SDIC Securities International has issued a research report maintaining a "Buy" rating on Great Wall Motor (02333) with a target price of HK$10 per share, based on an estimated 2026 price-to-earnings ratio of 8x. The firm believes that overseas localized production capacity and channel expansion will continue to contribute incremental growth, and the company's profitability is expected to recover starting from the second half of the year.

September Sales Performance

Total sales in September reached 115,000 units, down 14.0% year-on-year and up 1.4% month-on-month. Breaking down by brand, Haval sold 66,558 units, down 18.8% year-on-year and up 2.5% month-on-month, remaining the sales cornerstone but posting the deepest year-on-year decline of the year. Tank sold 15,178 units, down 29.2% year-on-year and down 14.4% month-on-month. WEY sold 6,976 units, down 36.7% year-on-year and down 5.3% month-on-month, as the premium brand remains in a product iteration phase. Great Wall Pickup sold 15,020 units, up 16.4% year-on-year and up 22.2% month-on-month, returning to growth driven by exports and new energy pickups. ORA sold 11,202 units, up 79.1% year-on-year and up 1.7% month-on-month, continuing its A0-segment pure electric volume ramp and recording the highest growth rate among all brands for the month. Cumulative sales for January through September reached 920,000 units, down 0.3% year-on-year, with cumulative growth shifting from positive in the first half to essentially flat, and ORA's doubling being the only highlight.

Overseas Sales Momentum

September overseas sales reached 60,000 units, up 19.4% year-on-year and down 4.0% month-on-month, accounting for 52.2% of total monthly sales. Cumulative overseas sales for January through September totaled 475,977 units, up 42.4% year-on-year, representing 51.7% of cumulative sales. The overseas strategy is driven by an ecosystem-based approach to going global, with fully integrated vehicle manufacturing bases already established in Thailand and Brazil, and KD factories set up in Ecuador and other locations. Overseas sales channels exceed 1,600, with nearly 200 new stores added during the year. In September, the Tank 500 and Shanhaipao 3.0 diesel version were launched in South Africa, and the Haval Raptor entered the Chilean market. The company's six major brands appeared together at the Turin Auto Show in Italy, with models including the ORA 5 and Tank 300 Hi4-T showcased, advancing simultaneously across European, African, and Latin American markets.

Two New Models Launched and Delivered in September

The WEY Gaoshan 8/9 Smart Edition was launched on September 23 and began deliveries. The Gaoshan 8 Smart Edition is priced at 309,800 yuan, and the Gaoshan 9 Smart Edition at 385,800 yuan. Both come standard with dual VLA large models, the Coffee Pilot 4 advanced driver assistance system, and NVIDIA Thor-U chips. The interior features the largest cabin length in its class with a second- and third-row shared rail design, adding dual zero-gravity rotating seats, with the second and third rows supporting both face-to-face and flat-folding configurations. The Gaoshan 8 HEV version is planned for launch in the fourth quarter, forming a plug-in hybrid plus hybrid powertrain matrix alongside the current Gaoshan and Smart Edition models, covering the 260,000 to 400,000 yuan price range. The 2027 ORA Good Cat was launched on September 29, offering five configurations priced from 69,800 to 99,800 yuan, with the entry price significantly lowered compared to the previous generation, making it the core model for ORA to continue gaining volume in the A0-segment pure electric market.

Risk Warnings

Product launches and sales may fall short of expectations; overseas expansion progress may be slower than anticipated; market price competition; and rising raw material costs.