External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Maintain BUY. Great Wall’s 1Q24 net profit of RMB3.2bn beat investors’ prior forecast, which has increased our confidence in its profitability in FY24E.</li><li>We raise our FY24E net profit forecast by 25% to RMB9.9bn.</li><li>We believe Great Wall still needs a high-volume NEV in the mainstream market to boost investors’ confidence in its electrification transformation.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Maintain BUY. Great Wall’s 1Q24 net profit of RMB3.2bn beat investors’ prior forecast, which has increased our confidence in its profitability in FY24E.We raise our FY24E net profit forecast by 25% to RMB9.9bn.We believe Great Wall still needs a high-volume NEV in the mainstream market to boost investors’ confidence in its electrification transformation.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Great Wall Motor (2333 HK) - 1Q24 NP Beat Provides Room for Transformation

<ul><li>Maintain BUY. We are of the view that the Tank brand, pick-up trucks and exports will continue to support Great Wall’s earnings in FY24E.</li><li>Great Wall’s success in the off-road style SUVs has helped its PHEV sales volume and brought higherthan-expected margins, although it is difficult to extend it into BEVs in the short term.</li><li>We project FY24E sales volume to increase 10% YoY to 1.35mn units and net profit to rise 13% YoY to RMB 7.9bn</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Maintain BUY. We are of the view that the Tank brand, pick-up trucks and exports will continue to support Great Wall’s earnings in FY24E.Great Wall’s success in the off-road style SUVs has helped its PHEV sales volume and brought higherthan-expected margins, although it is difficult to extend it into BEVs in the short term.We project FY24E sales volume to increase 10% YoY to 1.35mn units and net profit to rise 13% YoY to RMB 7.9bnContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Great Wall Motor (2333 HK) - PHEVs Key to FY24; Earnings Likely Still Resilient

Thematic (Sector/Industry)

<ul><li>We summarize the Apr 2024 price discounts at dealers for major automakers in this report.</li><li>Note that such discounts for each automaker are calculated based on the weighted average of Mar 2024 retail sales volume for each model, as Apr 2024 retail sales volume data have not been released yet.</li><li>The industrywide average discounts widened by 0.2ppt MoM in Apr based on our calculations, mainly due to German and Japanese brands. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We summarize the Apr 2024 price discounts at dealers for major automakers in this report.Note that such discounts for each automaker are calculated based on the weighted average of Mar 2024 retail sales volume for each model, as Apr 2024 retail sales volume data have not been released yet.The industrywide average discounts widened by 0.2ppt MoM in Apr based on our calculations, mainly due to German and Japanese brands. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Auto - OEMs’ Different Strategies Amid Higher Discount

<ul><li>Maintain BUY. Great Wall’s 3Q23 net profit significantly beat market expectations on strong gross margin resulting from cost reduction from suppliers, exports and better-than-expected PHEV margins.</li><li>Such profitability has underscored our previous argument that Great Wall’s resilient margins could provide more room for EV transition.</li><li>We revise up our FY23-24E earnings forecasts accordingly. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Maintain BUY. Great Wall’s 3Q23 net profit significantly beat market expectations on strong gross margin resulting from cost reduction from suppliers, exports and better-than-expected PHEV margins.Such profitability has underscored our previous argument that Great Wall’s resilient margins could provide more room for EV transition.We revise up our FY23-24E earnings forecasts accordingly. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Great Wall Motor (2333 HK) – 3Q23 Earnings a Strong Beat

<ul><li>Maintain BUY. Great Wall’s 2Q23 net profit beat our prior forecast mainly due to its GPM of 17.4% (3.7 ppts higher than our estimates).</li><li>Although Great Wall focuses on differentiation in its NEV products to maintain margins, we think it should be more aggressive in NEV sales growth, and such profitability provides room for it.</li><li>We raise our FY23E net profit to RMB 3.2bn amid resilient GPM in 1H23. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Maintain BUY. Great Wall’s 2Q23 net profit beat our prior forecast mainly due to its GPM of 17.4% (3.7 ppts higher than our estimates).Although Great Wall focuses on differentiation in its NEV products to maintain margins, we think it should be more aggressive in NEV sales growth, and such profitability provides room for it.We raise our FY23E net profit to RMB 3.2bn amid resilient GPM in 1H23. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Great Wall Motor (2333 HK) – Resilient Margins Pave Way for EV Transition

China

Great Wall Motor Company Limited, through its subsidiaries, manufactures and sells pick-up trucks and sport-utility vehicles (SUVs) in China under branded names. The Company also researches and develops, and manufactures principal automotive parts and components for use in the assembly of pick-up trucks and SUVs.

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Great Wall Motor (2333 HK)