Zhao Yueyuan, Deng Jianjian, and Zhao Qizheng recently conducted research on Great Wall Motors and released a research report "January Automobile Sales 1040,000 units, the tank brand performed well", this report gives a ** rating to Great Wall Motors, and the current stock price is 21$94.
Great Wall Motor (601633).
Investment Essentials. Event: Great Wall Motor announced its sales in January. In January, Great Wall Motor achieved vehicle sales of 1040,000 units, +691%, -7 month-on-month5%。In terms of brands, (1) the sales volume of the Haval brand in January was 590,000 units, +50 year-on-year8%, -9 month-on-month9%；(2) The sales volume of WEY brand in January was 030,000 units, +217 year-on-year3%, -46%；(3) The sales volume of Great Wall pickup trucks in January was 150,000 units, +32 y/y4%, -35%；(4) In January, the sales volume of the ORA brand was 060,000 units, +63 y/y2%, -401%；(5) Tank brand sales in January 200,000 units, +239 year-on-year3%, +15 MoM9%。
The sales volume of tank new energy in January was outstanding, and the company accelerated the transformation of intelligent new energy. New energy vehicle sales in January 250,000 units, +296 year-on-year5%, -162%。Tank NEV sales were 9,631 units, +16 QoQ67%, a record high in new energy sales in a single month, of which the sales of tank 400Hi4-T and tank 500Hi4-T were 4,586 and 5,045 respectively; Haval New Energy sold 6,005 vehicles, of which 4,207 were sold by Haval Raptor. The company's intelligent new energy transformation is accelerating: on January 30, the pre-sale of the tank 700Hi4-T was opened, and the pre-sale price of the ultimate version was 4680,000 yuan, the pre-sale price of the Polar Edition is 5080,000 yuan, carrying 30T Hi4-T technical architecture, pre-sale orders exceeded 3,128 units in 3 days; As of January 22, the Alpine Executive Extended Edition has arrived in 41 cities across the country, and other cities will arrive in stores one after another; In 2024, ORA will launch a number of new high-quality models such as A-class and C-class to achieve full coverage of the A0 to C-class markets.
Overseas sales in January 260,000 vehicles, and the process of "ecological going to sea" continues to deepen. In January, the company's overseas sales were 260,000 units, +64 year-on-year9%, -212%。1) Malaysia: On January 8, the company announced that it had recently completed the signing of the CKD assembly cooperation agreement with the Malaysian EPMB Group, and will officially start the assembly and production of Great Wall Motors this year, marking the official launch of the company's first CKD project in the ASEAN region. 2) Thailand: On January 12, the first locally produced Ora Good Cat production car rolled off the assembly line at Great Wall Motor's Rayong plant in Thailand. Since the launch of Ora Good Cat in Thailand in 2021, the cumulative sales have exceeded 110,000 units, and in 2022, the Ora Good Cat will have a pure electric market share of 1 3 in Thailand. 3) Qatar: In addition, Great Wall Motor has also signed a strategic cooperation agreement with Teyseer Motors, a well-known local car dealer in Qatar, to help develop the Middle East market.
Profitability** and investment advice: We maintain profitability**, and we expect the company's net profit attributable to the parent company to be 2023-2025. 9.9 billion yuan, corresponding to PE as a multiple, maintaining the "** rating."
Risk warning: the market competition exceeds expectations, the company's new energy transformation is less than expected, and the company's new car sales are less than expected.
*According to the calculation of the research report data released in the past three years, the research team of Ping An Wang and Haihai researchers has conducted in-depth research on the stock, and the average accuracy of the past three years is as high as 9434%, and its ** attributable net profit in 2023 is 702.7 billion, and the **PE converted according to the current price is 2592。
The latest profit** breakdown is as follows:
A total of 24 institutions have rated the stock in the last 90 days, with 19 ** ratings and 5 overweight ratings. The average institutional price target over the last 90 days is 3622。
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