\u3000\u3000 Great Wall Motor Company Limited(601633) (601633)
Matters:
1) in January 2022, Great Wall Motor Company Limited(601633) sales volume was 111778, with a year-on-year increase of – 19.6% and a month on month increase of – 31.2%. Among them, Haval / wey / Great Wall pickup truck / Euler / tank sold 70000 / 0.5 / 1.3 / 1.3 / 10000 vehicles respectively, with a year-on-year increase of – 25.7% / – 15.0% / – 42.2% / 28.9% / 72.2% and a month-on-month increase of – 25.6% / – 49.3% / – 36.8% / – 48.6% / – 13.3%. In January, 12000 new cars were sold overseas, with a year-on-year increase of 16.2%, and overseas sales accounted for 11.4%.
2) Haval brand sold 70228 vehicles in January. “National God car” Haval H6 sold 35570 vehicles in June; The monthly sales of Haval dogs are 7826; The monthly sales of Haval beast is 10085, and the cumulative sales volume has exceeded 16000. In January, Euler brand sold 13229 vehicles, a year-on-year increase of 28.9%. Among them, EULA good cat sold 9020 vehicles in January, with a year-on-year increase of 333.4%. In 2022, EULA brand series products: EULA ballet cat, EULA punk cat and EULA lightning cat will be gradually listed, further boosting the brand sales. The heat of 300 tanks continued, and 10363 tanks were delivered in January, with a year-on-year increase of 72.2%. Wey brand sold 5098 new cars in January, and its first 0 anxiety intelligent electric category model Mocha dht-phev officially opened pre-sale in January. The Great Wall pickup truck sold 12860 vehicles in January, including 10059 Great Wall guns. The total sales volume exceeded 10000 in 19 months, accounting for 78%. It has been the champion of pickup truck sales for 24 consecutive years. The Great Wall pickup truck has ranked first in China’s export sales.
Guoxin automobile’s view: in January, the company’s sales volume was – 19.6% year-on-year and – 31.2% month on month. We believe that it is mainly affected by the lack of core and the Spring Festival. Under this background, the company’s main models such as Haval H6, Haval beast, tank 300 and great wall gun performed steadily. Considering the smooth progress of Great Wall Motor Company Limited(601633) comprehensive digital transformation, the release of the core strategy of the Brazilian market at the end of January, the acceleration of the layout of overseas markets and the continuous development of power on the electric and intelligent track are expected to drive a new round of strong product cycle, we maintain the company’s profit forecast and expect to realize a net profit of 13.4/19 billion yuan from 2022 to 2023. As the leader of independent auto enterprises, the company has great profit elasticity and is expected to significantly benefit from the recovery of the industry and the layout of the new platform, and maintain the “buy” rating.
