Investment Rating - The report maintains a "Buy" rating for Great Wall Motors with a target price raised to HKD 18.0, indicating a potential upside of 32% from the current price [4][6]. Core Insights - Great Wall Motors achieved a total sales volume of 1.233 million vehicles in 2024, remaining flat year-on-year, marking the ninth consecutive year of sales exceeding one million units [2][3]. - The company is focusing on high-quality market share growth, with a significant increase in December 2024 sales by 20.3% year-on-year, driven by strong performance from the Haval and WEY brands [2][3]. - The report highlights the company's strategic expansion into international markets, with overseas sales reaching 453,000 units in 2024, accounting for 37% of total sales, and an expected growth of 26% in export sales to 570,000 units by 2025 [3][4]. Sales Performance - In December 2024, Haval brand sales reached 83,000 units, up 27.2% year-on-year, while WEY brand sales surged by 150.8% to 8,808 units [2]. - The report notes a decline in sales for the Ora brand by 52.7%, while the Tank brand saw a 26.4% increase in sales [2]. Financial Projections - The report projects sales revenue growth of 26% for 2024, reaching RMB 219.01 billion, followed by an 18% growth in 2025 to RMB 259.42 billion [5][9]. - Net profit is expected to rebound significantly by 95% in 2024, reaching RMB 13.69 billion, and continue to grow to RMB 16.95 billion in 2025 [5][9]. - The report anticipates a steady gross margin of 21% from 2024 to 2026, with net profit margins improving to 7% by 2025 [5][9]. Product Development - Great Wall Motors plans to launch several new models in 2025, including the Haval H7 and new Tank models, which will feature the advanced Coffee Pilot Ultra driving system [3][4]. - The company aims to enhance its competitive edge in the high-end and off-road vehicle segments through accelerated deployment of intelligent driving technologies [3].
长城汽车：24年销量同比持平，追求有质量的市占率