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Great Wall Motor Co Ltd Class H 02333

Morningstar Rating
HKD 8.70 +0.01 (0.12%)
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Company Report

Persistent Competition to Pressure Profitability; Lacking Convincing NEV Strategy

Great Wall Motor is China’s largest sport utility vehicle and pickup truck manufacturer. Unlike other local automakers who often team up with foreign brands to produce vehicles, Great Wall is dedicated to developing mass-market homegrown cars. The company’s unique SUV-focused strategy has yielded excellent results historically—returns on invested capital averaged 34% during 2013-2017 when China’s SUV market enjoyed rapid growth, far exceeding its weighted average cost of capital. We attribute Great Wall’s past dominance in the SUV space to first-mover advantages.

Price vs Fair Value

02333 is trading at a 16% discount.
Price
HKD 8.69
Fair Value
HKD 55.10
Uncertainty
High
1-Star Price
HKD 91.84
5-Star Price
HKD 9.88
Economic Moat
Wmqh
Capital Allocation
Zxsnylp

Bulls Say, Bears Say

Bulls

Great Wall’s premium brand WEY and niche brand Tank can potentially offset the intensifying competition in China’s SUV industry.

Bears

Great Wall’s multi-brand product portfolio strategy can be a double-edged sword. It complicates its production and leads to less scale effect.

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News

Trading Information

Previous Close Price
HKD 8.69
Day Range
HKD 8.488.84
52-Week Range
HKD 7.5112.30
Bid/Ask
HKD 8.70 / HKD 8.71
Market Cap
HKD 74.33 Bil
Volume/Avg
16.5 Mil / 19.2 Mil

Key Statistics

Price/Earnings (Normalized)
16.48
Price/Sales
0.43
Dividend Yield (Trailing)
3.78%
Dividend Yield (Forward)
3.78%
Total Yield
3.78%

Company Profile

Chinese automobile manufacturer Great Wall Motor is China’s market leader in the SUV and pickup truck segments. In 2022, the company sold over 615,000 Haval-branded SUVs and 160,000 WEY- and Tank-branded SUVs, making it the largest SUV manufacturer by sales volume for the 12th year. It also sold more than 195,000 pickup trucks, also ranked number one in sales volume for 25 consecutive years. China’s domestic market accounts for about 90% of Great Wall’s revenue, with the balance coming from Russia, the Middle East, South Africa, Australia, and Chile, among others.
Sector
Consumer Cyclical
Industry
Auto Manufacturers
Stock Style Box
Large Value
Total Number of Employees
82,439

Competitors

Valuation

Metric
02333
01211
00175
Price/Earnings (Normalized)
16.4818.8615.60
Price/Book Value
1.053.861.13
Price/Sales
0.430.890.47
Price/Cash Flow
14.196.787.83
Price/Earnings
02333
01211
00175

Financial Strength

Metric
02333
01211
00175
Quick Ratio
0.730.420.86
Current Ratio
1.100.671.03
Interest Coverage
5.6819.867.40
Quick Ratio
02333
01211
00175

Profitability

Metric
02333
01211
00175
Return on Assets (Normalized)
3.08%4.85%2.67%
Return on Equity (Normalized)
8.66%23.14%5.91%
Return on Invested Capital (Normalized)
5.56%16.68%4.33%
Return on Assets
02333
01211
00175
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