Investment Rating - The report maintains a "Buy" rating for Great Wall Motors (2333 HK) with a target price of HKD 16.30, indicating a potential upside of 55.8% from the current price of HKD 10.46 [1][2][7]. Core Insights - Great Wall Motors has shown significant improvement in net profit and gross margin in Q2 2024, with a year-on-year increase in net profit of 224.4% to RMB 3.85 billion and a gross margin of 21%, up 4 percentage points year-on-year [1]. - The company is leveraging exports and product structure improvements to outperform its peers, with a 7% increase in sales volume in the first half of 2024, including a 62.1% increase in overseas sales [1][2]. - The introduction of new models and expansion in overseas markets are expected to further enhance sales and profitability [2]. Financial Performance Summary - For the first half of 2024, Great Wall Motors reported revenue of RMB 91.4 billion, a 30.7% increase year-on-year, and a net profit of RMB 7.1 billion, up 420% year-on-year [1][5]. - The company’s average selling price per vehicle increased by 22% year-on-year to RMB 165,000, with a gross profit per vehicle of RMB 34,000, reflecting a 50.4% increase year-on-year [1][5]. - Financial projections indicate continued revenue growth, with expected revenues of RMB 183.6 billion in 2024, representing a 6% year-on-year increase [8]. Market Position and Strategy - Great Wall Motors is focusing on increasing its export capabilities, having established production capacity in Russia, Thailand, and Brazil, and aims to achieve annual overseas sales of one million vehicles by 2030 [2]. - The company is also enhancing its product lineup with new models such as the Tank 700 Hi4-T and updated versions of the H6 and H9, which are expected to optimize its product mix [2]. Stock Performance - The stock has shown a year-to-date change of 3.16%, with a 52-week high of HKD 14.94 and a low of HKD 7.68, indicating volatility in its market performance [3].

Financial Performance - Great Wall Motor Company reported a significant increase in revenue, achieving a total of RMB 100 billion for the first half of 2024, representing a year-on-year growth of 15%[20]. - The company reported a net profit of RMB 10 billion for the first half of 2024, reflecting a 20% increase year-on-year[20]. - Total operating income for the first half of 2024 reached CNY 91.43 billion, a 30.67% increase compared to CNY 69.97 billion in the same period last year[25]. - Net profit attributable to shareholders of the listed company was CNY 7.08 billion, representing a significant increase of 419.99% from CNY 1.36 billion year-on-year[25]. - Basic earnings per share for the first half of 2024 was CNY 0.83, up 418.75% from CNY 0.16 in the same period last year[26]. - The weighted average return on net assets increased to 10.10%, up by 6.91 percentage points from 2.10% year-on-year[26]. - Gross profit increased to ¥18.96 billion, representing a 60.82% growth from ¥11.79 billion year-on-year[45]. - The gross margin improved to 20.74%, up by 3.89 percentage points from 16.85%[45]. Sales and Market Expansion - The company sold 500,000 vehicles in the first half of 2024, marking a 10% increase compared to the same period last year[20]. - Great Wall Motor has set a sales target of 1 million vehicles for the full year 2024, which would represent a 12% increase from 2023[20]. - The company has expanded its overseas sales network to cover over 1,300 channels in more than 170 countries and regions, enhancing its global market presence[32]. - The company’s passenger vehicle sales increased by 1.6% year-on-year, while exports surged by 31.5%, significantly contributing to overall market growth[34]. - The company aims to achieve over 1 million overseas sales by 2030, focusing on localization and cross-cultural branding strategies[66]. Research and Development - Great Wall Motor is investing RMB 5 billion in research and development for new energy vehicles, aiming to launch three new electric models by the end of 2024[20]. - The company has established a global R&D layout with 10 technology centers across various countries, focusing on core technologies in new energy and intelligent driving, with over 110 forward-looking projects initiated[31]. - The company is focusing on precision R&D in core technologies, particularly in new energy and intelligent driving solutions[40]. - The company has increased its R&D investment to focus on electrification and intelligence, aiming for continuous technological upgrades[85]. Sustainability and Corporate Responsibility - Great Wall Motor is committed to sustainability, with plans to reduce carbon emissions by 30% by 2025 through improved manufacturing processes[20]. - The company is committed to establishing a clean and trustworthy business environment, promoting collaboration and shared success[42]. Corporate Governance and Shareholder Engagement - The board has deferred consideration of an interim dividend for the six months ending June 30, 2024[86]. - The company conducted a repurchase of restricted A-shares during the reporting period, with details available in the report[86]. - The audit committee reviewed the interim performance announcement and financial reports, confirming compliance with applicable accounting standards[87]. - The company held its first extraordinary general meeting on January 26, 2024, to discuss various incentive plans and management proposals[93]. - The company’s governance practices are in line with the Hong Kong Listing Rules and corporate governance codes[94]. Employee Engagement and Incentive Plans - The company aims to attract and stabilize outstanding management talent through the incentive plans, enhancing its human resource advantages[131]. - The employee stock ownership plan allows for a maximum issuance of 40,000,043 shares, representing 0.64% of the total shares issued as of the semi-annual report date[180]. - The performance targets for the employee stock ownership plan include achieving a vehicle sales volume of no less than 1.6 million units in 2023 and a net profit of no less than RMB 6 billion[183]. - The employee stock ownership plan is expected to positively impact the company's operational efficiency and employee motivation[199]. Strategic Initiatives - Great Wall Motor plans to expand its market presence in Southeast Asia, targeting a 20% market share in the region by 2025[20]. - The company is exploring potential mergers and acquisitions to enhance its technological capabilities and market reach[20]. - The company has a dual domestic and overseas production strategy, with a global production layout of "10+3+N" and multiple assembly plants established through cooperation and acquisitions[32]. - The company aims to transform from a traditional automotive manufacturer to a lifestyle brand, enhancing user experience[39]. Financial Health and Asset Management - The net cash flow from operating activities was CNY 9.41 billion, a recovery from a negative cash flow of CNY -2.44 billion in the previous year[25]. - The company's debt-to-equity ratio decreased to 168.65% as of June 30, 2024, down from 193.79% at the end of 2023[48]. - The company’s total assets as of June 30, 2024, were RMB 73.46 billion, compared to RMB 72.31 billion at the end of 2023[54]. - The company’s foreign exchange risk is closely monitored, with foreign currency assets and liabilities impacting operational performance[50].

Financial Performance - Great Wall Motor Company reported unaudited interim results for the six months ending June 30, 2024[1]. - Total operating revenue for the first half of 2024 reached ¥91.43 billion, a year-on-year increase of 30.67% compared to ¥69.97 billion in the same period last year[18]. - Net profit attributable to shareholders of the listed company surged to ¥7.08 billion, marking a significant increase of 419.99% from ¥1.36 billion in the previous year[18]. - The net cash flow from operating activities was ¥9.41 billion, a recovery from a negative cash flow of ¥2.44 billion in the same period last year[18]. - Basic earnings per share for the first half of 2024 were ¥0.83, up 418.75% from ¥0.16 in the same period last year[19]. - Gross profit increased to ¥18.96 billion, representing a 60.82% growth from ¥11.79 billion year-on-year[38]. - The gross margin improved to 20.74%, up by 3.89 percentage points from 16.85%[38]. - The company's debt-to-equity ratio decreased to 168.65% as of June 30, 2024, down from 193.79% at the end of 2023[41]. Dividend and Profit Distribution - The board decided to postpone the consideration of an interim dividend due to future business expansion funding needs and cash flow conditions[1]. - The company has not disclosed any profit distribution plan or capital reserve transfer to share capital plan for the reporting period[2]. - No profit distribution or capital reserve fund transfer plan was proposed for the half-year period, with no dividends or stock bonuses declared[90]. Risk Management and Compliance - The board guarantees the truthfulness, accuracy, and completeness of the semi-annual report content, with no significant risks affecting production and operations identified during the reporting period[2]. - The company has committed to addressing potential risks and countermeasures in its management discussion and analysis section[2]. - There are no significant non-operational fund occupations by controlling shareholders or related parties reported[2]. - The company has not violated decision-making procedures for external guarantees[2]. - The audit committee reviewed the interim performance announcement and financial reports for the first half of 2024, confirming compliance with applicable accounting standards[80]. Research and Development - The company has initiated over 110 forward-looking R&D projects in areas such as power, new energy, and intelligent driving systems[24]. - The company is focusing on precision R&D in core technologies, particularly in new energy and intelligent driving solutions[33]. - Research and development expenses rose to ¥4.18 billion, reflecting a 19.24% increase from ¥3.51 billion[38]. - The company aims to increase R&D investment, focusing on electrification and intelligence to improve product experience and cost management[78]. Sales and Market Expansion - The company achieved a significant increase in net profit due to a focus on high-quality development and optimization of product structure, leading to growth in overseas sales[19]. - The company's sales network now covers over 1,300 overseas sales channels across more than 170 countries and regions, enhancing its global market presence[25]. - In the first half of 2024, passenger car exports grew by 31.5%, significantly contributing to overall market growth[27]. - Great Wall Motors plans to achieve overseas sales exceeding 1 million units by 2030, focusing on localized production and supply chain security[59]. Environmental Compliance - The company generated 651.27 tons of hazardous waste in the first half of 2024, with a total of 1,456.47 tons generated in the same period[196]. - The company’s wastewater discharge standards were met, with no exceedances reported for key pollutants such as chemical oxygen demand and ammonia nitrogen[196]. - The company’s environmental compliance includes adherence to the "Comprehensive Discharge Standards for Wastewater" and "Comprehensive Discharge Standards for Air Pollutants"[196]. Employee and Governance - The company has a total of 81,902 employees as of June 30, 2024, a decrease from 84,938 employees a year earlier[45]. - The employee cost accounted for 8.10% of total revenue as of June 30, 2024, down from 10.28% in the previous year, indicating improved operational efficiency[45]. - The company aims to attract and retain top management talent through the employee stock ownership plan, aligning interests between employees and shareholders[171]. Stock Incentive Plans - The company has implemented various stock incentive plans, including the 2023 restricted stock incentive plan and stock option incentive plan, with details disclosed in multiple announcements[92][93]. - The performance targets for the employee stock ownership plan include a sales volume of no less than 1.6 million vehicles in 2023 and a net profit of no less than 6 billion RMB[176]. - The total estimated expense for the employee stock ownership plan (ESOP) is RMB 496.40 million, with allocations of RMB 217.18 million in 2023, RMB 227.52 million in 2024, and RMB 51.71 million in 2025[180].

Investment Rating - The report maintains a "Buy" rating for Great Wall Motors (2333 HK) with a target price raised to HKD 16.30, indicating a potential upside of 28.5% from the current price of HKD 12.68 [1][4]. Core Insights - Great Wall Motors reported strong earnings in Q2 2024, benefiting from improved export performance and product mix. The company expects a net profit of RMB 6.5 billion to RMB 7.3 billion for the first half of 2024, representing a year-on-year increase of 377.5% to 436.3% [1]. - The sales growth of the Tank brand and strong export performance are anticipated to support profit improvement for the full year. The Tank brand's sales in June increased by 104.0% year-on-year, with Q2 sales reaching 66,900 units, up 95.9% year-on-year [1]. - The report projects an increase in gross margin forecasts for 2024 and 2025 from 17.6% to 20.2% and from 17.6% to 20.6%, respectively, reflecting the rising sales of the Tank brand and higher export sales [1]. Financial Summary - Revenue for Great Wall Motors is projected to grow from RMB 137.34 billion in 2022 to RMB 183.56 billion in 2024, with a compound annual growth rate (CAGR) of 6.0% [3][6]. - Net profit is expected to rebound from RMB 7.02 billion in 2023 to RMB 11.81 billion in 2024, marking a significant year-on-year growth of 68.2% [3][6]. - The report indicates an increase in earnings per share (EPS) from RMB 0.82 in 2023 to RMB 1.38 in 2024, with a projected dividend yield of 4.4% in 2024 [3][6].

h 股 c r 票 a e s e R 研 y [Table_Title] Ivan Wu 吴凱翔 究 tiu Company Report: Great Wall Motor (02333 HK) 中文版 q (852) 2509 2649 E 公司报告： 长城汽车 (02333 HK) Chinese version ivan.wu@gtjas.com.hk 3 May 2024 2[T0ab2le4_年Sum第ma一ry]季 度业绩亮眼，海外销量高增增强盈利能力，维持 “买入” 公 tr o p 司 报 e R y n  维 考持 虑“ 到买 长入 城”评 汽级 车，上 （调 “公目 司标价 ”）至 海1 外6.0 市0港 场元 与。 高20 端23 越年 野每 产股 品盈 表利 现预测 优符 异合 ，预 上期 调， [R Taabtlien_gR:a nk] MainB taiu ney d a p 2024-2025年每股盈利预测至人民币1.24元（+0.13））/人民币1.56元（+0.06） 告 m o 元，新增2026年每股盈利预测人民币1.83元，给予公司高于可比公司估值， 评级： 买入 ...

公司研究 长城汽车（02333.HK） 哈弗多款新车即将上市，或带动品牌销量快速回升 2024年5月7日 长城汽车（02333.HK） 公司研究·点评报告 基础数据 新能源与海外销售延续高速增长 所属行业 汽车 长城汽车公告的数据显示，2024 年 4 月，公司汽车销量录得 9.48 万辆，同比 评级 买入 增长 1.8%。其中，哈弗品牌销售 4.7 万辆，同比下降约 10%，坦克品牌销售 收盘价 (HKD) 12.12 2.05 万辆，同比增长 87.5%，长城皮卡销售 1.8 万辆，同比下降约 3%，WEY 总市值 (HKD亿) 1036 品牌销售0.45万辆，同比增长87.7%。哈弗品牌销量同比下滑，主因销量较大 流通市值 (HKD亿) 281 的 H6 即将换代，产销节奏阶段性调整。坦克品牌月销再次突破 2 万辆，显示 52周最高/最低 (HKD) 7.48-12.64 其在硬派越野细分市场地位稳固。 数据来源：Wind；数据日期：2024年5月7日收盘 国信证券（香港）研究部整理 2024年1-4月公司汽车销量录得37万辆，同比增长18.2%。其中，哈弗品牌 销量同比增长15.1%，坦克品牌同比大增 ...

Table_BaseInfo Table_Title 公司动态分析 2024 年 05 月 07 日 长城汽车（2333.HK） 证券研究报告 汽车行业 业绩超预期，营销渠道大变革 Q1 投资评级： 买入 因出口及坦克等高价格车型销量占比持续提升，长城汽车一季度业绩超预期。我们看好 长城汽车海外出口与坦克品牌未来发展，持续推动销量与业绩增长。维持目标价16港 目标价格： 16 港元 元，相当于24年12.6倍预测市盈率，距离现价有34%上涨空间，买入评级。 现价 (2024-05-06)： 11.9港元 报告摘要 总市值(百万港元) 206,859.23 一季度业绩超预期。2024年Q1长城汽车实现营收428.6亿元，同比增长47.6%， H股市值(百万港元) 27,964.43 环比下降20.2%，归母净利润32.3亿元，同比增长1752.6%，环比增长59.3%， 总股本(百万股) 8,543.82 扣非归母净利润20.2亿元，同比增长1032.9%，环比增长97.3%。业绩创造历 H股本(百万股) 2,318.78 史同期最佳，超预期。Q1毛利率20.0%，同比提升4.0个百分点，环比提升1.6 12个 ...

M N 25 Apr 2024 CMB International Global Markets | Equity Research | Company Update Great Wall Motor (2333 HK) 1Q24 NP beat provides room for transformation Target Price HK$14.00 Maintain BUY. Great Wall’s 1Q24 net profit of RMB3.2bn beat investors’ prior (Previous TP HK$13.00) forecast, which has increased our confidence in its profitability in FY24E. We Up/Downside 24.8% raise our FY24E net profit forecast by 25% to RMB9.9bn. We believe Great Wall Current Price HK$11.22 still needs a high-volume NEV in th ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 長 城 汽 車 股 份 有 限 公 司 GREAT WALL MOTOR COMPANY LIMITED* （於中華人民共和國註冊成立的股份有限公司） 股份代號：02333（港幣櫃台）及82333（人民幣櫃台） 2024年第1季度報告 董事會謹此公佈本公司2024年第1季度報告，本報告乃根據中國企業會計準則而 編製，未經審計。 本公告乃依據上市規則第13.09條及證券及期貨條例第XIVA部而作出。 長城汽車股份有限公司（「本公司」或「公司」）董事會（「董事會」）謹此公佈本公司 及其子公司（統稱「本集團」或「集團」）截至2024年3月31日止3個月未經審計業績 （「第1季度報告」），乃根據中國企業會計準則而編製。本公告乃依據香港聯合交 易所有限公司證券上市規則（「上市規則」）第13.09條及證券及期貨條例第XIVA部 而作出。 本公告內容與上海證券交易所刊發的公告一致。本公告在香港及上海同步刊登。 重 ...

Table_BaseInfo Table_Title 公司动态分析 2024 年 04 月 08 日 长城汽车（2333.HK） 证券研究报告 汽车行业 销量增长 ，出口取得佳绩 Q1 25% 投资评级： 买入 24Q1长城汽车销量27.5万辆，同比增长25.1%，其中海外销量9.3万辆，同比增长 78.5%，占总销量比重33.7%，海外占比持续提升。我们认为出海车型价格高，其盈利 目标价格： 16 港元 性高于国内。长城汽车出口业务布局深远，预计24年出口销量在50万辆以上，成为销 量与业绩增长的主驱动力。我们维持目标价16港元，相当于24年12.6倍预测市盈率， 现价 (2024-04-05)： 9.2港元 距离现价有74%上涨空间，买入评级。 总市值(百万港元) 186,463.16 报告摘要 H股市值(百万港元) 22,263.89 总股本(百万股) 8,496.74 23年扣非后归母净利润48.3亿，同比增长8.4%。2023年实现营业收入1732.1亿 H股本(百万股) 2,318.78 元，同比增长26.1%，归母净利润70.2亿元，同比下降15.1%，扣非归母净利润 12个月低/高(港元) 7 ...