Great Wall Motor Company Limited(601633) (601633)
event:
The company released the sales data in November 2021. In November, the company achieved sales of 122510 vehicles, an increase of 9% month on month. From January to November, the cumulative sales volume was 1118624, with a year-on-year increase of 16.3%.
The chip still has an impact in the short term, and heavy models continue to be sold in large quantities.
In November, the company’s sales volume continued to climb month on month. Limited by the supply of some chips, the overall production capacity has not been fully released. In terms of models, the sales of some heavy models of the company continued to rise. Euler good cat sold 8855 vehicles in November, with a month-on-month increase of 12.9%, reaching a new high. The cumulative sales from January to November were 40246 vehicles; The monthly delivery volume of tanks exceeded 10000 for the first time, and 10108 tanks were delivered in November, a new high since listing. A total of 72630 tanks were delivered from January to November, driving the continuous improvement of the company’s sales structure. The pre-sale of tank 500 has been officially opened. At present, there are more than 27000 valid orders. We expect the company’s sales volume to continue to rise as the impact of chips continues to ease in December.
The new car reserve is rich, and the category drives the brand upward.
Great Wall Motor Company Limited(601633) start from organizational change, actively promote the company’s change, and realize all-round upgrading of technology, marketing and products. In the second half of 2021, the company still has a number of heavy products on the market, the wey brand is comprehensively upgraded, and the models such as Mocha, macchido and latte are positioned as high-end intelligence. At the same time, the company will have a number of wey brand models on the market in the next year, which will complement the company’s shortcomings in the fields of cars, MPV and so on. The tank brand is independent. The popular model tank 300 creates a new off-road ecology. At present, 400 / 500 / 700 / 800 and other products have appeared one after another, and the product category has been further expanded. Euler brand focuses on the women’s market, and its product categories have made upward breakthroughs. Sedan lightning cat, retro punk cat and SUV cat have appeared one after another.
Investment advice
It is estimated that the company’s EPS from 2021 to 2023 will be RMB 0.81/1.36/1.91 respectively. Maintain the “buy” rating.
Risk statement
The launch progress of new vehicles is less than expected; The development of new energy business is less than expected.
