Text|Investor.com Ye Xin.In the involution environment, the competition of car companies has intensified, and it has become a problem for some car companies to continue to maintain profit growth.
On the evening of January 23, Great Wall Motor (601633sh、2333.HK) released its 2023 financial performance report, becoming the first A-share listed car company to disclose its 2023 financial results.
According to the performance report, in 2023, Great Wall Motor's total operating income will be 17341 billion yuan, a year-on-year increase of 2626%；Net profit 701 billion yuan, down 15 percent year-on-year22%。Great Wall Motor said that the decline in net profit was mainly due to the impact of exchange rate gains in the same period.
Great Wall Motor's performance does not increase profits, or the company's stock price ushered in a wave of continuous ** after the company's performance report. Great Wall Motor's share price has continued to be depressed since 2024. Wind data shows that as of noon on February 2, Great Wall Motor's A-share share price was 2029 yuan shares, the stock price is about 20% this year.
Looking back on history, the highlight moment of Great Wall Motor's market value is gone. The current share price of Great Wall Motors is 69 from October 2021The stock price of 43 yuan shares fell by about 70% at its peak, and the market value evaporated by more than 410 billion yuan.
There is a calculation that in the case of the general market value of the automobile industry in the current 100 billion, the evaporated market value of Great Wall Motors is about 35 Changan Automobile and 26 SAIC Motor.
Wind data shows that as of noon on February 2, Great Wall Motor's A** value was 144.3 billion yuan, and the price-to-earnings ratio (TTM) was 2511 times.
Profit contraction: Wei Jianjun, chairman of Great Wall Motors, said bluntly not long ago: "Abiding by the law is the bottom line of Great Wall, and I think it is also the bottom line of the industry." If Great Wall Motors can't make money, almost no one's car in China can make money, because Great Wall's finances must be real! ”
In fact, in 2023, Great Wall Motor's revenue will increase significantly, and although it has made money, its net profit has declined significantly.
According to the performance report, in 2023, Great Wall Motor's operating income will be 17341 billion yuan, compared with 1373 in 2022400 million yuan, a year-on-year increase of 2626%。And the company's net profit was 701 billion yuan, compared with 82 in 20226.6 billion yuan, down 1522%。
In 2023, the company will insist on increasing investment in the field of new energy and intelligence, and at the same time accelerate the channel and brand building in the field of new energy26%。
Regarding the decline in net profit, Great Wall Motor said that the net profit was lower than that of the same period last year mainly due to the impact of exchange rate gains in the same period. Net profit attributable to shareholders of listed companies in the fourth quarter of 2023 decreased from the third quarter, mainly due to the provision of year-end bonuses. According to the CITIC ** research report, the impact of Great Wall Motor's year-end bonus is about 2.5 billion yuan.
In the first half of 2023, Great Wall Motors received a subsidy of 109.57 million yuan in the current period, accounting for 805%。
In terms of interest rates, Great Wall Motor's gross profit margin and average interest rate are lower than those in 2022. According to the data, in the first three quarters of 2023, Great Wall Motor's net profit margin was 418%, compared to 6 in 202201% of the net profit margin decreased by 1.83 percentage points; Great Wall Motor's gross margin for the first three quarters of 2023 was 1884%, compared to 19 in 2022Gross margin decreased by 053 percentage points.
At the same time, Great Wall Motor's expense ratio increased during the sales period. Great Wall Motor's expense ratio for the sales period in the first three quarters of 2023 was 117%, up from 1072%, an increase of 098 percentage points.
R&D investment is one of the key factors for car companies to win in the competition. From the perspective of R&D, Great Wall Motor's total R&D expenditure in 2022 will reach 1218.1 billion yuan, a year-on-year increase of 3434%。In the first three quarters of 2023, Great Wall Motor's R&D expenses accounted for 460%, up from 4. in 202269% were down.
It is worth noting that the average revenue of Great Wall Motors per vehicle has increased quarter by quarter. From 2021 to 2023, Great Wall Motor's average revenue per vehicle is about 1060,000 yuan, 1290,000 yuan, 14090,000 yuan. Among them, the first in 2023.
In the first, second, third and fourth quarters, the average bicycle income was 13200,000 yuan, 13680,000 yuan, 14360,000 yuan, 14700,000 yuan.
At the same time, the Great Wall Motors brand is gradually rising. According to the disclosure data of Great Wall Motor, in 2023, the sales of models with more than 200,000 yuan will be 2260,000 units, accounting for 1834%, an increase of 3 over the same period in 202207 percentage points.
In 2023, Great Wall Motor's full-year sales target is 1.6 million units, but it has not actually achieved its sales target.
According to the data, from January to December 2023, Great Wall Motors has a cumulative sales of 123070,000 units, a year-on-year increase of 1529%。Based on the annual sales target of 1.6 million units, the completion rate is only 77%. Not only did it not achieve its sales target for 2023, but it also failed to reach the 1.28 million units for the whole of 2021.
Compared with BYD, Chery, and Geely, which are also their own brands, Great Wall Motor's sales in 2023 will be at the bottom. In 2023, the sales of the top three will be 3.02 million units, 2.55 million units, and 1.88 million units, respectively.
In the wave of new energy vehicles, Great Wall Motors is also transforming to new energy. In 2022, Great Wall Motor's new energy sales totaled 1030,000 units, accounting for only 9 percent of total sales7%, and for 2023, the company has set a target of 40% for the penetration rate of new energy. The five-fold increase in NEV sales has not been realized.
According to the data, in 2023, among the total sales of Great Wall Motors, the cumulative sales of new energy vehicles will be 262003, a year-on-year increase of 9874%, the penetration rate is 21%, and the new energy penetration rate of 40% has not been reached, and the new energy transformation will not be achieved overnight.
In 2023, Great Wall Motor will release a series of strategic measures to make large-scale adjustments to the organizational structure of its brands. At present, Great Wall Motor has five major automobile brands, of which the passenger car market includes Haval, Tank, Ora and WEY brand.
Judging from the published data, Haval is still the most important pillar of Great Wall Motor's sales. In 2023, the sales volume of the Haval brand will reach 71520,000 units, a year-on-year increase of 1600%；Among them, Haval New Energy sold 77,461 vehicles throughout the year, a year-on-year increase of 64856%。
Pickup trucks are the starting products of Great Wall Motors. In 2023, Great Wall pickup trucks will sell a total of 202,330 units, a year-on-year increase of 846%, the first sales volume for 26 consecutive years, and the domestic terminal market share is nearly 50%.
In 2023, the cumulative sales of tanks will be 162539, a year-on-year increase of 3121%；WEY brand sold a total of 41,602 vehicles, a year-on-year increase of 1435%。In 2023, ORA announced "All in Women's Track", with annual cumulative sales of 108518 units, a year-on-year increase of 435%。
In the 2022 financial report, Great Wall Motor mentioned that it will invest more than 100 billion yuan in the next five years at the four levels of products, marketing, marketing, and R&D, thus demonstrating its determination to deepen its focus on intelligent new energy.
In addition, in order to boost the company's performance, Great Wall Motors is also making efforts. On January 27 this year, Great Wall Motor issued an option incentive plan to motivate the public and senior managers, middle managers and core technology (business) backbones, and the exercise of **option was 27 per share for the first time$22.
According to the incentive plan, the company intends to grant 9687 to a total of 1,195 incentive recipients500,000 ** options, accounting for 1 of the total number of shares of the company at the time of the announcement of the draft incentive plan1401%。Among them, 77.5 million shares were granted for the first time, accounting for 80% of the total number of ** options to be granted this time, accounting for about 09121%；Reserved 1937500,000 shares, accounting for 20% of the total number of ** options to be granted in this incentive plan, accounting for about 02280%。
According to the performance appraisal requirements of the incentive plan, in the three fiscal years from 2024 to 2026, the company's automobile sales will not be less than 1.9 million, 2.16 million and 2.49 million respectively, and the net profit will not be less than 7.2 billion yuan, 8.5 billion yuan and 10 billion yuan.
In the current automobile market that is becoming more and more inward, the first war has become the norm in the industry, and Great Wall Motors needs to continue to break the situation in order to be expected to move towards a new annual sales target.