Great Wall Motor's performance for the third quarter exceeded expectations. In November, new energy sales reached a record high, with eight consecutive months of year-on-year growth.
[Headline announcement Nuggets]
Great Wall Motor (02333): November car sales volume was about 122,800 units, up 40.3% year on year
According to the Zhitong Finance App, Great Wall Motor (02333) announced that in November 2023, car sales were about 122,800 units, up 40.3% year on year; cumulative sales volume this year was about 1,118,200 units, up 12.94% year on year. In November, automobile production was about 131,500 units, up 49.96% year on year; this year's cumulative production was about 1.167 million vehicles, up 15.14% year on year. Great Wall Motor achieved revenue of 49.53 billion yuan in the third quarter, up 32.6% year on year and 21.0% month on month; net profit was 3.63 billion yuan, up 41.9% year on year and 206.1% month on month.
Comment: Great Wall Motor's performance in the third quarter exceeded expectations. In November, new energy sales reached a record high, with eight consecutive months of year-on-year growth. Overseas sales were about 35,500 units in November, and cumulative sales in January-November were about 282.54 million units. In November, sales of new energy vehicles were about 31,500 units, and in January-November, cumulative sales were about 232,100 units. Recent catalysts: 1) Great Wall Motor's large high-performance luxury pickup truck, the Shanhai Cannon Performance Edition, was officially launched at the Guangzhou Auto Show, with an official guide price of 279,800 yuan. The Shanhai Cannon Performance Edition is equipped with the strongest 3.0TV6+9AT power combination in China, with a maximum net power of 260 kW and a maximum net torque of 500 N·m. 2) On October 10, the Haval Raptor was officially launched and delivered at a price of 1658-183,800. According to Haval brand insiders, orders have exceeded 30,000 units since pre-sales of new cars began. 3) On October 18, Weipai, a high-end new energy brand owned by Great Wall, released its first MPV product, Weipai Gaoshan. A total of three new models were launched, and they were delivered as soon as they were launched. 4) During the Guangzhou Auto Show in November, the tank 700HI4-T will be officially launched and pre-sale will begin. It is currently the largest model in the tank series. The company's transition to electric vehicles is the main focus. It maintains delivery volume of more than one million vehicles every year, and the average sales price continues to rise. Great Wall Motor's export strategy layout is early, investment is large, and export business is mature. Exports are already an important driving force for the company's sales volume and profit growth.
[Key Announcements Nuggets]
Taikoo Corporation A (00019): It plans to repurchase the company's shares by no more than HK$6 billion, and Taikoo Coca Cola will increase its business in the mainland
According to the Zhitong Finance App, Taikoo Corporation A (00019) and Swire Corporation B (00087) jointly announced that the company's board of directors announced that it has approved plans to repurchase the company's common A and B shares through the open market. The maximum amount of shares repurchased is HK$6 billion. The plan will be funded from the company's available capital and cash reserves. The repurchase period ends with the Company's Annual General Meeting of Shareholders held from December 6, 2023 to May 2025.
Comment: The company's implementation of a major share repurchase, in addition to acknowledging the current valuation, also reflects the good financial situation of the company. The company's recurring profit for the first half of the year increased 3.8 times year-on-year to HK$4.9 billion, and all three core businesses recorded growth. After the sale of the American Taikoo Coca Cola business, the Group now aims to achieve regular dividend growth in medium to medium units. Recently, Swire Properties announced the sale of 12-storey office floors from 42 to 44 floors, 45 to 48 floors and 50 to 54 floors of Hong Kong Island East Centre to the Hong Kong Securities Regulatory Commission, Investor Compensation Limited and the Investor and Financial Education Commission at a cost of HK$5.4 billion. Highlights: 1) On September 20, Suzhou Taikoo Coca Cola officially broke ground. The total investment of the project is RMB 2 billion, making it Swire Coca Cola's largest strategic investment in China so far. It is estimated that in the next ten years, the total investment of Swire Coca Cola in mainland China will exceed 12 billion yuan. 2) Swire A, Swire B and Swire Properties jointly announced that Swire Properties became the only eligible bidder to acquire 40% of each interest in Dongying and Yaolong through the opening of a listing, at a total cost of approximately RMB 9.7 billion. Dongyung and Yaolong each own plots in Yangjing District and Qiantan in the Pudong district of Shanghai, and are expected to be developed for retail, office and residential purposes.
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