Investment Rating - The report assigns a "Buy" rating for Great Wall Motors (02333) based on its robust growth potential and competitive positioning in both domestic and international markets [2][7]. Core Insights - Great Wall Motors is expected to achieve steady revenue and profit growth driven by its expansion in overseas markets and successful model upgrades domestically. The company has significantly increased its sales volume and revenue from international markets, particularly in regions like Russia and South America [6][16]. - The company is projected to have a total sales volume of 1.23 million vehicles in 2024, with revenues reaching 2022 billion yuan, primarily fueled by overseas market growth [6][16]. - The introduction of new models and upgrades, such as the Haval Dragon and Wei brand Blue Mountain, has strengthened the company's competitiveness in the domestic market, leading to increased sales and market share [47][62]. Financial Data and Profit Forecast - Revenue projections for Great Wall Motors are as follows: 2023 - 173.21 billion yuan, 2024 - 202.20 billion yuan, 2025E - 243.55 billion yuan, 2026E - 286.23 billion yuan, and 2027E - 328.88 billion yuan, with growth rates of 26%, 17%, 20%, 18%, and 15% respectively [5]. - The forecasted net profit attributable to shareholders is expected to be 7.02 billion yuan in 2023, 12.69 billion yuan in 2024, 15.68 billion yuan in 2025, 18.60 billion yuan in 2026, and 21.69 billion yuan in 2027, with significant growth rates particularly in 2024 and 2025 [5][6]. - The company aims to achieve a price-to-earnings ratio of 10 by 2025, indicating a potential upside of 69% from current levels [7]. Domestic and International Market Dynamics - The report highlights that Great Wall Motors has successfully penetrated various international markets, with significant sales growth in Russia, Australia, and Brazil. The company is expected to maintain a strong presence in these regions, with projected sales of 55,000 vehicles in 2025, a 21% increase year-on-year [6][44][46]. - In the domestic market, the successful upgrades of existing models have led to a resurgence in sales, with the Haval Dragon and Wei brand Blue Mountain models showing strong performance post-upgrade [47][62]. Competitive Positioning - Great Wall Motors is actively expanding its product lineup beyond SUVs and pickups to include sedans and MPVs, enhancing its competitive edge in the automotive market [7]. - The company is also focusing on optimizing its cost structure, with a projected decrease in expense ratios, which is expected to further enhance profitability [20][9].
长城汽车（02333）：国内+海外双发力，盈利能力稳健增长