SDIC Securities International released a research report maintaining a HK$26 target price and a "Buy" rating for Great Wall Motor (02333). The report highlights the company's continuous enrichment of new vehicle matrices across its brands, strong performance from new Tank models, significant sales improvements for the WEY and ORA brands, and ongoing optimization of the product structure.
In 2025, the company's sales volume increased by 7.3% year-on-year. Specifically, wholesale sales in December reached 124,000 units, a decrease of 8.3% compared to the same period last year. Cumulative sales for the January to December period totaled 1.324 million vehicles, representing a 7.3% year-on-year increase. Sales of new energy vehicles in December were 39,000 units, with cumulative sales from January to December reaching 404,000 units. Overseas sales in December amounted to 57,000 units, bringing the cumulative total for the year to 506,000 units.
December sales showed differentiation across brands, with WEY and ORA standing out with notable monthly year-on-year growth. By brand: 1) Tank: December sales were 21,000 units, down 3.4% year-on-year and 12.1% month-on-month; cumulative sales from January to December were 233,000 units, a slight increase of 0.7% year-on-year. Core models maintained a stable delivery pace. 2) Haval: December sales were 67,000 units, declining 20.3% year-on-year and 11.3% month-on-month; cumulative sales for the year reached 759,000 units, up 7.4% year-on-year. Key models such as the Haval H6 and Haval Big Dog continued to support the brand's foundational sales volume. 3) WEY: December sales reached 13,000 units, surging 46.5% year-on-year and remaining flat month-on-month; cumulative sales for the year were 102,000 units, a substantial increase of 86.3% year-on-year. The Gaoshan series sustained its previous market popularity, contributing significantly to the sales figures. 4) Pickup: December sales were 15,000 units, down 5.6% year-on-year and 4.4% month-on-month; cumulative annual sales were 182,000 units, up 2.6% year-on-year. The competitiveness of the product matrix continues to be enhanced following the launch of the 2026 model of the长城炮 (GWM Poer). 5) ORA: December sales were 8,000 units, jumping 71.6% year-on-year and 62.0% month-on-month; cumulative sales for the year were 48,000 units, though this represented a 23.7% decrease year-on-year. The ORA 5 model has boosted brand attention and driven a recovery in monthly sales.
A strong new vehicle cycle is set to commence in 2026. Based on its analysis of global user scenarios and the global energy structure, Great Wall Motor has developed a native multi-power platform capable of covering gasoline, diesel, pure electric, hybrid, plug-in hybrid, and hydrogen power. This achieves a systematic capability for "one vehicle with multiple powertrains, one vehicle across multiple categories, and one vehicle with multiple stances," designed to adapt to global markets. With the mass production of multiple models on the new platform, it is expected to bring higher parts commonality, stronger economies of scale, more stable global quality, and enhanced cost optimization capabilities. In 2026, the company plans to launch at least 10 new models, with the WEY brand alone introducing at least 4 new SUV products, positioning it as the brand with the most significant potential impact on both sales volume and profitability.
Risk factors include the potential for the company's product launches and sales to fall short of expectations; slower-than-expected progress in the company's overseas expansion; fiercer-than-anticipated market price competition; and a greater-than-expected rise in raw material costs.
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