Northeast Securities: "Buy" rating given to Great Wall Motors, creating additional growth in overseas markets.

Northeast Securities research report pointed out that the domestic market for hardcore off-road vehicles still has a lot of room for growth. Great Wall Motors firmly holds the top spot in the domestic hardcore off-road market, creating additional growth overseas. Great Wall Motors has a complete hardcore off-road vehicle product line. The Haval brand includes practical vehicles such as the Haval H5 and high-end products like the Haval H9. The Tank series covers traditional and new energy hardcore off-road vehicles in the 200-500 thousand yuan price range. Currently, there are three fuel vehicles in the Tank series for sale, as well as new energy models. With continuous introduction of new models and overseas expansion, it is expected that Great Wall Motors' net profit in 2025-2027 will be 12.98 billion, 15.37 billion and 17.18 billion yuan respectively. The 2025 PE ratio is estimated to be restored to 10 times, corresponding to a total valuation of 129.8 billion yuan, with a "buy" rating.