Financials Great Wall Motor Company Limited

Equities

2333

CNE100000338

Auto & Truck Manufacturers

Market Closed - Hong Kong S.E. Other stock markets 01:39:00 03/05/2024 pm IST			5-day change	1st Jan Change
11.94 ^HKD	-0.17%		+10.76%	+17.75%

02/05	Gwm Builds A Rich Product Lineup, Providing New Energy High-Tech Driving Experience	CI
25/04	Hong Kong Shares Mark Four-Day Win on Bullish China Bets; China Overseas Land Surges 6% on Upbeat Q1	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	69,285	2,99,036	3,65,573	2,03,945	1,76,374	1,87,730	-	-
Enterprise Value (EV) ¹	65,128	3,03,126	3,53,530	1,97,915	1,67,377	1,68,402	1,71,904	1,61,667
P/E ratio	10.5 x	38.6 x	29.9 x	9.86 x	11.2 x	9.7 x	8.56 x	7.44 x
Yield	4.86%	1.25%	1.69%	3.34%	3.26%	4.41%	4.84%	5.61%
Capitalization / Revenue	0.73 x	2.89 x	2.68 x	1.48 x	1.02 x	0.87 x	0.75 x	0.66 x
EV / Revenue	0.68 x	2.93 x	2.59 x	1.44 x	0.97 x	0.78 x	0.68 x	0.57 x
EV / EBITDA	6.94 x	28.9 x	30.1 x	14 x	11.5 x	9.52 x	8.55 x	7.13 x
EV / FCF	9.26 x	-117 x	15.5 x	-49.6 x	110 x	17.3 x	12.2 x	9.16 x
FCF Yield	10.8%	-0.86%	6.46%	-2.02%	0.91%	5.78%	8.2%	10.9%
Price to Book	0.87 x	3.58 x	3.25 x	1.12 x	1.14 x	1.24 x	1.15 x	1.02 x
Nbr of stocks (in thousands)	91,27,269	91,75,953	92,35,467	86,45,413	84,56,737	85,03,775	-	-
Reference price ²	5.148	22.39	21.84	8.973	9.216	11.08	11.08	11.08
Announcement Date	21/02/20	25/01/21	08/02/22	02/02/23	24/01/24	-	-	-

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	1,03,308	1,36,405	1,37,340	1,73,212	2,16,477	2,51,266	2,83,499
EBITDA ¹	9,391	10,503	11,727	14,128	14,518	17,682	20,106	22,661
EBIT ¹	4,777	5,752	6,369	7,967	7,201	9,665	11,521	13,314
Operating Margin	5.02%	5.57%	4.67%	5.8%	4.16%	4.46%	4.59%	4.7%
Earnings before Tax (EBT) ¹	5,101	6,227	7,482	8,807	7,824	10,925	12,525	14,565
Net income ¹	4,497	5,362	6,726	8,266	7,022	9,594	11,241	13,062
Net margin	4.73%	5.19%	4.93%	6.02%	4.05%	4.43%	4.47%	4.61%
EPS ²	0.4922	0.5800	0.7300	0.9100	0.8200	1.142	1.293	1.490
Free Cash Flow ¹	7,032	-2,599	22,843	-3,990	1,525	9,736	14,103	17,647
FCF margin	7.39%	-2.52%	16.75%	-2.9%	0.88%	4.5%	5.61%	6.22%
FCF Conversion (EBITDA)	74.88%	-	194.79%	-	10.5%	55.06%	70.15%	77.87%
FCF Conversion (Net income)	156.37%	-	339.61%	-	21.71%	101.47%	125.46%	135.1%
Dividend per Share ²	0.2500	0.2800	0.3700	0.3000	0.3000	0.4888	0.5364	0.6212
Announcement Date	21/02/20	25/01/21	08/02/22	02/02/23	24/01/24	-	-	-

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	1,03,241	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	21/02/20	24/07/20	25/01/21	20/07/21	08/02/22	08/02/22	22/04/22	30/08/22	30/08/22	21/10/22	02/02/23	02/02/23	21/04/23	30/08/23	30/08/23	27/10/23	24/01/24	24/01/24	24/04/24	-	-	-

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	15,826	26,063
Leverage (Debt/EBITDA)	-	0.3894 x	-	-	-	-	-	-
Free Cash Flow ¹	7,032	-2,599	22,843	-3,990	1,525	9,736	14,103	17,647
ROE (net income / shareholders' equity)	8.45%	9.58%	11.3%	12.7%	10.6%	13.1%	13.8%	14.2%
ROA (Net income/ Total Assets)	3.99%	4.02%	4.08%	4.58%	3.63%	4.25%	4.4%	4.45%
Assets ¹	1,12,735	1,33,561	1,64,710	1,80,383	1,93,314	2,25,789	2,55,473	2,93,239
Book Value Per Share ²	5.950	6.250	6.730	8.010	8.060	8.900	9.670	10.80
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	12,938	11,039	10,407
Capex / Sales	7.13%	7.53%	9.14%	11.55%	9.37%	5.98%	4.39%	3.67%
Announcement Date	21/02/20	25/01/21	08/02/22	02/02/23	24/01/24	-	-	-

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

11.08 CNY

Average target price

12.44 CNY

Spread / Average Target

+12.29%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Auto & Truck Manufacturers

	1st Jan change	Capi.
GREAT WALL MOTOR COMPANY LIMITED	+17.75%	25.93B
TOYOTA MOTOR CORPORATION	+38.24%	314B
MERCEDES-BENZ GROUP AG	+14.68%	78.46B
BMW AG	+1.66%	68.77B
HONDA MOTOR CO., LTD.	+21.62%	55.9B
GENERAL MOTORS COMPANY	+24.36%	50.94B
FORD MOTOR COMPANY	+2.46%	49.86B
TATA MOTORS LIMITED	+29.85%	45.16B
HYUNDAI MOTOR COMPANY	+23.34%	39.53B
MAHINDRA & MAHINDRA LIMITED	+26.81%	29.16B

Other Auto & Truck Manufacturers