Soochow Securities·2024-05-07 10:32Investment Rating - The investment rating for Great Wall Motors is "Buy" (maintained) [1] Core Views - In April 2024, Great Wall Motors achieved a total production volume of 103,418 vehicles, representing a year-on-year increase of 10.84% [2] - The company reported a significant increase in exports and new energy vehicle sales, with April exports reaching 36,141 units, up 65.68% year-on-year, accounting for 38.13% of total sales [2] - The company is expanding its global market presence and enhancing product technology, with new models and advanced driving systems being showcased [3] - The earnings forecast for 2024-2026 remains unchanged, with net profits projected at 8.9 billion, 11.7 billion, and 15.1 billion yuan respectively, reflecting year-on-year growth rates of 27%, 31%, and 29% [3] Summary by Sections Sales and Production - In April, the wholesale sales volume was 94,796 vehicles, a year-on-year increase of 1.81% [2] - The Haval brand showed weaker performance due to production capacity constraints related to the launch of the new Haval H6 [2] - The WEY brand saw a substantial increase in production, with year-on-year growth of 102.26% [2] Financial Forecasts - Total revenue is projected to grow from 173.2 billion yuan in 2023 to 224.4 billion yuan in 2024, representing a year-on-year increase of 29.54% [1][7] - The earnings per share (EPS) is expected to rise from 0.82 yuan in 2023 to 1.04 yuan in 2024 [1][7] Market Expansion and Product Development - Great Wall Motors is accelerating its globalization strategy, with plans to achieve over one million units in overseas sales by 2030 [3] - The company is enhancing its product lineup with new models and advanced technologies, including the Coffee Pilot Ultra intelligent driving system [3]