长城汽车(02333)
Key takeaways
Mr. Li Hongqiang, Great Wall Motor’s investor relation manager,attended the 2016 CICC Investment Forum and spoke withinvestors. Here are the key takeaways.
Gross margin in 4Q16 could return to normal,ignoring the impact of year-end bonus recognition.
Old and new generations of H6 both available forsales; sales of red- and blue-label products based ondifferent distributor network; to launch hybrid SUVs.
With regard to R&D, the company insists on astrategy of introducing international talents andsetting up offices overseas.
Capacity utilization rate is set to increase gradually;capex could slow moderately in the near term.See details on page 3.
Recommendation
Sales performance of new brands WEY, H7L and the newgeneration of H6 will hold the key. Maintain BUY rating onGWM-A/H, and reiterate TP of Rmb12.72 for GWM-A andHK$10.9 for GWM-H.
Risks
More fierce competition in the domestic SUV market;lower-than-expected gross margin.
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