【行业研究报告】长城汽车-公司转型方向笃定，静待二次成长

TheunauditedresultsofGreatWallMotors(GWM,orthe"Company")forthefullyearof2022waslowerthan
ourandmarketconsensusexpectations,mainlyduetotheCompany'sstrategicadjustmentandyear-end
bonusaccrual.TheCompanyisundergoingtransformation;itsoperationsremainsunderpressureintheshortterm.
Currently,wegivetheCompanya"Buy"investmentrating,withatargetpriceofHK$15.93pershare,correspondingto
9.6x2023PE.ConsideringthattheCompanyhastakentheinitiativetoloweritssalestargetfor2023,andisfully
committedtoopeninganeweraofnewenergyvehicles(NEV),wewilladjustourtargetpriceandearningsforecastin
committedtoopeninganeweraofnewenergyvehicles(NEV),wewilladjustourtargetpriceandearningsforecastin
thenextCompanyReport,butmaintaintheinvestmentratingof"Buy".
Thestrategictransformationachievedoutstandingresults,andallfinancialindicatorsoftheCompany's
profitabilityin2022recordedgrowth.TheCompany's2022revenueincreasedslightlyyoy.Operatingprofit
increasedby25.75%yoy,mainlyduetotheCompany'senhancedproductstrengthandenhancedprofitabilityofvehicle
models.TheCompany'sbrandperformancehasimprovedsignificantly,andtheASPofvehicleswasRMB128,700,up
by20.8%yoy.TheproportionofsalesofmodelsaboveRMB200,000alsoroseto15.27%.Evenwhentheautoindustry
experiencedrelativelysevereimpactfromtheCovidpandemic,theCompany's2022netprofitattributableto
shareholdershitarecordhigh,recordingdouble-digityoygrowthtoRMB8.279bn.Thisfullyreflectsthesuccessofthe
Company'sstrategictransformation.
Inthepost-pandemicera,theCompany'soverseassalesareexpectedtomaintainstronggrowthin2023.In
2022,theCompany'soverseassaleshitarecordhigh,recording173,200vehicles,ayoyincreaseof21.28%.During
thesameperiod,theCompany'sNEVsweresuccessfullylaunchedinEurope,ASEAN,LatinAmerica,theMiddleEast,
AfricaandOceania,makingeveryefforttoenhanceitsoverseasstrategy.In2023,theCompanywillfocusonthe"One
GreatWall"strategytoaccelerateoverseasbusinessandaddnewimpetustotheCompany'sgrowth.
TheCompany'stransformationdirectionhasbeendetermined,theOneGreatWallstrategyisclear,andthe
comprehensiveelectrificationplatformwillhelptoaccelerategrowth.TheCompany’sHavalnewenergyseries
willadoptanewchanneltoofficiallymovetowardsnewenergytransformation,andmakecorrespondingadjustmentsin
brandandpersonnel.WEIandTANKwillacceleratetherealizationofthestrategiclayoutforthehigh-endsmartnew
energymarket.ORAfocusesonbatteryelectricvehicles.TheGWMpickupwillcontinuetolaunchinnovativeproducts
toexpandthemarket.TheCompanyhassetasalestargetof1.6mnvehiclesfor2023,emphasizingthatthenew
energypenetrationratetargetis40-50%,andtheproportionofplug-inhybridelectricvehiclesisrelativelyhigher.
WebelievethattheCompany'sgrowthwillstillbeunderpressurein1Q2023,buttheCompany'smedium-and
long-termgrowthmomentumhasnotchanged.WiththecontinuousdeepeningoftheCompany'stransformation
andupgrading,pairingwiththerecoveryofdomesticandforeignconsumptioninthepost-pandemicera,theCompany's
profitabilitywillincrease.Meanwhile,theCompanywilllaunchmanybrand-newNEVmodelsin2023,togetherwith
brand-newchannelsandacompletesupplychain,GWMisexpectedtoachieveanothersuccessinsalesin2023.