Jinwu Financial News | Jefferies Financial's Research Reports state that Great Wall Motor (02333) will reach a total sales volume of 1.2 million vehicles in 2024, essentially flat year-on-year, with December sales increasing by 20% year-on-year to 135,000 vehicles. The penetration rate of new energy vehicles has increased by 4.8 percentage points year-on-year to 26.1%, and total export sales for the year reached 453,000 vehicles.
The firm indicated that in the automotive industry, product upgrades and overseas market expansion have become key drivers for enterprise development. Great Wall Motor is actively promoting product layout, with new models or facelifts planned for the first half of 2025 across brands such as Haval, WEY, Tank, and Ora, enriching the product line to meet diversified market demands. In terms of overseas markets, multiple models have been successfully launched in various regions in 2024, and CKD plants are being established in Malaysia, Indonesia, and other locations. The KD plant in Pakistan has also started mass production, with a new factory in Brazil expected to commence production in mid-2025. It is anticipated that the growth in exports in 2025 will mainly come from markets in Latin America, Africa, Southeast Asia, and Central Asia. In the Russian market, although performance exceeded expectations in 2024, sales are expected to decline year-on-year in 2025 due to a high-interest-rate environment. However, the previous price increase strategy has been accepted by the market, and profitability is expected to remain stable. Additionally, pre-sale orders for the Tank 500 Hi4Z have exceeded expectations, with a high conversion rate, and its profitability is comparable to that of the Hi4T version.
The firm has set a Target Price of 34.70 RMB for Great Wall Motor's 'A shares' with a rating of 'Buy'; the Target Price for 'H shares' is 15.10 HKD, also rated as 'Buy'.
