Tebon Securities·2024-03-31 16:00Investment Rating - The investment rating for Great Wall Motors is "Buy" (maintained) [1] Core Views - The company reported a revenue of 173.21 billion yuan in 2023, a year-on-year increase of 26.1%, while the net profit attributable to shareholders decreased by 15.1% to 7.02 billion yuan. The non-recurring net profit attributable to shareholders increased by 8.0% to 4.83 billion yuan [6][8] - The company is accelerating its transition to new energy and smart vehicles, with significant growth in overseas sales, surpassing 300,000 units for the first time in 2023 [7] - The earnings forecast for 2024-2026 has been adjusted, with expected net profits of 9.87 billion yuan, 12.62 billion yuan, and 15.85 billion yuan respectively, corresponding to P/E ratios of 20, 15, and 12 [7] Financial Performance Summary - In Q4 2023, the company achieved a revenue of 53.71 billion yuan, with year-on-year and quarter-on-quarter growth of 41.9% and 8.4% respectively. The total vehicle sales for Q4 were 367,000 units, reflecting a year-on-year increase of 38.3% [6] - The average selling price (ASP) per vehicle in Q4 was approximately 146,000 yuan, with a year-on-year increase of 0.4 thousand yuan [6] - The company’s gross profit margin for 2023 was 18.7%, with a projected increase to 19.0% in 2024 [9] Market Position and Strategy - Great Wall Motors is focusing on the new energy off-road market, launching several new models and achieving significant order volumes shortly after their release [7] - The company has expanded its international presence, with products available in over 170 countries and regions, and has established more than 1,000 international sales channels [7] - The company plans to cover the A0 to C segment markets with new high-quality models in 2024, enhancing its product lineup [7]