Great Wall Motor Company Limited(601633) (601633)
122500 vehicles were sold in Great Wall Motor Company Limited(601633) in November 2021, and 1118600 vehicles were sold from January to November
Great Wall Motor Company Limited(601633) released the sales data in November. The total sales volume in November was 122510 vehicles, a year-on-year decrease of 15.65% and a month on month increase of 9.32%. The cumulative sales volume from January to November was 1118624 vehicles, a year-on-year increase of 16.3%, which has exceeded the total sales volume in 2020. From January to November, the cumulative sales of Haval / wey / pickup truck / Euler were 67.56/4.83/20.80/114100 respectively, with a year-on-year increase of + 4.79% / – 29.46% / + 2.27% / + 162.21% respectively. The company’s new energy vehicle brand Euler continued to make efforts, and the sales increased significantly year-on-year. Under technology empowerment, the company is expected to usher in a strong product cycle. We maintain the company’s profit forecast for 2021-2023 unchanged. It is expected that the net profit attributable to the parent company in 2021-2023 will be RMB 7.08/91.6/12.25 billion respectively, EPS will be RMB 0.77/0.99/1.33/share, and the current share price corresponds to 72.9/56.4/42.2 times of PE in 2021-2023, maintaining the “buy” rating.
A number of new cars appeared in Guangzhou auto show, and the pre-sale data of tank 500 was bright
The monthly sales volume of Haval h611 is 32443, and the monthly sales volume has exceeded 30000 since April 2021. The monthly sales volume of Haval big dog in November is 10345, a new high in monthly sales volume, and the sales volume has exceeded 10000 for three consecutive months since September 2021. Euler brand sold 16136 vehicles in November, a new high, including 8855 good cats. Makido DHT sells 1510 vehicles a month, and the sales volume continues to climb. The subsequent listing of latte DHT, mocha PHEV and other models is expected to accelerate the company’s hybrid progress. At the same time, many models of Euler brand, such as ballet cat, punk cat, lightning cat and the first model of salon brand, such as mecha dragon, were unveiled. On November 19, the pre-sale of tank 500 was officially opened, and there were more than 22000 valid orders on the first day. It is optimistic that the high-end models represented by tank 500 and mechatron will drive the company’s brand to make a continuous breakthrough.
The market development in Europe and Thailand has accelerated, and Haval h6phev Thailand Auto Expo is the world’s first show
From January to November, the company sold 127026 vehicles in overseas markets, a year-on-year increase of + 106.3%. On November 18, the European headquarters of the company was officially established in Munich, and the pre-sale of weycoffee01 and oracat will be opened soon. In the Thai market, the company’s product matrix layout has been continuously improved. Haval h6phev and tank 500hev are the world’s first show in the Thai Auto Expo. The company’s new energy business in the Thai market is expected to speed up.
Risk tip: the demand for automobiles at home and abroad is less than expected, the sales volume of new models is less than expected, and the expansion of overseas markets is less than expected.
