\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 633 Great Wall Motor Company Limited(601633) )
Key points of announcement: Great Wall Motor Company Limited(601633) February produced 70631 / 70792 vehicles respectively, with a year-on-year ratio of – 16.90% / – 20.50% and a month on month ratio of – 36.55% / – 36.67%. In terms of brands, the production batch of Haval brand is 41984 / 41994 respectively, with a year-on-year ratio of – 27.71% / – 31.23% and a month on month ratio of – 39.19% / – 40.20% respectively; The production batch of wey brand in February was 4475 / 4432 vehicles respectively, with a year-on-year increase of + 159.42% / + 103.12% and a month on month increase of – 13.16% / – 13.06% respectively; The production batch of Great Wall pickup trucks was 11830 / 11637 respectively, with a year-on-year ratio of – 11.40% / – 23.07% and a month on month ratio of – 11.38% / – 9.51% respectively; The production batch of Euler brand was 6120 / 6261 vehicles respectively, with a year-on-year ratio of – 24.09% / – 15.09% and a month on month ratio of – 53.30% / – 52.67% respectively; The production batch of tank brand was 6222 / 6468 respectively, with a year-on-year increase of + 64.91% / + 96.00% and a month on month increase of – 41.71% / – 37.59% respectively.
In February, the Great Wall wholesale chain was – 36.67%, the sales structure was significantly improved, and the impact of chips still exists. 1) Great Wall as a whole: the production and sales of great wall declined month on month in February, mainly due to the insufficient supply of ESP caused by the epidemic in Bosch Suzhou, the exclusive supplier of ESP, the company’s main model, and the impact of the Spring Festival holiday. The overall sales structure of the company was improved. From January to February, the proportion of vehicle sales above Great Wall Motor Company Limited(601633) 150000 yuan increased to 15.5%, and the proportion of intelligent vehicles increased to 88.1%. 2) Haval brand: Wholesale in February was – 31.23% / – 40.20% month on month, of which 19620 were sold in H6, with – 38.13% / – 44.84% month on month; The monthly sales of Haval big dog were 7423, with a month on month ratio of + 17.49% / – 5.15% respectively; The monthly sales of Haval beast was 5009, with a month on month ratio of – 50.33%. In terms of new cars, haver cool dog has carried out naming co creation and tide color co creation. 3) Euler brand: the wholesale volume in February was – 15.09% / – 52.67% month on month, of which the monthly sales volume of Euler good cat was 4066, which was + 165.06% / – 54.92% month on month respectively. From March, the new Euler cat began to receive orders at a price of 120000 ~ 150000 yuan. In 2022, ballet cat / lightning cat / punk cat and other products will be listed one after another to further improve the Euler product matrix. 4) Tank: the cumulative number of tank 300 users has exceeded 100000, and there are abundant undelivered orders in hand. In terms of new cars, the medium and large business luxury SUV tank 500 will be officially launched on March 18. 5) Wey: the wholesale in February was + 103.12% / – 13.06% month on month. Among them, the sales volume of latte DHT was 2387, with a month on month increase of + 52%. In terms of new cars, mocha dht-phev was officially launched on March 1, with a price range of 295000 yuan to 315000 yuan. 6) Great Wall pickup truck: the month on month performance of production batch in February was better than that of the company as a whole. In terms of new cars, the “fashion commercial pickup” Diamond gun was fully opened for pre-sale in March, with the pre-sale price range of 9 Csg Holding Co.Ltd(000012) 0000 yuan. 7) Export: in February, Great Wall sold 6037 vehicles overseas, with a month on month ratio of – 38.31% / – 52.65% respectively.
Great Wall Motor Company Limited(601633) enterprise end went to the warehouse slightly in February Great Wall Motor Company Limited(601633) February stock – 161 vehicles (compared with January, the same below), Haval / wey / pickup truck / Euler / tank stock – 10 / + 43 / + 193 / – 141 / – 246 vehicles respectively.
Profit forecast and investment rating: optimistic about independent rise and Great Wall Motor Company Limited(601633) long-term development. We maintain that the net profit attributable to the parent company from Great Wall Motor Company Limited(601633) 2021 to 2023 is 6.8/11/17.1 billion yuan, the corresponding EPS is 0.73/1.19/1.85 yuan respectively, and the corresponding PE is 41 / 25 / 16 times. In the new round of product cycle, the volume continues to increase, and the fundamental performance is leading the industry. We are optimistic about 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.
