\u3000\u3000 Great Wall Motor Company Limited(601633) (601633)
In 2021, the annual revenue was 136.3 billion yuan, a year-on-year increase of + 31.95%
Great Wall Motor Company Limited(601633) released the performance express of 2021. In 2021, the company achieved a total revenue of 136.3 billion yuan, a year-on-year increase of + 31.95%, and a net profit attributable to the parent company of 6.78 billion yuan, a year-on-year increase of + 26.47%. From the perspective of volume and price, the company sold 1.28 million complete vehicles in 2021, with a year-on-year increase of + 15.2%, and the growth on the revenue side was higher than that on the sales side. The main reason was that the company's products were in the renewal cycle, and the rapid and large-scale volume of new models such as tank 300 and Haval dog led to the increase of the company's single vehicle price. In 2021, the company's single vehicle price was 106400 yuan, with a year-on-year increase of + 14.5%. We lowered the company's profit forecast for 2021 and raised the company's profit forecast for 2022-2023. It is estimated that the net profit attributable to the parent company in 2021-2023 will be 6.78 (- 3.0) / 105.5 (+ 13.9) / 15.86 (+ 3.61) billion yuan respectively, and the EPS will be 0.73 (- 0.04) / 1.14 (+ 0.15) / 1.72 (+ 0.39) yuan / share. The current share price corresponds to 59.9 / 38.5 / 25.6 times of PE in 2021-2023, It is expected that with the further easing of the subsequent chip shortage, the company's reform results will be more fully realized in 2022. We are optimistic about the high growth brought by the strong cycle of the company's products and maintain the "buy" rating.
Affected by equity incentive fees and year-end bonus provision, the company's Q4 single quarter net interest rate decreased month on month
According to the disclosure of the company's performance express, the company's revenue in Q4 was 45.5 billion yuan in a single quarter, a year-on-year increase of + 10.6% and a month on month increase of + 57.7%; Q4 single quarter net profit of 1.84 billion yuan, up - 33.8%, mom + 29.7%. With the gradual easing of chip shortage and the continuous hot sales of many models such as the company's tank 300, Harvard big dog and Euler good cat, the company's Q4 single quarter revenue in 2021 hit a new high in recent three years. Affected by the increase of equity incentive expenses, the increase of year-end bonus provision and the compensation for owners' rights and interests caused by the "core change" event of Euler good cat, the company's Q4 single quarter net interest rate decreased to 4.0%, down 2.7pcts year-on-year and 0.9pcts month on month.
The globalization strategy continues to deepen, and a variety of models have started their overseas journey
In 2021, the company sold 143000 vehicles overseas, a year-on-year increase of + 103.7%, a record high. In 2021, the company's overseas market expansion accelerated, and the Thai Rayong factory was officially put into operation. Haval h6hev, Haval jolionhev, Euler cat and other models were listed in the Thai market. In addition, the company is promoting the listing of mocha PHEV, Euler good cat and other models in Europe and the transformation and upgrading of factories in Brazil, and is optimistic about the company's follow-up market development in Europe, South America and other markets.
Risk tip: the demand for cars 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.
