Great Wall Motor (2333.HK): Exports Likely to Reach 70k in Oct/Nov + Sales Update Call Takeaways

研报英文原文证据摘录

Great Wall Motor (2333.HK): Exports Likely to Reach 70k in Oct/Nov + Sales Update Call Takeaways

Viewpoint |

01 Jul 2026 23:46:52 ET │ 12 pages

Great Wall Motor (2333.HK)

Exports Likely to Reach 70k in Oct/Nov + Sales Update Call Takeaways

CITI'S TAKE

We dialed in to GWM’s Jun sales update call on 2-July. Key takeaways include

(1) Export sales outlook: Mgmt. expects monthly overseas sales to increase

sequentially MoM from Jul to Nov this year, targeting 70k+ monthly export Buy

units in Oct/Nov (>16% higher than Jun level). Dec export sales may face Price (30 Jun 26 16:10) HK$8.81

seasonal headwinds from Christmas holidays; (2) Domestic market demand

Target price HK$14.80is expected to recover in Sep upon the arrival of sales peak season. Various new

models (Haval H10, all-new Tank 300, WEY V8X/V9X multi-power variants) Expected share price return 68.0%

should drive sales growth; (3) The all-new Tank 300 (pre-launch on 6-July) Expected dividend yield 4.7%

has longer body size, expanded powertrain options and upgraded ADAS;

Expected total return 72.6%mgmt. target monthly domestic sales of all-new Tank 300 to be 10k+ units.

Market Cap HK$75,258M

Export sales breakdown — Per mgmt., all global markets delivered sequential US$9,598M

growth, including Brazil, ASEAN, Middle East, EU and Russia. Haval remains the core

export contributor, accounting for 60–70% of overseas sales; Haval First Love and

H6 each hit ~10k monthly overseas units. Tank monthly exports reached 5-6k units,

with FY26 export sales expected to be 70-100k units. Ora overseas sales exceeded Price Performance

7k units in June, with rapid expansion in Thailand, Brazil, Spain and Italy. Pickup

(RIC: 2333.HK, BB: 2333 HK)monthly exports stood at 6-7k units.

Ora brand — Ora 5 became GWM’s core global export model.