GWMOTOR(601633) 长江证券·2024-12-04 11:33Investment 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].