Financials Great Wall Motor Company Limited Shanghai S.E.

Equities

601633

CNE1000018V8

Auto & Truck Manufacturers

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
26.32 ^CNY	-1.02%		+2.37%	+4.36%

Apr. 25	Hong Kong Shares Mark Four-Day Win on Bullish China Bets; China Overseas Land Surges 6% on Upbeat Q1	MT
Apr. 25	Great Wall Motor Shares Jump on Surging Profit, Revenue	DJ

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	69,285	299,036	365,573	203,945	176,374	187,688	-	-
Enterprise Value (EV) ¹	65,128	303,126	353,530	197,915	167,377	168,360	169,683	151,069
P/E ratio	10.5 x	38.6 x	29.9 x	9.86 x	11.2 x	10.1 x	8.48 x	7.22 x
Yield	4.86%	1.25%	1.69%	3.34%	3.26%	4.51%	5.07%	5.79%
Capitalization / Revenue	0.73 x	2.89 x	2.68 x	1.48 x	1.02 x	0.88 x	0.75 x	0.66 x
EV / Revenue	0.68 x	2.93 x	2.59 x	1.44 x	0.97 x	0.79 x	0.67 x	0.53 x
EV / EBITDA	6.94 x	28.9 x	30.1 x	14 x	11.5 x	9.16 x	8.39 x	6.59 x
EV / FCF	9.26 x	-117 x	15.5 x	-49.6 x	110 x	20.1 x	11.8 x	8.45 x
FCF Yield	10.8%	-0.86%	6.46%	-2.02%	0.91%	4.96%	8.44%	11.8%
Price to Book	0.87 x	3.58 x	3.25 x	1.12 x	1.14 x	1.2 x	1.11 x	0.98 x
Nbr of stocks (in thousands)	9,127,269	9,175,953	9,235,467	8,645,413	8,456,737	8,503,775	-	-
Reference price ²	5.148	22.39	21.84	8.973	9.216	10.74	10.74	10.74
Announcement Date	2/21/20	1/25/21	2/8/22	2/2/23	1/24/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	95,108	103,308	136,405	137,340	173,212	214,432	251,426	285,963
EBITDA ¹	9,391	10,503	11,727	14,128	14,518	18,380	20,215	22,918
EBIT ¹	4,777	5,752	6,369	7,967	7,201	10,075	11,812	13,658
Operating Margin	5.02%	5.57%	4.67%	5.8%	4.16%	4.7%	4.7%	4.78%
Earnings before Tax (EBT) ¹	5,101	6,227	7,482	8,807	7,824	10,821	12,554	14,830
Net income ¹	4,497	5,362	6,726	8,266	7,022	9,578	11,146	13,152
Net margin	4.73%	5.19%	4.93%	6.02%	4.05%	4.47%	4.43%	4.6%
EPS ²	0.4922	0.5800	0.7300	0.9100	0.8200	1.060	1.267	1.487
Free Cash Flow ¹	7,032	-2,599	22,843	-3,990	1,525	8,358	14,329	17,878
FCF margin	7.39%	-2.52%	16.75%	-2.9%	0.88%	3.9%	5.7%	6.25%
FCF Conversion (EBITDA)	74.88%	-	194.79%	-	10.5%	45.48%	70.88%	78.01%
FCF Conversion (Net income)	156.37%	-	339.61%	-	21.71%	87.27%	128.56%	135.93%
Dividend per Share ²	0.2500	0.2800	0.3700	0.3000	0.3000	0.4846	0.5440	0.6219
Announcement Date	2/21/20	1/25/21	2/8/22	2/2/23	1/24/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	54,791	35,929	67,378	61,928	45,607	74,476	-	28,515	62,134	37,346	37,860	75,206	29,039	40,933	69,971	49,532	53,709	103,241	42,860	40,805	56,083	71,193
EBITDA	-	-	-	-	926	-	-	-	-	4,329	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	2,998	-	4,591	3,859	1,090	2,510	-	585.2	1,761	2,404	-78.79	2,664	-70.66	725.6	655	4,130	1,846	5,976	3,633	671.5	3,295	3,379
Operating Margin	5.47%	-	6.81%	6.23%	2.39%	3.37%	-	2.05%	2.83%	6.44%	-0.21%	3.54%	-0.24%	1.77%	0.94%	8.34%	3.44%	5.79%	8.48%	1.65%	5.87%	4.75%
Earnings before Tax (EBT) ¹	3,196	-	4,909	3,936	2,044	-	-	-	5,866	2,935	5.618	2,940	62.22	1,330	1,392	4,210	2,222	6,432	3,758	1,070	3,781	4,803
Net income ¹	2,980	1,146	4,216	3,529	1,781	3,197	-	3,967	5,601	2,560	105.7	2,666	174.2	1,187	1,361	3,634	2,027	5,660	3,228	909.4	3,036	4,260
Net margin	5.44%	3.19%	6.26%	5.7%	3.91%	4.29%	-	13.91%	9.01%	6.85%	0.28%	3.54%	0.6%	2.9%	1.95%	7.34%	3.77%	5.48%	7.53%	2.23%	5.41%	5.98%
EPS	0.3260	0.1242	0.4560	0.3800	0.2000	0.3500	0.1800	-	0.6000	0.2800	0.0300	0.3100	-	0.1400	0.1600	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	2/21/20	7/24/20	1/25/21	7/20/21	2/8/22	2/8/22	4/22/22	8/30/22	8/30/22	10/21/22	2/2/23	2/2/23	4/21/23	8/30/23	8/30/23	10/27/23	1/24/24	1/24/24	4/24/24	-	-	-

¹CNY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	4,090	-	-	-	-	-	-
Net Cash position ¹	4,157	-	12,043	6,030	8,997	19,328	18,005	36,618
Leverage (Debt/EBITDA)	-	0.3894 x	-	-	-	-	-	-
Free Cash Flow ¹	7,032	-2,599	22,843	-3,990	1,525	8,358	14,329	17,878
ROE (net income / shareholders' equity)	8.45%	9.58%	11.3%	12.7%	10.6%	12.9%	13.5%	14.1%
ROA (Net income/ Total Assets)	3.99%	4.02%	4.08%	4.58%	3.63%	4.38%	4.52%	4.63%
Assets ¹	112,735	133,561	164,710	180,383	193,314	218,719	246,575	284,214
Book Value Per Share ²	5.950	6.250	6.730	8.010	8.060	8.920	9.630	10.90
Cash Flow per Share ²	1.530	0.5600	3.820	1.360	2.070	2.290	2.320	2.940
Capex ¹	6,785	7,780	12,473	15,859	16,229	12,724	10,907	10,339
Capex / Sales	7.13%	7.53%	9.14%	11.55%	9.37%	5.93%	4.34%	3.62%
Announcement Date	2/21/20	1/25/21	2/8/22	2/2/23	1/24/24	-	-	-

¹CNY in Million²CNY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Great Wall Motor Company Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

10.74 CNY

Average target price

11.92 CNY

Spread / Average Target

+11.01%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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