Minsheng Securities·2024-09-02 06:13Investment Rating - The report maintains a "Buy" rating for Great Wall Motors (601633.SH) with a target price of 23.16 CNY per share, corresponding to a PE ratio of 14/12/11 for the years 2024-2026 [2][12]. Core Views - Great Wall Motors achieved record overseas sales in August 2024, with a total of 40,000 units sold, representing a year-on-year increase of 31.6% and a month-on-month increase of 5.9% [1]. - The company continues to focus on high-end product offerings, with sales of models priced above 200,000 CNY reaching 183,000 units from January to August 2024, a year-on-year increase of 39.8% [1]. - The report highlights the company's strategic push towards smart technology, launching the SEE end-to-end intelligent driving model and establishing a supercomputing center [1]. Summary by Sections Sales Performance - In August 2024, Great Wall Motors' wholesale sales totaled 94,000 units, a year-on-year decrease of 17.2% but a month-on-month increase of 3.5% [1]. - Cumulative wholesale sales from January to August 2024 reached 745,000 units, a slight year-on-year increase of 0.4% [1]. Brand Performance - The Haval brand sold 56,000 units in August, down 15.6% year-on-year but up 6.1% month-on-month, with cumulative sales of 409,000 units from January to August, a decrease of 3.2% year-on-year [1]. - The Tank brand showed strong growth, with August sales of 16,000 units, up 11.4% year-on-year and cumulative sales of 151,000 units, up 74.7% year-on-year [1]. Financial Projections - Projected revenues for 2024-2026 are 236.78 billion CNY, 268.77 billion CNY, and 295.65 billion CNY, respectively [2][12]. - Expected net profits for the same period are 13.93 billion CNY, 16.48 billion CNY, and 18.63 billion CNY, with corresponding growth rates of 98.4%, 18.3%, and 13.0% [2][12]. Strategic Initiatives - The company is expanding its global footprint, having officially entered the Uruguayan market and showcasing new models in Brazil [1]. - Great Wall Motors is enhancing its product lineup with a focus on smart and electric vehicles, aiming to increase the proportion of new energy vehicles in its sales [1].