributable to shareholders for 2025 is projected at 12.270 billion yuan, reflecting a decrease of 3.33% year-on-year [1] - The earnings per share (EPS) for 2025 is estimated at 1.43 yuan, with a price-to-earnings (P/E) ratio of 18.44 [1]