Investment Rating - The report gives a "Buy" rating for the company [7]. Core Views - Great Wall Motors is positioned as the leader in the domestic hard-core off-road vehicle market and is expanding its growth through international markets [4]. - The company has a complete product line for hard-core off-road vehicles, with significant market share and growth potential in both domestic and overseas markets [4][3]. - The financial outlook is positive, with projected net profits increasing significantly over the next few years [4]. Summary by Sections Company Overview - Great Wall Motors is a well-known manufacturer of SUVs and pickups, with a focus on hard-core off-road vehicles and a commitment to independent research and development of core automotive components [19]. Historical Development - From 2011 to 2016, the SUV market in China experienced rapid growth, with Great Wall Motors leading the market through its Haval brand [2][21]. - Between 2017 and 2020, the overall vehicle market saw a decline, impacting the company's performance as competition intensified [2][39]. - Since 2021, the company has seen a recovery in sales, particularly in the hard-core off-road segment and through international expansion [2][52]. Market Analysis - The market share of hard-core off-road vehicles in China remains low compared to developed countries, indicating significant growth potential [3]. - Great Wall Motors holds a dominant position in the domestic hard-core off-road market, with market shares exceeding 50% in recent years [4]. Financial Performance - The company’s revenue is projected to grow from 2023 to 2027, with net profits expected to reach 171.8 billion yuan by 2027 [5][4]. - In 2024, the company achieved a record net profit of 126.92 billion yuan, reflecting a strong recovery and growth trajectory [74]. Product Development - Great Wall Motors has launched several new models under its Tank brand, which have been well-received in the market, contributing to its leadership in the hard-core off-road segment [61]. - The company is also focusing on enhancing its R&D capabilities, particularly in smart driving and electric vehicle technologies [83].
长城汽车（02333）：长城系列深度之硬派越野篇：稳居国内硬派越野市场第一出海打开第二增长曲线