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研报掘金丨光大证券:长城汽车全年业绩亮丽收官,维持A/H股“增持”评级

Research Reports for Gold Digging | Everbright: Great Wall Motor ends the year with impressive performance, maintaining a "Shareholding" rating for A/H Listed in Hong Kong.

Gelonghui Finance ·  Jan 16 07:38  · Ratings

Gelonghui, on January 16, reported that Everbright's research report indicated that Great Wall Motor (601633.SH) had a strong performance in the full year. The company's earnings forecast for 2024 expects a year-on-year increase in net income of 76.6%-85.1%, reaching 12.4-13 billion yuan. It is estimated that the company's adjusted net profit per vehicle in Q4 2024 will increase by 24.9% year-on-year but decrease by 62.2% quarter-on-quarter to 0.004 million (according to the median of the earnings forecast). The reason for the quarter-on-quarter decline in quarterly profit may be a one-time provision for year-end bonuses during the period. If this impact is excluded, it is expected that the adjusted net profit per vehicle will remain stable and increase. The company is expected to continue to experience steady growth in overseas markets in 2025E, with the Russian market remaining stable, and regions such as Central and South America, the Middle East, and Africa contributing additional growth. Considering the company's ongoing high-end strategy and its international expansion, the upward profit potential has gradually opened up, maintaining a 'Shareholding' rating for A/H shares.

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