\u3000\u3000 Great Wall Motor Company Limited(601633) (601633)
Event:
The company announced the performance express in 2021, and achieved a revenue of 136.3 billion yuan in 2021, a year-on-year increase of 32%; The net profit attributable to the parent company was 6.78 billion yuan, a year-on-year increase of 26%. Among them, 2021q4 achieved a revenue of 45.5 billion yuan, a year-on-year increase of 11%; The net profit attributable to the parent company was 1.84 billion yuan, a year-on-year decrease of 33%.
The average price of single vehicle continues to rise, and the cost dilutes the profit of the whole year.
In 2021, the company sold 1.28 million new cars, with a year-on-year increase of 15%. At the same time, the sales structure of the company was gradually improved, and the proportion of new platform models is expected to exceed 40%. Thanks to the improvement of the sales structure, the average price of the company’s single car increased from 93000 yuan in 2020 to 106000 yuan in 2021, of which the average price of 2021q4 single car reached 115000 yuan, mainly benefiting from tanks With the increase of the sales proportion of high value-added products such as HaoMao and the recovery of terminal discounts, it is expected that the gross profit margin of the company will continue to improve month on month. During the reporting period, the company’s performance was dragged down by the increase of expenses, which mainly came from the increase of employee compensation, equity incentive expenses and the expenses accrued from the Euler event.
The new car cycle continues to ferment and will be fully launched in 2022.
According to the company’s equity incentive assessment target, the company’s sales target in 2022 is 1.9 million vehicles. In 2022, the company’s five brands will continue to make efforts, the Haval and pickup brands will maintain stable growth, and the sales of wey, Euler and tank brands are expected to rise rapidly. The wey brand has been upgraded in an all-round way, and the models such as Mocha, macchido and latte are positioned as high-end intelligent. At the same time, the company will have a number of wey brand models on the market in 2022, which will complement the company’s shortcomings in the fields of cars, MPV and so on. The tank brand is independent. The popular model tank 300 creates a new off-road ecology, and the orders of tank 500 are strong, driving the company’s brand to continue to rise. Euler’s brand product category has made a breakthrough upward. New products such as lightning cat, ballet cat and punk cat mainly hit the 150000-300000 market, making up for the company’s weakness in the medium and high-end market of pure electricity.
Investment advice
It is estimated that the company’s EPS from 2021 to 2023 will be 0.74/1.30/2.03 yuan respectively. Maintain the “buy” rating.
Risk tips
The launch progress of new vehicles is less than expected; New energy business development is less than expected and other risks
