Guohai Securities·2024-10-30 07:30Investment Rating - The report maintains an "Accumulate" rating for Great Wall Motors [2][5][8] Core Views - Great Wall Motors reported a steady performance in Q3 2024, with total revenue of 50.83 billion yuan, a year-on-year increase of 2.6%, and a net profit attributable to shareholders of 3.35 billion yuan, a year-on-year decrease of 7.8% [2][4] - The average selling price (ASP) per vehicle increased to 172,800 yuan, driven by higher sales of premium models, with sales of models priced above 200,000 yuan rising by 38.7% year-on-year [2][4] - The company is accelerating its smart electric vehicle initiatives and has signed strategic cooperation agreements with multiple research institutions regarding AI models [3][4] Financial Performance Summary - In Q3 2024, Great Wall Motors achieved total revenue of 50.83 billion yuan, with a year-on-year growth of 2.6% and a quarter-on-quarter growth of 4.6% [2] - The net profit attributable to shareholders was 3.35 billion yuan, down 7.8% year-on-year, while the net profit excluding non-recurring items was 2.72 billion yuan, down 11.0% year-on-year [2] - Vehicle sales in Q3 2024 totaled 294,000 units, a decrease of 14.7% year-on-year but an increase of 3.4% quarter-on-quarter [2][4] Sales and Market Expansion - The company exported 123,000 vehicles in Q3 2024, a year-on-year increase of 39.9%, with overseas sales accounting for 41.7% of total sales [4] - Great Wall Motors has been expanding its overseas presence, with new factories in Senegal and Vietnam, and has launched models in Malaysia and South Africa [4] Future Earnings Forecast - The company is expected to achieve revenues of 222.5 billion yuan, 260.7 billion yuan, and 287.1 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 28%, 17%, and 10% [5][6] - Net profit attributable to shareholders is projected to be 13.26 billion yuan, 16.47 billion yuan, and 19.10 billion yuan for the same years, with growth rates of 89%, 24%, and 16% respectively [5][6]