\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 633 Great Wall Motor Company Limited(601633) )
Event: Great Wall Motor Company Limited(601633) released the production and sales express in March 2022. The company sold 100930 vehicles in March, a year-on-year increase of – 8.9%. By brand, Haval sold 54,54 vehicles in March, a year-on-year increase of – 18.8%; The sales volume of wey brand was 4755, with a year-on-year increase of + 36.1%; The sales volume of Great Wall pickup truck was 14264, with a year-on-year increase of – 16.1%; The sales volume of Euler brand was 14264, with a year-on-year increase of + 9.3%; The sales volume of tank brand was 8922, with a year-on-year increase of + 78.3%.
Production and sales improved month on month, with overseas sales accounting for more than 10%. The company’s sales volume in March was – 8.9% year-on-year and + 42.6% month on month respectively, and the output was – 5.5% year on year and + 47.2% month on month respectively. The shortage of supply caused by core shortage has been alleviated. In March, the company sold 10535 new cars overseas, with a year-on-year increase of 30.8%, accounting for more than 10% of the total sales.
Intellectualization drives the brand upward, and the new car cycle in 2022 will continue. In the first quarter, the company’s intelligent models accounted for 84.5%, and the models of lemon, tank and coffee intelligent technology brands accounted for 70.4%. At present, among the models that have been determined to be listed in 2022: in terms of Haval brand, Haval cool dog is the second heavy-duty model of Haval dog; In terms of Euler brand, ballet cat, punk cat and lightning cat will be listed one after another to further enrich the company’s product matrix in the field of pure electricity; In terms of wey brand, mocha dht-phev equipped with lemon hybrid DHT was officially launched on March 1. The card is in the high-end new energy market, and the dream will also be launched within the year; In terms of tank brand, the tank 500, which is positioned as medium and large-scale business luxury off-road, was launched on March 18, and the first batch of vehicles is expected to be delivered in mid and late April; In terms of Great Wall pickup truck, the fashionable commercial pickup truck diamond gun was launched on March 22. It has gasoline and diesel power, and two-wheel drive and four-wheel drive versions. The new models supported by the company’s new platform have strong product power, and the end consumers have high recognition of the company’s new products. The listing of new models will further enrich the company’s product matrix.
The company’s profit forecast and investment rating: it is optimistic about the launch rhythm of the company’s new models in 2022, and the optimization of product structure drives the improvement of performance. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 8.73 billion yuan, 11.08 billion yuan and 12.65 billion yuan respectively, and the corresponding EPS will be 0.94, 1.20 and 1.37 yuan respectively. The closing price on April 12, 2022 corresponds to the PE value from 2022 to 2024, which is 27, 21 and 18 times respectively, maintaining the “recommended” rating.
Risk warning: the mitigation of core shortage in the industry is less than expected; The sales volume of passenger cars is lower than expected; Rising prices of raw materials; The development of new energy technology is less than expected.
