Investment Rating - The report maintains a "Buy" rating for Great Wall Motor, with an increased target price of HK$16.00, up from HK$14.00 [2][3]. Core Insights - The first quarter of 2024 showed impressive performance, with revenue reaching RMB 42.86 billion, a year-on-year increase of 47.6% and a quarter-on-quarter decrease of 20.2%. The net profit attributable to shareholders was RMB 3.23 billion, reflecting a year-on-year increase of 1,752.6% and a quarter-on-quarter increase of 59.3% [2][3]. - The company is actively expanding its overseas market, with export sales reaching 92,800 units in the first quarter of 2024, a year-on-year increase of 78.5%. The gross margin for the first quarter was 20.0%, showing significant improvement due to product structure optimization and overseas exports [2][3]. Financial Performance Summary - For 2024, the forecasted revenue is RMB 218.25 billion, with a net profit of RMB 10.60 billion, translating to an EPS of RMB 1.24, which is a 51.2% increase from the previous year. The forecast for 2025 is a revenue of RMB 264.08 billion and a net profit of RMB 13.32 billion, with an EPS of RMB 1.56 [5][6]. - The company’s financial metrics indicate a strong recovery, with a projected net profit growth rate of 51.0% for 2024 and a gross margin improvement to 20.0% [6][8]. Market Position and Strategy - Great Wall Motor is enhancing its global product matrix through technological innovation, channel expansion, and localized production, with brands like Wey, Tank, and Ora making significant strides in overseas markets [3][6]. - The company is expected to maintain a high growth momentum in export sales throughout 2024, driven by its successful overseas strategies [3][6].
2024年第一季度业绩亮眼，海外销量高增增强盈利能力，维持“买入”