Great Wall Motor Company Limited(601633) (601633)
Key points of announcement: Great Wall Motor Company Limited(601633) November produced 124516 / 122510 vehicles respectively, with a year-on-year ratio of – 14.83% / – 15.65% and a month on month ratio of + 11.78% / + 9.32% respectively. By brand, Haval brand produced 71093 / 69170 vehicles, with a year-on-year increase of – 30.46% / – 32.06% and a month on month increase of + 14.32% / + 10.51%; The production batch of wey brand was 6323 / 6286 vehicles respectively, with a year-on-year increase of – 33.15% / – 31.09% and a month on month increase of + 6.32% / + 7.38%; The production batch of Great Wall pickup trucks was 20598 / 20810 respectively, with a year-on-year increase of – 6.43% / – 7.96% and a month on month increase of + 1.31% / + 1.83%; The production batch of Euler brand was 16215 / 16136 respectively, with a year-on-year increase of + 30.40% / + 39.20% and a month on month increase of + 23.49% / + 21.92%; The production batch of tanks was 10287 / 10108 respectively, with a month on month ratio of + 5.01% / + 1.59%. In November, the Great Wall exported 15006 sets overseas, a month on month increase of + 6.62%.
In November, the wholesale sales increased by + 9% month on month, and the Euler brand improved significantly month on month, and the tank delivery exceeded 10000 for the first time: 1) according to the data of the passenger Federation, the average daily wholesale sales of passenger cars in November was 72000, and 2149000 in the whole month, which was + 8.6% month on month compared with October, Great Wall Motor Company Limited(601633) the wholesale sales increased by 9.3% month on month in November, which was slightly better than the industry as a whole. 2) In terms of key models, Haval H6, the main model of Haval brand, wholesale 32443 vehicles this month, with a year-on-year increase of – 41.01% and a month on month increase of + 18.66%, which is better than the overall increase of the company; The monthly sales of Haval dogs continued to exceed 10000. The overall wholesale sales of Euler brand and key models Euler good cat reached a record high in November, with 8855 good cats wholesale in November, a month on month increase of + 12.87%. The delivery of tank brand tank 300 in a single month exceeded 10000 for the first time. According to the tank app data, as of December 2021 06. The cumulative maximum order of tank 300 was 219600, the cumulative delivery was 76800, and the cumulative undelivered was 142900; The cumulative orders of 500 tanks were 32300, which continued to be popular. 3) Great Wall Motor Company Limited(601633) in November, the export market reached a new high, with overseas sales of 15006 vehicles. Overseas planning went further: the European headquarters was officially established, and the first batch of weycoffee01 and oracat will be delivered in 2022h1; In the Thai market, Euler good cat and Harvard jolionhev have been listed successively, and the world’s first optical storage and charging integrated super charging station has been unveiled simultaneously. The globalization process of Great Wall’s own new energy has accelerated. In addition, the overseas versions of Haval h6phev, tank 500hev and Haval big dog have also officially appeared overseas, and the product matrix in the overseas market is constantly enriched. 4) Cumulatively, in the first 11 months of 2021, the Great Wall achieved a total wholesale of 1118600 vehicles, a year-on-year increase of + 16.3%. With the gradual recovery of chip shortage, the production end gradually improved month on month. 5) The performance of the new car cycle continues to be strong. In the future, with the launch of heavy and salon Jialong models such as Euler brand ballet cat / lightning cat / punk cat, wey brand Mocha Noh / Mocha PHEV / macchido PHEV / latte DHT and tank 500, the wholesale sales volume is expected to continue to increase.
Great Wall Motor Company Limited(601633) slight replenishment in November. Great Wall Motor Company Limited(601633) the inventory in November was + 2006, including + 1923 / + 37 / – 212 / + 79 / + 179 Haval / wey / pickup truck / Euler / tank.
Profit forecast and investment rating: optimistic about the rise of independent brands, especially Great Wall Motor Company Limited(601633) in this round of new car cycle. We maintain Great Wall Motor Company Limited(601633) that the net profit attributable to the parent company from 2021 to 2023 is RMB 72 / 127 / 17.8 billion, the corresponding EPS is RMB 0.78/1.37/1.93 respectively, and the corresponding PE is 72 / 41 / 29 times. The new round of product cycle continues to be large-scale, with fundamental performance leading the industry. It is preferred to Great Wall Motor Company Limited(601633) and maintain the “buy” rating.
Risk warning: epidemic control is lower than expected; The recovery of passenger car demand was lower than expected.
