Guoxin Securities (Hong Kong) released a research report stating that according to the “buy” rating of Great Wall Motor (02333), the company achieved a high increase in revenue in 2023, and bicycle revenue increased rapidly; sales started well in 2024, and sales of new energy and overseas sales continued to increase rapidly. The company is quite rich in reserves of new models in 2024, the vast majority of which are new energy models. The bank predicts that the company's revenue will reach 210 billion yuan or more in 2024. It is expected that net profit will return to a growth trajectory this year. The main reasons are: 1. The scale of production and sales continues to expand; 2. The overall efficiency of the NEV business is expected to improve.
The bank believes that the company's automobile sales are expected to continue to grow rapidly in 2024. The main reasons are as follows: 1. The company added many new models in the second half of 2023, and it is expected that the frequency of new models will continue to be launched in 2024. Many new models, especially a series of new energy models, will increase sales for the company. 2. Demand in the off-road SUV market, including hardcore off-road and light-off-road, is showing a trend of continuous expansion, and the company's layout in the field of off-road vehicles is leading and comprehensive, and the overall advantages are outstanding. The company is expected to fully benefit from the continued expansion of this market segment. 3. There is broad room for growth in overseas markets, and the company has advantages in various aspects such as products, production capacity and channels in overseas markets. It is expected that the company's overseas sales will continue to gain strength and drive a rapid increase in total sales volume.