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>Great Wall Motor’s 1Q23 net profit was largely in line with our prior expectation.</li><li>We believe the WEY Lanshan PHEV is well received, especially with its lowerthan-peer pricing.</li><li>That could make management follow the same pricing strategy for the upcoming Haval Xiaolong, in our view. </li></ul><p><em>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.</em></p>

Great Wall Motor’s 1Q23 net profit was largely in line with our prior expectation.We believe the WEY Lanshan PHEV is well received, especially with its lowerthan-peer pricing.That could make management follow the same pricing strategy for the upcoming Haval Xiaolong, in our view. 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) – New PHEV models appears to be more exciting

<ul><li>Great Wall Motor’s 4Q22 net profit was in line with its preliminary results.</li><li>Our takeaways from the earnings call are that management has probably learnt some lessons from its previous PHEV failure and will prioritize its NEV market share over profitability as we had expected before.</li><li>We believe that investors would also pay more attention to its NEV sales growth now than profitability.</li></ul><p><em>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.</em></p>

Great Wall Motor’s 4Q22 net profit was in line with its preliminary results.Our takeaways from the earnings call are that management has probably learnt some lessons from its previous PHEV failure and will prioritize its NEV market share over profitability as we had expected before.We believe that investors would also pay more attention to its NEV sales growth now than profitability.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) – Awaiting new PHEVs

<ul><li>We project Great Wall Motor’s 4Q22E net profit to decline 4% YoY to RMB 1.7bn amid its sales volume miss.</li><li>We are of the view that investors could pay more attention to Great Wall’s NEV sales volume growth rather than its profitability in FY23E.</li><li>We think Great Wall has the right strategy to prioritize its NEV market share rather than profitability given its lagging in electrification. </li></ul><p><em>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.</em></p>

We project Great Wall Motor’s 4Q22E net profit to decline 4% YoY to RMB 1.7bn amid its sales volume miss.We are of the view that investors could pay more attention to Great Wall’s NEV sales volume growth rather than its profitability in FY23E.We think Great Wall has the right strategy to prioritize its NEV market share rather than profitability given its lagging in electrification. 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) – 4Q22E NP to fall YoY despite better sales mix

<div><div><div><div><ul><li>Great Wall Motor’s 3Q22 results beat market expectation, which do not change our FY23E forecast, as we noted earlier than consensus may underestimate Chinese automakers’ 2H22E earnings but overestimate FY23E.</li><li>The company plans to debut 18 new models in 2023, any of which to beat sales expectation would be key to share price. Maintain BUY.</li><li>3Q22 results strong beat. Great Wall reported 3Q22 net profit of almost RMB 2.6bn, 53% higher than our prior forecast.</li></ul></div></div></div></div><p><em>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.</em></p>

Great Wall Motor’s 3Q22 results beat market expectation, which do not change our FY23E forecast, as we noted earlier than consensus may underestimate Chinese automakers’ 2H22E earnings but overestimate FY23E.The company plans to debut 18 new models in 2023, any of which to beat sales expectation would be key to share price. Maintain BUY.3Q22 results strong beat. Great Wall reported 3Q22 net profit of almost RMB 2.6bn, 53% higher than our prior forecast.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) – 3Q22 Beat; Upcoming New Models as Key

China

Great Wall Motor is a Chinese automobile manufacturer specializing in the design, development, production, and sale of a diverse range of vehicles, including SUVs, pickup trucks, sedans, and new energy vehicles under various brands. The company also produces automotive parts and components. It was founded in 1984 and is headquartered in Baoding, Hebei, China.

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Great Wall Motor (2333 HK)