\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 633 Great Wall Motor Company Limited(601633) )
Core conclusion
In 2021, the revenue increased rapidly and the overseas sales reached a new high. The company released its annual report for 2021. In 2021, it achieved a revenue of 136405 billion yuan, a year-on-year increase of 32.04%, and a net profit attributable to the parent company of 6.726 billion yuan, a year-on-year increase of 25.43%. In 2021, Great Wall Motor Company Limited(601633) accumulated sales of 1281000 vehicles, with a year-on-year increase of 14.79%, driving the year-on-year growth of revenue and net profit; Among them, overseas sales reached 139900 vehicles, with a year-on-year increase of 102.98%, accounting for more than 11%, a record high. By the end of 2021, Great Wall Motor Company Limited(601633) has been exported to more than 170 countries and regions, with nearly 700 overseas sales channels and more than 900000 overseas sales.
In 2022 Great Wall Motor Company Limited(601633) continues to launch a number of new models. The Mocha PHEV and latte PHEV of wey brand will be on the market soon; Tank 500 is expected to be delivered in Q1; The mass production version of salon brand mechatron will also be launched and delivered within the year; Euler’s brand has made an upward breakthrough. New products such as lightning cat, ballet cat and punk cat mainly hit the 15 Fawer Automotive Parts Limited Company(000030) 0000 market and impacted the medium and high-end market of pure electricity; Haval and pickup truck have also launched new models.
Tanks and other new models are expected to continue to improve the profit side. The increase in the sales volume of tanks, Euler and Great Wall guns led to the increase of the average selling price of a single car to 106000 yuan in Great Wall Motor Company Limited(601633) 2021, with a year-on-year increase of 14.6%; The profit of single vehicle increased by 8.9% year-on-year; The sales volume of more than 150000 models increased to 15.9%. In 2022, the tank series models will be listed one after another, and the dhtphev version of wey brand, Euler lightning cat / punk cat and other high margin products will also be listed. The increase of capacity utilization and the alleviation of chip shortage are expected to bring considerable marginal profit improvement.
Investment suggestion: the company has sold more than one million vehicles for six consecutive years, and the launch of new products is still accelerating. Tanks and other high margin models are expected to continue to improve the company’s profits and be optimistic about the company’s performance development for a long time. It is predicted that the company’s net profit attributable to the parent company from 2022 to 2024 will be RMB 10.270/15.55/19.258 billion, yoy + 52.69% / 51.46% / 23.80% and EPS 1.11/1.68/2.09 respectively, maintaining the “buy” rating.
Risk tip: the company’s sales volume is lower than expected; The development of new brands is not as expected; The development of automatic driving technology is less than expected; The shortage of chips has intensified.
