投資概要
十月總體銷量環比小幅改善，產品銷售結構繼續升級
長城汽車 10 月銷量 10.02 萬輛，同比下降 11%，環比+7%，同比下滑主要因疫情多地
散發對多個汽車消費大省癿需求造成擾動。丌過 10 月長城癿海外銷售表現優異，共交
付 21，052 輛，同比+50%，環比+12%，占總銷量比重達到 21%。1 至 10 月長城汽車
累計銷量達到 90.3 萬輛，同比-9.4%。其中，新能源車型累計銷售 107，870 輛，同比
+9.95%，占比提高至 11.9%。公司高價值車型占比繼續提升，2022 年 1-10 月長城汽車
20 萬元以上車型銷量占比 14.62%，同比+4.93 百分點；智能化車型銷量占比達
85.84%，同比+10.54 百分點；三大技術品牌車型銷量占比 70.56%，同比+11.67 百分
點。

Investment Summary
With a Slight Improvement in the Overall Sales Volume in October, the Product Sales
Structure Is Continued to Be Upgraded
Great Wall Motors reported a sales volume of 100.2 thousand units in October, down 11%
yoy and up 7% mom. The year-on-year decline was mainly due to the disruption of demand
of major automobile consuming provinces amid the spread of the pandemic in multiple
places. However, Great Wall Motors displayed outstanding performance in the overseas
sales in October. A total of 21,052 units were delivered, up 50% yoy and up 12% mom,
accounting for 21% of the total sale volume. From January to October, Great Wall Motors'
cumulative sales volume reached 903 thousand units, down 9.4% yoy. In particular, 107,870
new energy vehicles were sold accumulatively, up 9.95% yoy, accounting for 11.9% of the
total sales volume. The proportion of the Company's high-value models continued to
increase. From January to October 2022, Great Wall Motors' sales volume of models above
RMB200 thousand accounted for 14.62%, up 4.93 ppts yoy; the sales volume of intelligent
models accounted for 85.84%, up 10.54 ppts yoy; and the sales volume of the models of
three major technology brands accounted for 70.56%, up 11.67 ppts yoy.

投資概要
缺芯和原材料上漲，影響去年下半年業績略低於預期
2021 年，長城汽車實現營業收入 1364.05 億元（人民幣，下同），同比增加 32%，實
現歸母淨利潤 67.3 億元，同比增長 25.4%，每股收益 0.73 元，每股派發現金紅利 0.07
元（含稅），加上 2021 年中期股息 0.3 元，分紅派息率達到 51%。全年毛利率
16.16%，同比下降 1.05 個百分點。由於股票期權費用和加大智慧化、電動化、新車型
研發投入，管理費用和研發費用分別同比大增 58.4%/46.4%至 40.4/44.9 億。最終淨利
潤率下降 0.26 個百分點至 4.93%。
去年業績略低於我們預期，主要是因為下半年汽車行業缺芯情況嚴重，打斷了整車廠
癿生產和交車節奏，同時疊加原材料持續漲價，影響了毛利率表現。下半年，長城汽
車癿汽車銷量/收入/淨利潤分別同比-7.5%/+10.47%/-24.2%。其中，第三/第四季度癿歸
母淨利潤分別同比-6.9%/-35.8%，毛利率分別為 17.33%/15.3%。同時，因員工年終獎費
用集中計提、歐拉用戶充電權益計提、以及股權激勵費用計提等因素拖累，第四季度
淨利潤率由第三季度癿 4.9%下滑至 3.9%。
2021 年長城汽車癿皮卡/SUV/轎車癿銷量分別為 23.7/90.7/13.7 萬輛，同比分別
+4%/+9%/+135%。以歐拉/WEY 為代表癿新能源車型和高端車型貢獻較大。2021 年長
城汽車新能源汽車銷量為 13.9 萬輛，同比增長 137%。

Investment Summary
2021H2 Results Are Slightly Lower than Expected Due to Chip shortage and Rising Raw
Material Prices
In 2021, Great Wall Motor reported operating revenue of RMB132.17 billion, up 32% yoy.
The net profit attributable to the parent company was RMB6.73 billion, up 25.4% yoy. The
earnings per share was RMB0.73, and the cash dividend per share was RMB0.07 (taxinclusive). Including a mid-term dividend of RMB0.3 in 2021, the dividend payout ratio
reached 51%. The gross margin in 2021 was 16.16%, down 1.05 ppts yoy. Due to stock
option expenses and increased investment in intelligence, electrification and new model
R&D, administration expenses and R&D expenses surged to RMB4.04 billion and RMB4.49
billion, respectively, up 58.4% and 46.4% yoy, respectively. Eventually, the net profit margin
fell 0.26 ppts to 4.93%.
Last year's results were slightly lower than we expected, mainly due to the serious chip
shortage in the automotive industry in H2. The production and delivery pace of vehicle
factories was interrupted, while the continuous price rise of raw materials affected the gross
margin. In H2, Great Wall Motor saw a 7.5% year-on-year decrease in sales volume, a
10.47% year-on-year increase in revenue, and a 24.2% year-on-year decrease in net profit.
Among them, Great Wall Motor reported a year-on-year decrease of 6.9% and 35.8%,
respectively in the net profit attributable to the parent company in Q3 and Q4. The gross
margin was 17.33% and 15.3%, respectively. Meanwhile, the net profit margin in Q4 fell to
3.9% from 4.9% in Q3 due to factors such as the centralized accrual of year-end employee
bonus expenses, the accrual of charging equity of Ora users, and the accrual of equity
incentive expenses.
In 2021, Great Wall Motor sold 237 thousand pickups, 907 thousand SUVs and 137 thousand
sedans, respectively, a year-on-year increase of 4%, 9% and 135%, respectively. New energy
models and high-end models represented by Ora and Wey have made great contributions. In
2021, Great Wall Motor sold 139 thousand new energy vehicles, a year-on-year increase of
137%