Investment Rating - The report maintains a "Buy" rating for Great Wall Motors (2333 HK) with a target price raised to HKD 17.36, indicating a potential upside of 20.7% from the current closing price of HKD 14.38 [3][5]. Core Insights - The third quarter net profit of Great Wall Motors declined due to foreign exchange losses, but the overall revenue for the first three quarters of 2024 increased by 19.0% year-on-year to RMB 142.25 billion, with a significant rise in net profit by 108.8% to RMB 10.43 billion [1][2]. - The company has optimized its export structure, with overseas sales growing by 53.2% year-on-year, contributing to a 7.5% share of China's automotive exports, ranking fourth in the market [2][3]. - The report projects a 5.1% and 13% increase in earnings forecasts for 2024 and 2025, respectively, reflecting the positive impact of higher export sales [3][4]. Financial Summary - For the fiscal year ending December 31, 2024, the projected revenue is RMB 202.19 billion, representing a 16.7% year-on-year growth, while net profit is expected to reach RMB 12.41 billion, a 76.8% increase [4][10]. - The earnings per share (EPS) for 2024 is estimated at RMB 1.45, with a projected price-to-earnings (P/E) ratio of 9.1 times [4][10]. - The company’s gross margin is expected to improve to 20.1% in 2024, with a net profit margin of 6.1% [10].
长城汽车：3季度净利润因汇兑亏损下滑，但出口结构优化