全球化生产稳步推进，出口销量向好。2024 年长城汽车海外销量达到45.3 万辆，占整体销量比重为37%。我们看好长城在海外市场的发展，正处在收获期。长城汽车率先开辟生态出海新路线，在海外建立了3 个全工艺整车生产基地，在厄瓜多尔、巴基斯坦等地拥有5 家KD 工厂。海外销售渠道超1300 家，足迹遍及欧洲、澳洲、非洲、中南美洲、东南亚和中东等170 多个国家和地区。2025 年长城汽车巴西工厂将会投产，助力销量提升。我们预计2025 年长城汽车出口销量将会达到57 万辆，同比增长26%。In 2024, Great Wall Motor sold a total of 1.233 million vehicles, the same as the previous year, with sales exceeding one million for the ninth year in a row. We are optimistic about Great Wall Motor's high-quality development strategy. Its performance is gradually improving. The target price was raised to HK$18.0, which corresponds to the projected price-earnings ratio of 8.3 times over 25 years. There is room for a 32% increase from the current price, and the purchase rating.
Report summary
Sales in '24 were 1.233 million units, the same as the previous year. In December 2024, Great Wall Motor's total sales volume reached 0.135 million units, up 20.3% year over year. Specifically, the Haval brand sold 0.083 million units in December, up 27.2% year on year; WEY brand sold 8,808 units, up 150.8% year on year; Great Wall pickup sold 0.016 million units, up 1.3% year on year; Euler brand sold 4740 units, down 52.7% year on year; tank brand sold 0.022 million units, up 26.4% year on year. In 2024, Great Wall Motor sold a total of 1.233 million vehicles, the same as the previous year, with sales exceeding one million for the ninth year in a row. The annual sales volume of the Haval brand was 0.706 million vehicles, down 1.3% year on year; the WEY brand had cumulative sales of 0.055 million vehicles, up 31.6% year on year; the Euler brand had cumulative sales of 0.063 million vehicles, down 41.7% year on year; tank brand sales volume was 0.231 million vehicles, up 42.1% year on year, and the cumulative sales volume of pickup trucks was 0.177 million vehicles, down 12.5% year on year.
Global production is progressing steadily, and export sales are improving. In 2024, Great Wall Motor's overseas sales reached 0.453 million vehicles, accounting for 37% of total sales. We are optimistic about the development of the Great Wall in overseas markets, and we are in the harvest period. Great Wall Motor pioneered a new ecological route to overseas, established 3 full-process vehicle production bases overseas, and has 5 KD factories in Ecuador, Pakistan, etc. There are more than 1,300 overseas sales channels, covering more than 170 countries and regions including Europe, Australia, Africa, Central and South America, Southeast Asia and the Middle East. In 2025, Great Wall Motor's plant in Brazil will be put into operation to help increase sales. We expect Great Wall Motor's export sales volume to reach 0.57 million vehicles in 2025, an increase of 26% over the previous year.
There are many new cars in '25, consolidating high-end and off-road advantages. New models of Great Wall Motors in 2025 include Haval H7, Alpine Smart Driving Edition, WEY's new full-size SUV, Tank 500 HI4-Z, Tank 400 HI4-Z, Tank 800, etc.
We believe that in 2025, Great Wall Motor will accelerate the launch of smart driving models and consolidate its competitive advantage in the high-end and off-road markets. In '24, Great Wall launched the next-generation smart driving system Coffee Pilot Ultra, which has features such as strong sensing, heavy safety, and fast iteration. It has achieved 100% high-precision maps, and launched an industry-leading full-scene NOA, which can cover various driving scenarios such as highways, urban areas, and townships. In 2025, Great Wall's WEY brand and tank brand will launch new models equipped with the Coffee Pilot Ultra.
Investment advice. We are optimistic about Great Wall Motor's high-quality development strategy. Its performance is gradually improving. The target price was raised to HK$18.0, which corresponds to the projected price-earnings ratio of 8.3 times over 25 years. There is room for a 32% increase from the current price, and the purchase rating.
Risk warning: industry competition intensifies; prices fall short of expectations
