Summary of Conference Call on Great Wall Motors Company Overview - The conference call discusses the recent launch of Great Wall Motors' new vehicle, the Tank 500, which is positioned in the off-road vehicle market [1] Key Points and Arguments - **Market Performance**: The Tank series, particularly the Tank 500, is performing well in the market, with sales figures reaching approximately 4,000 units per month. The pricing strategy is competitive, with the Tank 500 priced around 380,000 CNY [1][13] - **Comparison with Competitors**: The Tank series is compared favorably against competitors like the Ford Bronco, with the Tank's performance and profit margins being higher. The Tank brand is perceived as strong, which contributes to its market success [2][3] - **Profit Margins**: Each vehicle in the Tank series reportedly generates a profit of 60,000 to 70,000 CNY, indicating a robust profit margin that allows for flexible pricing strategies [4][16] - **Market Potential**: The off-road vehicle market is expanding, and Great Wall Motors is well-positioned to capture a significant share due to its established brand and product offerings. The competitive landscape is favorable, with limited direct competition [3][17] - **Technological Advantages**: The Tank 500 features advanced powertrain technology, including a hybrid system that enhances performance and fuel efficiency. This positions the vehicle as a leader in its category [6][9][10] - **Target Audience**: The Tank 500 aims to attract urban consumers looking for a vehicle that combines off-road capabilities with city driving comfort. It offers features such as a 200 km electric range, making it suitable for daily urban use [11][12] Additional Important Insights - **Sales Goals**: The company has ambitious sales targets, aiming for 50,000 units annually, which could yield significant revenue and profit growth. The potential for high elasticity in profits is highlighted, with estimates suggesting that achieving these sales could generate 3 to 4 billion CNY in profit [16][17] - **Brand Positioning**: The Tank brand is positioned as a high-end offering, comparable to luxury brands like BMW and Mercedes-Benz, which could attract a premium customer base [14][15] - **Future Models**: There are plans for additional models under the Tank brand, which could further enhance market presence and profitability [17] This summary encapsulates the key discussions and insights from the conference call regarding Great Wall Motors and its new Tank 500 vehicle, highlighting its market performance, competitive advantages, and future potential.

Investment Rating - The investment rating for Great Wall Motors is "Buy" and is maintained [8]. Core Views - Great Wall Motors achieved a total sales volume of 127,394 units in November 2024, representing a year-on-year increase of 3.7% and a month-on-month increase of 9.1%. Domestic sales reached 84,208 units, with a year-on-year decrease of 3.6% but a month-on-month increase of 16.3% [5][6]. - The company is accelerating its global expansion and is committed to its transition to new energy vehicles (NEVs). The ongoing new car cycle is expected to drive improvements in both sales and performance [6][7]. - The company’s four major expansion strategies are expected to open up long-term growth opportunities for sales, while its transformation towards smart technology is anticipated to enhance profitability across the entire industry chain [7]. Summary by Sections Sales Performance - In November 2024, Great Wall Motors sold 127,394 vehicles, with 35,999 of those being NEVs, marking a year-on-year increase of 15.2% and a month-on-month increase of 12.4%. NEVs accounted for 32.3% of total passenger vehicle sales [5][6]. - Cumulative sales from January to November 2024 reached 1,098,000 units, a year-on-year decrease of 1.8%, while NEV sales totaled 280,000 units, reflecting a year-on-year increase of 20.5% [5][6]. Brand Performance - The Haval brand sold 78,386 units in November, up 4.5% year-on-year and 7.9% month-on-month. The Tank brand saw sales of 20,189 units, an increase of 8.7% year-on-year and 5.6% month-on-month. The WEY brand experienced a significant year-on-year increase of 145.8% [5][6]. Global Expansion - Great Wall Motors achieved overseas sales of 43,186 units in November, a year-on-year increase of 21.7%. The company has expanded its market presence to over 170 countries and regions, with more than 1,300 overseas sales channels [6][7]. Financial Projections - The projected net profits for Great Wall Motors from 2024 to 2026 are 12.69 billion, 16.05 billion, and 17.95 billion yuan, respectively. The corresponding price-to-earnings ratios for A-shares are expected to be 17.6X, 13.9X, and 12.5X [7].

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company is accelerating its high-end product strategy and steadily increasing its overseas sales, with a forecasted revenue growth of 26.1% in 2024 [2]. - The company reported a wholesale sales volume of 127,000 vehicles in November, a year-on-year increase of 3.7% and a month-on-month increase of 9.1% [2]. - The company is expected to benefit from the successful launch of new products and the increasing share of new energy intelligent vehicles [2]. Summary by Relevant Sections Sales Performance - In November, the company achieved a wholesale sales volume of 127,000 vehicles, with a cumulative total of 1,098,000 vehicles from January to November, reflecting a year-on-year decrease of 1.8% [2]. - The Haval brand sold 78,000 vehicles in November, up 4.5% year-on-year, while the Tank brand saw a significant increase of 44% year-on-year with 20,900 vehicles sold [2]. International Expansion - The company’s overseas wholesale sales reached 43,000 vehicles in November, marking a year-on-year increase of 21.7% and a cumulative total of 412,000 vehicles from January to November, up 45.8% year-on-year [2]. - The company is launching its GWM brand in Colombia in November 2024, indicating a strong competitive position in international markets [2]. Product Development and Technology - The company signed a cooperation agreement with Huawei to enhance its smart vehicle technology, which is expected to drive sales growth [2]. - The Tank 500Hi4-Z model, featuring advanced hybrid technology, is set to enhance the company's product offerings in the high-end market [2]. Financial Forecast - Projected revenues for 2024-2026 are estimated at 202.9 billion, 247.1 billion, and 271.9 billion yuan, respectively, with net profits expected to reach 13.2 billion, 16.1 billion, and 18.0 billion yuan [3]. - The report anticipates a PE ratio of 18, 15, and 13 for the years 2024, 2025, and 2026, respectively, based on the closing price of 27.77 yuan per share on December 3, 2024 [2][3].

Investment Rating - The investment rating for Great Wall Motors is "Buy-A" with a target price of 41.08 CNY per share, based on the closing price of 27.77 CNY on December 3, 2024 [2][6]. Core Insights - November sales showed a positive turning point with wholesale sales reaching 127,000 units, a month-on-month increase of 9% and a year-on-year increase of 4% [1]. - The company is expected to benefit from the upcoming launch of the Tank 500Hi4Z, which is anticipated to enhance its market presence in the urban SUV segment [2]. - The overall market for off-road vehicles is projected to expand, with the Tank series expected to contribute significantly to revenue growth [2]. Summary by Sections Sales Performance - In November, the wholesale volume of new energy vehicles was 36,000 units, up 12% month-on-month and 15% year-on-year, while fuel vehicle sales were 91,000 units, showing a month-on-month increase of 8% and year-on-year stability [1]. - Retail sales for November are estimated at approximately 67,000 units, with new energy vehicle retail sales around 31,000 units, indicating a consistent inventory level [1]. Product Performance - The Tank series sold 20,000 units in November, reflecting a month-on-month increase of 6% and a year-on-year increase of 9% [1]. - The Haval brand sold 78,000 units in November, with the Manglong model achieving a remarkable 21% month-on-month growth and 83% year-on-year growth [1]. - The Wey brand's sales reached 7,046 units, a month-on-month increase of 9% and a year-on-year increase of 146%, driven by the Blue Mountain model [1]. Financial Projections - The projected net profit for Great Wall Motors for 2024, 2025, and 2026 is estimated at 13.17 billion, 17.55 billion, and 19.66 billion CNY respectively, with corresponding PE ratios of 18.0, 13.5, and 12.1 [6][7]. - The company's revenue is expected to grow from 173.21 billion CNY in 2023 to 290.93 billion CNY in 2025 [7][10]. Market Outlook - The report indicates that the company is entering a new growth phase, with significant potential in the export market due to a diverse product lineup and strong technological capabilities [2][6]. - The anticipated launch of new models and the expansion of direct sales channels are expected to drive domestic sales growth [2].

Core Viewpoint - Nanjing Zijing Semiconductor Co., Ltd. has been established with a registered capital of 12.1667 million yuan, focusing on various electronic components and integrated circuit services [1] Company Summary - The legal representative of Nanjing Zijing Semiconductor is Cao Changfeng [1] - The company’s business scope includes wholesale and retail of electronic components, computer system services, information system integration services, integrated circuit sales, design, and product sales [1] - The company is jointly held by Tianjin Great Wall Investment Co., Ltd., a subsidiary of Great Wall Motors, along with Cao Changfeng and Jetfly Semiconductor (Shanghai) Co., Ltd. [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 FF301 截至月份: 2024年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 長城汽車股份有限公司 呈交日期: 2024年12月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02333 | | 說明 | 無 | | | | | | | | 多櫃檯證券代號 | 82333 | RMB | 說明 | 無 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | | 2,318,776,000 | RMB | | | 1 RMB | | 2,318,776,000 | | 增加 / 減少 (-) | | | | 0 | | | | RMB | | | | 本 ...

| | | 长城汽车股份有限公司 关于可转换公司债券转股及 2021 年股票期权激励计划 自主行权结果暨股份变动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 可转债转股情况：2024年11月1日至2024年11月30日期间，共有6,000元"长汽 转债"已转换成公司股票，转股数为150股。自2021年12月17日至2024年11月30 日，累计共有4,766,000元"长汽转债"已转换为公司股票，累计转股数为125,150 股，占可转债转股前公司已发行股份总额的0.0014%。 未转股可转债情况：截至2024年11月30日，尚未转股的可转债金额为 3,495,234,000元，占可转债发行总量的99.8638%。 2021年股票期权激励计划首次授予期权行权结果：2021年股票期权激励计划首 次授予第三个行权期可行权股票期权数量为65,045,039股，行权方式为自主行 权，行权期为2024年7月22日至2025年7月21日。2024年11月行权2,200股，占2021 年股票期权激励计划首次授予第三个行 ...

Summary of Conference Call Records Company: Great Wall Motors Key Points Sales Performance - In November, Great Wall Motors sold 35,999 new energy vehicles, a year-on-year increase of 15.2% [1] - Overseas sales reached 43,186 units, up 21.66% year-on-year [1] - Sales of models priced above 220,000 yuan increased by 36.7% [1] - From January to November, total sales of new energy vehicles reached 279,530 units, a growth of 20.41% year-on-year [1] - Cumulative overseas sales for the same period were 411,848 units, marking a 45.77% increase [1] - The cumulative global sales reached 14.76 million units by the end of November 2024 [1] Brand Performance - The Haval brand saw a steady increase in sales, with the Haval Dogo model selling 11,012 units in November, marking a nine-month consecutive sales increase [2] - The Tank brand sold 20,189 new vehicles in November, a year-on-year increase of 8.68% [2] - Cumulative sales for the Tank brand from January to November reached 29,122 units, up 44% [2] - The Ora brand sold 5,806 new vehicles in November [2] Product Development and Innovation - Great Wall Motors signed a cooperation agreement with Huawei to enhance smart manufacturing and develop the CoffeeOS3 and HMS4Car systems [1] - The Coffee S3.1 aims to improve user experience with features like enhanced safety and efficiency for autonomous driving [4] - The company is focusing on high-quality development in the smart off-road vehicle segment [1] Market Expansion - Great Wall Motors opened its 88th dealership in Brazil, expanding its sales network across major cities [5] - The company plans to start production at its Brazilian factory by mid-2025, aiming to strengthen its market presence [5] - In Mexico, the company is also expanding its dealership network, with the 50th store recently opening [5] Future Outlook - The company aims to continue focusing on the smart new energy vehicle sector and enhance its off-road capabilities [6] - There is an expectation of a slight decline in overseas sales in December due to seasonal factors, but overall growth is anticipated [7][11] - The company is optimistic about maintaining profitability levels above the industry average, particularly in the Latin American market [16][39] Competitive Landscape - Great Wall Motors is aware of increasing competition in the Latin American market but remains confident in its product offerings and market strategies [12][16] - The company plans to introduce more fuel models alongside its electric vehicle lineup to cater to diverse consumer needs [13][14] Consumer Behavior - The current consumer sentiment is influenced by the impending end of subsidy policies, prompting buyers to make purchases before the deadline [8] - The company noted that the domestic market is showing strong demand, particularly for popular models like Haval and Tank [9] Additional Insights - The company is actively working on enhancing its product offerings and expanding its market share in both domestic and international markets [17][19] - Great Wall Motors is committed to continuous innovation and adapting to market demands, ensuring a robust competitive edge in the automotive industry [23][36]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company achieved a total automobile sales of 127,000 units in November, representing a year-on-year increase of 3.7% and a month-on-month increase of 9.1%. Cumulatively, from January to November, the total sales reached 1.098 million units, a year-on-year decrease of 1.8%. The peak season of the industry, combined with the effects of the trade-in policy, is expected to further boost sales in December [2][11] - The company has successfully met its annual export target, with overseas sales reaching 43,000 units in November, a year-on-year increase of 21.7%. Cumulatively, from January to November, overseas sales totaled 412,000 units, a year-on-year increase of 45.8%. The company is expected to further increase its overseas sales in 2025, supported by the opening of new dealerships and the upcoming production of its factory in Brazil [11] - The launch of the new model "Blue Mountain" with advanced driving capabilities has been announced, enhancing the company's competitive edge in intelligent electric vehicles. This model is expected to contribute positively to sales growth [11] Financial Summary - The company forecasts revenue for 2024, 2025, and 2026 to be 218.1 billion, 266.4 billion, and 314.9 billion yuan respectively, with year-on-year growth rates of 26%, 22%, and 18% [11] - The projected net profit attributable to shareholders for the same years is 13.5 billion, 15.2 billion, and 17.3 billion yuan, with year-on-year growth rates of 92%, 13%, and 14% [11] - Earnings per share (EPS) are expected to be 1.6, 1.8, and 2.0 yuan per share for 2024, 2025, and 2026 respectively, with a compound annual growth rate (CAGR) of 35% [11]

我们今天要分享的是我们关于长城的一个最新深度行业之上也有超额生态出海新闻资源那整体来讲的话我们就是为什么会在这个时间点会发一个长城的深度那确实也是我们对于长城整体明年的这样的一个整个的发展还是非常有信心的包括对于国内和国外来讲都还是非常看好虽然在国内的话整体从过去来看 确实长城整体的这个发展在过去的一个阶段,国内销量确实有些沉压,可以看到它的整个SV销量在2020年之后,不如2021年之后,因为新疆那个诀窍,长城的新疆整形稍慢,所以说整体的这个市占率是有所下滑的,那轿车这边的话也是因为自己整个欧拉这边, 所以说整体这个教室的这个销量是在下滑的所以整体来讲看起来这个国内销量成压非常严重但是如果说我们去看他们在燃油处的设计就发现长城一些燃油处的设计还是非常的贱的比如说其实他们整体 销量层面的话整体在这个还是偏弱的一个地方但是如果说我们去看另外一个新一轮市场也就是说在皮卡或者说用USB SOA那边来看的话那还是非常稳健的尤其是皮卡这边的市场率还在持续提升而整个运派越野的这个市场率属于是一个非常高的位置可能在百分之六十左右的一个市场率所以国内这一名属于这个整体的这个尺寸赛道的这个优势在过去一段时间营利还是非常不错的我 ...