Investment Rating - The report maintains a "Buy" rating for Great Wall Motors with a target price of HKD 16, indicating a potential upside of 74% from the current price of HKD 9.2 [1][2][4]. Core Insights - Great Wall Motors achieved a sales volume of 275,000 vehicles in Q1 2024, representing a year-on-year growth of 25.1%. Notably, overseas sales reached 93,000 vehicles, up 78.5%, accounting for 33.7% of total sales [1][2]. - The company is expected to export over 500,000 vehicles in 2024, driven by strong overseas demand and higher profitability from export models compared to domestic sales [1][2]. - The report highlights the significant growth in the new energy vehicle segment, with sales increasing by 112.8% in Q1 2024, contributing to 21.5% of total sales [2][4]. Financial Performance Summary - In 2023, Great Wall Motors reported a revenue of RMB 173.2 billion, a 26.1% increase year-on-year, while the net profit attributable to shareholders was RMB 7.02 billion, a decline of 15.1% [2][4]. - The company’s gross margin remained stable at 19%, with a projected revenue growth of 26% for 2024, reaching RMB 218.2 billion [3][4]. - The net profit is expected to rebound significantly in 2024, with a forecasted increase of 42% to RMB 9.94 billion [3][4]. Sales Performance by Brand - The Haval brand sold 158,000 vehicles in Q1 2024, up 25.5%, while the Tank brand saw a remarkable growth of 103.1% with sales of 49,000 vehicles [2][4]. - The report notes a decline in sales for the Ora brand by 15.5% and Great Wall pickups by 10.9%, indicating mixed performance across different brands [2][4]. Future Outlook - The report anticipates continued growth for Great Wall Motors, particularly with the upcoming launches of upgraded models such as the Xiaolong MAX and Tank 300Hi4-T, which are expected to enhance sales performance [2][4]. - The company is expanding its export operations into various regions, including Europe, ASEAN, Latin America, the Middle East, Australia, and South Africa, which is expected to further drive growth [1][2].
Q1销量增长25%，出口取得佳绩