Soochow Securities·2024-10-09 08:12Investment Rating - The report maintains a "Buy" rating for Great Wall Motors [1] Core Views - In September 2024, Great Wall Motors achieved a total wholesale sales volume of 108,398 units, with year-on-year and month-on-month increases of 10.9% and 14.8% respectively. The sales breakdown includes Haval brand at 62,900 units (down 14.7% YoY), WEY brand at 6,755 units (up 165.1% YoY), Great Wall pickup at 14,456 units (down 15.9% YoY), Ora brand at 5,486 units (down 45.3% YoY), and Tank brand at 18,740 units (up 3.8% YoY). The overseas sales in September reached 44,105 units, with a year-on-year increase of 46.9% and a month-on-month decrease of 2.1%. The new energy vehicle sales were 30,129 units, reflecting a year-on-year increase of 37.6% and a month-on-month increase of 21.3% [2][3] Summary by Sections Sales Performance - In September 2024, the total wholesale sales volume was 108,398 units, with a year-to-date total of 853,813 units, down 1.18% YoY. The new energy vehicle penetration rate reached 27.8% [2] International Expansion - Great Wall Motors is advancing its global strategy with the launch of WEY brand in Europe and the introduction of Tank 500 and Shanhai Pao HEV in South Africa. The company has signed a memorandum of understanding for KD projects in Senegal and is collaborating with Vietnam's Thanh An Group for CKD assembly [3] Financial Forecasts - The report forecasts revenue for 2024, 2025, and 2026 to be 191.69 billion, 203.47 billion, and 224.49 billion CNY respectively, with year-on-year growth rates of 11%, 6%, and 10%. The net profit attributable to shareholders is expected to be 13.17 billion, 14.99 billion, and 18.63 billion CNY, with corresponding EPS of 1.54, 1.75, and 2.18 CNY [1][3]