\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 633 Great Wall Motor Company Limited(601633) )
In February 2022, 71000 vehicles were sold, with a year-on-year increase of – 20.5%
On March 8, 2022, Great Wall Motor Company Limited(601633) released the production and sales data express in February. The sales volume in February was 71000, with a year-on-year increase of – 20.5% and a month on month increase of – 36.3%. In terms of brands, the monthly sales of Haval / wey / Great Wall pickup truck / Euler / tank were 4.2/0.4/1.2/0.6/0.6 million respectively, with a year-on-year increase of – 31.2% / + 103.1% / – 23.1% / – 15.1% / + 96% respectively. Among the five sub brands, except wey and tank brands, which were in the cycle of upgrading and new models in 2021, and showed a high growth rate in February 2022 under the low base, the sales of the other three brands declined. In February, the company’s sales volume fell, on the one hand, due to the impact of the Spring Festival, on the other hand, due to the restriction of chip supply and material shortage, some new models could not be sold in large quantities. Under the strong product cycle, we believe that the chip material problem is a short-term disturbance, and we are still optimistic that the introduction of new models will drive the company’s sales volume to rise and the model structure to high-end and intelligent development. We maintain the profit forecast for 20212023, and expect the net profit attributable to the parent company to be 67.8/105.5/15.86 billion yuan and EPS to be 0.73/1.14/1.72 yuan / share respectively, The current share price corresponds to 41.4 / 26.6 / 17.7 times of PE from 2021 to 2023, maintaining the “buy” rating.
Due to the shortage of materials, black and white cats suspended receiving orders, and the sales volume of good cats / lattes / Havers was blocked
The profitability of black cat, white cat and other models has been affected by multiple factors, such as the shortage of chips, the rise of battery prices and the decline of subsidies for new energy vehicles. According to Euler’s official app, the company has a backlog of more than 20000 orders for black / white cats, and the company and dealers have suspended receiving orders to ensure the material supply of subsequent high-end models. The shortage of materials has hindered the sales of new models launched by the company in 2021, such as Haval beast, latte and modified model good cat. In February 2022, the sales were 5009 animals, 2387 lattes and 4066 good cats respectively.
The proportion of models of the three major technology brands has reached 75.1%, and a number of new models will appear soon
From January to February 2022, the proportion of intelligent models of the company has increased to 88.1%, and the proportion of models of lemon, tank and coffee intelligent technology brands has reached 75.1%. On March 1, 2022, mocha dht-phev was officially launched, and wltc’s pure electric range reached 204 km. With the subsequent launch of tank 500, lightning cat, ballet cat, punk cat and other models, the company’s model structure is expected to continue to promote high-end and intelligent.
Risk tip: the demand for cars 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.
