GWM (2333 HK) New Energy Layout Is Accelerating December 8, 2022 179

PSR Recommendation: BUY Status: Maintained
Target Price: HKD14.10

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.

About the author

Profile photo of Zhang Jing

Zhang Jing
Phillip Securities (HK)

Bachelor Degree in Tongji University of Engineering; Master Degree in East China Normal University of finance. Currently covering the automobile and air sectors. She has years of experience in investment research and is good at combining analysis for the companies with industry prospects.

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