\u3000\u3000 Great Wall Motor Company Limited(601633) (601633)
Event: the company released the performance express in 2021. The annual revenue reached 136.3 billion yuan, a year-on-year increase of 32%, and the net profit attributable to the parent company was 6.8 billion yuan, a year-on-year increase of 26%.
Non operating expenses affect the performance in the fourth quarter. Affected by one-time non operating expenses such as employee year-end bonus accrual, Euler user charging equity accrual and equity incentive expenses, the net profit attributable to the parent company in a single quarter in the fourth quarter declined to a certain extent. Excluding these effects, we analyzed that the ASP, gross profit margin and net profit margin of single vehicle actually sold by the company were improving, which matched the growth of sales volume of the company, At the same time, it also benefits from the "tight balance" of the industry.
With the concerted efforts of various categories, the sales volume reached a record high. Sales volume is the core business index of auto enterprises. In 2021 Great Wall Motor Company Limited(601633) , while traditional SUVs and pickups continue to take the lead, they also make full efforts in the field of pure off-road SUVs, pure electric cars and other models. Tank 300 and Euler cat have become star models in their respective segments, reflecting the company's excellent business performance at the core business level, This is the core business performance of the Great Wall in 2021.
2022 will still be a big year for products. In 2022, the company will still launch more models in six major brand categories, among which Haval and pickup truck will be launched at a steady pace, and a large number of models will be launched in Euler, wey, tank and salon, reflecting the systematic leading advantage of the company's model R & D and listing.
Determined to transform global intelligent technology companies. At present, the automotive industry is undergoing great changes. Intelligent electric makes the development of the industry change the original path. In the past, great wall, as a follower of global auto enterprises, made continuous progress and eroded the share of joint ventures in the Chinese market. Now Great Wall Motor Company Limited(601633) we should rely on the opportunity of industry reform to surpass the world's leading auto enterprises in the past. It is necessary to invest in the way of comprehensive transformation and transcendence, especially the talents and technology development related to intelligent vehicles and electric vehicles. In addition to the fixed salary incentive, equity incentive is also a very good talent incentive method. Great Wall has taken the lead in setting an example, and the investment efficiency of great wall is trustworthy for a long time.
Investment suggestion: we expect the net profit attributable to the parent company in 22 / 23 years to be 9.5 billion yuan / 12.5 billion yuan respectively, maintaining the "buy" rating.
Risk tip: car sales are lower than expected, and the improvement speed of chip shortage is lower than expected
