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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

Everbright: Great Wall Motor ends the year with impressive performance and maintains a "Shareholding" rating for A/H shares.

Breakings ·  Jan 16 07:39

Everbright's Research Reports point out that Great Wall Motor (601633.SH) concludes the year with remarkable performance. The 2024 earnings forecast indicates that the net income attributable to the parent company is expected to increase by 76.6%-85.1% year-on-year to 12.4-13 billion yuan. It is estimated that the company's 4Q24 profit per vehicle, excluding non-recurring items, will increase by 24.9% year-on-year and decrease by 62.2% quarter-on-quarter to 0.004 million (based on the midpoint of the earnings forecast). The quarter-over-quarter profit decline may be due to a one-time year-end bonus accrual during the period. If this impact is excluded, the profit per vehicle, excluding non-recurring items, is expected to show stable growth. The company is expected to maintain steady growth in overseas markets in 2025E, with the Russian market remaining stable and regions like Central and South America, the Middle East, and Africa contributing incremental growth. Considering the company's ongoing high-end strategy and the layout of its overseas business has gradually opened up profit upside space, a "Shareholding" rating for A/H shares is maintained.

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