\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) 3 month production batch achieved 103957 / 100930 vehicles respectively, with a year-on-year ratio of – 5.54% / – 8.86% and a month on month ratio of + 47.18% / + 42.57%. In terms of brands, the production batch of Haval brand is 57461 / 54534 respectively, with a year-on-year ratio of – 14.85% / – 18.33% and a month on month ratio of + 36.86% / + 29.86% respectively; The production batch of wey brand in March was 4876 / 4755 vehicles respectively, with a year-on-year increase of + 40.03% / + 36.09% and a month on month increase of + 8.96% / + 7.29% respectively; The production batch of Great Wall pickup trucks was 17936 / 18455 respectively, with a year-on-year ratio of – 15.72% / – 16.12% and a month on month ratio of + 51.61% / + 58.59% respectively; The production batch of Euler brand was 14429 / 14264 vehicles respectively, with a year-on-year increase of + 13.12% / + 9.31% and a month on month increase of + 135.77% / + 127.82% respectively; The production batch of tank brand was 9255 / 8922 respectively, with a year-on-year increase of + 82.15% / + 78.26% and a month on month increase of + 48.75% / + 37.94% respectively.
In March, the wholesale was + 42.57% month on month, and the performance of new energy vehicles and overseas markets was bright. On the whole, the production batch of the Great Wall improved month on month in March, with a slight decline year-on-year due to the impact of the epidemic and chip shortage. In terms of the overall product structure of Q1, the proportion of high-value and intelligent products has been increasing. The proportion of models built based on the three major technology brands has reached 70.4%, and the proportion of intelligent models has reached 84.5%. 1) Haval brand: the wholesale in March was – 18.83% / + 29.86% month on month, of which 21633 Haval H6 were sold, with a month on month ratio of – 37.95% / + 10.26% respectively; The monthly sales of Haval dogs were 9313, with a month on month ratio of + 54.52% / + 25.46% respectively; The monthly sales of Haval beast was 4598, with a month on month ratio of – 8.21%. 2) Euler: Euler good cat wholesale 6374 vehicles in March, with a month on month ratio of + 201.23% / + 56.76% respectively. The 2022 Euler cat began to receive orders in March, innovating and launching the “1 + n” customization mode to meet the personalized needs of consumers. 3) Wei: in March, the production batch achieved positive growth on the same month on month basis. Among them, the sales volume of mocha dht-phev in March exceeded 500; The monthly sales volume of latte dht3 reached 2576 units, with a month on month increase of + 7.92%. 4) Tank: the performance of tank production batch in March was better than that of the group as a whole and other brands on a year-on-year basis, and also achieved a significant growth on a month on month basis. The tank 500 was officially launched in March, and the first batch of vehicles is expected to be delivered in mid and late April to further explore the market segment. 5) Great Wall pickup truck: the improvement of Great Wall pickup truck in March was greater than that of the group as a whole, of which 14500 Great Wall guns were sold, with a month on month increase of + 70.4%, ranking the champion of pickup truck sales. In March, the fashion commercial pickup truck diamond gun was launched, leading the product matrix to be renewed.
The overseas market continues to develop. In March, Great Wall sold 10535 vehicles overseas, with a month on month ratio of + 30.84% / + 74.51% respectively. For the first time, Thailand’s HeLa cat and Thailand’s HeLa cat concept show, HeLa and Thailand’s HeLa car show. GWM will launch a number of new energy models in 2022, expand and improve sales and charging service outlets, and improve the sales level in Thailand; South African market in January and February 2022, Great Wall Motor Company Limited(601633) third generation Haval H6 accounted for 15% of the compact SUV market segment in South Africa, and continued to rank first in sales volume in the segment market.
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) 2022 to 2024 is expected to be 91 / 147 / 20 billion yuan, the corresponding EPS is 0.99/1.59/2.16 yuan respectively, and the corresponding PE is 27 / 17 / 12 times. Maintain the “buy” rating.
Risk tip: chip shortage recovery is lower than expected; The epidemic control was lower than expected.
