公司加速东盟地区产能布局：公司在东盟地区产能布局加速。根据公司消息，9 月24 日，公司在印尼的KD 工厂顺利投产，首款本地组装车型为哈弗JOLION HEV。此外，公司9 月与越南成安集团签署合作备忘录，将合作CKD 组装工厂，预计2025 年投产；今年1 月公司已经与马来西亚公司EPMB 签约东盟地区首个CKD 合作项目，预计今年投产，计划首批导入车型为哈弗H6 HEV 和哈弗JOLION HEV。与当地经销商合作实现本地化生产，将使公司能够借助合作方资源，更加靠近市场，加快构建产品销售渠道，扩大公司在当地的影响力。Conclusions and recommendations:
The company's production capacity layout in the ASEAN region is accelerating. In September, the company's KD plant in Indonesia was put into operation, and the company announced that it would cooperate with Vietnam's Chengan Group to establish a CKD plant, which will be put into operation in 2025.
The company is speeding up the introduction of products to overseas markets. With the continuous improvement of the sales network and the increase in local market holdings, we believe that the company's overseas sales will continue to grow rapidly. The company is continuing to accelerate intelligent transformation. After the launch of the Blue Mountain Smart Driving Edition, sales increased markedly, with an average weekly sales volume of nearly 1,600 units, leading the sales volume in the same class. The company will open the city NOA one after another in the second half of the year, so that it can be opened nationwide by the end of the year; in addition, the company released a next-generation smart cockpit system in June and signed a development cooperation agreement with Huawei, and cockpit intelligence is expected to accelerate iteration. The company's profitability is steady. We expect the company's net profit for 2024/2025/2026 to be 13.7/15.7/17.9 billion yuan, YOY +95%/+15%/+14%, respectively; EPS is 1.6/1.84/2.09 yuan, respectively. The current stock price corresponds to the 2024/2025/2026 P/E for A shares is 15/13/12 times, and the corresponding P/E for H shares is 7/6.1/5.4 times, and the corresponding P/E for H shares is 7/6.1/5.4 times.
The company accelerates production capacity layout in the ASEAN region: the company's production capacity layout in the ASEAN region is accelerating. According to company information, on September 24, the company successfully started production at the KD plant in Indonesia. The first locally assembled model was the Haval JOLION HEV. Furthermore, the company signed a memorandum of cooperation with Vietnam's Chengan Group in September to cooperate with the CKD assembly plant, which is expected to be put into operation in 2025; in January of this year, the company signed the first CKD cooperation project in the ASEAN region with the Malaysian company EPMB, which is expected to be put into operation this year. The first batch of models to be introduced is the Haval H6 HEV and the Haval JOLION HEV. Cooperating with local dealers to achieve localized production will enable the company to use partner resources to get closer to the market, speed up the construction of product sales channels, and expand the company's influence in the region.
Currently, the company has full-process vehicle manufacturing plants (Thailand) and KD plants (Indonesia, Malaysia, Vietnam) in the ASEAN region. As the ASEAN region actively introduces policies to support local manufacturing and consumption of new energy vehicles, the company is expected to continue to increase its investment in ASEAN in the future.
The company's overseas sales increased sharply in August, and the new subsidy policy is expected to stimulate the company's overall sales recovery: in August, the company sold 0.094 million vehicles, YOY -17.2%. Due to the high base period affected by promotions in the same period last year, sales declined this month. The company's export sales volume in August surpassed 0.04 million vehicles for the first time, YOY +31.6%, becoming the most important growth point. In terms of export destinations, the company sold 0.022 million vehicles in Russia in August, YOY +66.2%, accounting for 55% of exports; in addition, in August, the company sold 3,489, 2056 and 1,899 cars in Australia, South Africa and Chile, respectively, up 21.2%, 13.1%, and 10.3%, respectively. In January-August, the company sold 0.745 million vehicles, YOY +0.4%, of which 0.28 million vehicles were exported, and YOY +54.2%.
In August, the central government issued a new scrap subsidy policy, raising the subsidy standard to a maximum of 0.02 million yuan (the original policy was a maximum of 0.01 million yuan); in September, several local governments introduced trade-in subsidy policies. Stimulated by the policy, we expect the company's sales to pick up in the future.
Profit expectations: The company's profitability is steady. We expect the company's net profit for 2024/2025/2026 to be 13.7/15.7/17.9 billion yuan, YOY +95%/+15%/+14%, respectively; EPS is 1.6/1.84/2.09 yuan, respectively. The current stock price corresponds to the 2024/2025/2026 P/E for A shares is 15/13/12 times, and the corresponding P/E for H shares is 7/6.1/5.4 times, and the corresponding P/E for H shares is 7/6.1/5.4 times.
