Great Wall Motor Company Limited(601633) (601633)
In December 2021, Great Wall Motor Company Limited(601633) 162400 vehicles were sold, and in 2021, 1.28 million vehicles were sold in the whole year
Great Wall Motor Company Limited(601633) released the sales data in December. In December, the total sales volume was 162369, with a year-on-year increase of 8.2% and a month on month increase of 32.5%. The annual cumulative sales volume was 1280993, with a year-on-year increase of 15.2%. The company’s automobile sales in December showed a bright performance, and the year-on-year growth rate of monthly sales has become positive for the first time since August 2021. In 2021, the cumulative sales of Haval / wey / pickup truck / Euler were 77.0 / 5.8 / 23.3 / 135000 respectively, with a year-on-year increase of + 2.64% / – 25.65% / + 3.56% / + 140.0% respectively. Throughout the year, wey series is in the renewal cycle, with a year-on-year decline in sales in 2020, and the sales of new energy brand Euler has increased significantly. We maintain the company’s profit forecast for 2021-2023 unchanged. It is estimated that the net profit attributable to the parent company in 2021-2023 will be RMB 7.08/91.6/12.25 billion respectively, and the EPS will be RMB 0.77/0.99/1.33/share. The current share price corresponds to 58.2/45.0/33.6 times of PE in 2021-2023, maintaining the “buy” rating.
The monthly sales volume of Euler series models exceeded 20000, and the sales volume of Haval beast in the first month of listing was bright
In 2021, the company sold 136953 new energy vehicles, accounting for 10.7% of the total sales. The sales volume of Euler series models has been rising since July 2021. In December, the sales volume of all models exceeded 20926, exceeding 20000 for the first time, including 10685 good cats. For Harvard series, nearly 7000 sacred animals were delivered in the first month of listing, and the sales of big dogs continued to reach a new high, with 13028 vehicles sold in a single month. For the wey series, the sales volume of Macchiato has climbed steadily. Since the launch of latte DHT on December 17, the sales volume has reached 2707, and the monthly sales volume of the whole series is 10065, which is basically the same year-on-year. The subsequent listing of mocha dht-phev and Yuanmeng is expected to drive the brand sales to a higher level. The annual sales volume of tank 300 is 84588, which has exceeded the sales volume of all wey models in 2020.
In 2021, 143000 vehicles were sold overseas, doubling year-on-year
In 2021, the company’s overseas business development accelerated, the Thai Rayong factory was officially put into operation, the acquisition of the Brazilian irasai mapolis factory, appeared at the Munich auto show and officially opened the journey to the European market. In 2021, the company sold 142793 overseas vehicles, a year-on-year increase of + 103.7%. With the release of Thai and European market strategies, the company’s overseas new market development in 2022 is worth looking forward to.
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.
