The Zhitong Finance App learned that SDIC Securities International released a research report stating that according to Great Wall Motor (02333)'s estimated price-earnings ratio of 8x in 2026, a target price of HK$10 per share will be given to maintain the “buy” rating. The bank believes that overseas localization capacity and channel expansion will continue to contribute to the increase, and the company's profit is expected to recover from the second half of the year.
SDIC Securities International's main views are as follows:
Total sales volume in September was 115,000 units, -14.0% YoY, +1.4% YoY
By brand, Haval 66,558 vehicles, -18.8% YoY, +2.5% month-on-month, was still the deepest year-on-year decline; 15,178 tanks, -29.2% YoY, -14.4%; Weipai 6976 vehicles, -36.7% YoY, -5.3% month-on-month, high-end brands are still in the product iteration period; Great Wall Pickup 15020 vehicles, +16.4% YoY, +22.2% month-on-month, resumed growth driven by exports and new energy pickups; Euler 11,202 vehicles, +9.7 YoY 1%, +1.7% month-on-month, continuing A0 level The pace of pure electricity emissions was the brand with the highest growth rate during the month. From January to September, it accumulated 920,000 vehicles, -0.3% year over year. The cumulative growth rate changed from growth in the first half of the year to basically flat. The cumulative doubling of Euler was the only highlight.
Overseas sales in September were 60,000 vehicles, +19.4% year over year and -4.0% month on month, accounting for 52.2% of total sales for the month
From January to September, overseas sales totaled 47,977 vehicles, +42.4% year-on-year, accounting for 51.7% of cumulative sales. Overseas layout is promoted by going overseas based on ecology. Thailand and Brazil have built full-process vehicle bases, and KD factories have been set up in Ecuador and other places. There are more than 1,600 overseas sales channels, and nearly 200 new stores were added during the year. In September, the Tank 500 and Mountain and Sea Cannon 3.0 diesel versions were launched in South Africa, and Haval Raptor entered the Chilean market. The company's six major brands appeared together at the Turin Auto Show in Italy. Models such as the Euler 5 and the Tank 300 Hi4-T were exhibited, and the European, African and Latin American markets progressed simultaneously.
Two new cars were launched and delivered in September
The Weipai Takayama 8/9 Smart Edition was launched and delivery began on September 23. The Takashan 8 Smart Edition costs 309,800 yuan, and the Takayama 9 Smart Edition costs 385,800 yuan. All models are equipped with double VLA models, Coffee Pilot 4 driving assistance systems and Nvidia Thor-U chips. The interior of the car is based on the same class's maximum interior length and two- and three-row common rail design, adding dual zero gravity swivel seats. The second and third rows can achieve two modes of sitting side by side and flat. The HEV version of the Takayama 8 is scheduled to be launched in the fourth quarter. Together with the current Takayama and Smart versions, it forms a power matrix of plug-in mix+oil hybrid, covering the price range of 260,000 yuan to 400,000 yuan. The 2027 Euler Good Cat was launched on September 29. There are 5 models with a total price of 69,800 to 99,800 yuan. The entry price is significantly lower than the previous generation. It is the core model of the Euler that continues to expand in the A0 pure electric market.
Risk Alerts
The company's product launch and sales volume fell short of expectations; the company's overseas progress fell short of expectations; market price competition; and raw material costs rose.