GWMOTOR(601633) 兴业证券·2025-03-18 02:57Investment Rating - The investment rating for the company is "Buy (Maintain)" [1] Core Views - The report highlights that Great Wall Motors is focusing on steady progress in exports, particularly with the Tank series, while the Haval and Wey brands are undergoing updates to enhance their market presence [2] Financial Summary - The company's revenue is projected to grow from 173.21 billion in 2023 to 310.26 billion in 2026, reflecting a compound annual growth rate (CAGR) of 15.6% [3] - The net profit is expected to increase significantly from 7.02 billion in 2023 to 18.28 billion in 2026, with a notable growth of 81.0% in 2024 [3] - The return on equity (ROE) is forecasted to improve from 10.3% in 2023 to 18.6% in 2026 [3] Export Growth - The report indicates that Great Wall Motors is expanding its export markets, particularly in Russia, South America, and right-hand drive markets, with a focus on increasing sales volume [7] - The South American market is projected to reach approximately 5.15 million units in 2024, with Brazil being a key focus for expansion [8] Product Competitiveness - The Tank series is noted for its strong competitive edge in off-road capabilities, with the Hi4Z technology enhancing its performance [26] - The company has maintained a market share of over 45% in the pickup segment since 2022, with stable profitability from models like the Cannon and Windrunner [31] Brand Strategy - The report emphasizes that Haval and Wey brands are improving their margins through product adjustments and channel reforms, with new models expected to drive sales growth [37] - The company plans to increase its dealership network significantly, aiming for around 1,200 stores by the end of 2024, focusing on direct sales of Tank and Wey products [41]