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Consumer Durables

Great Wall Motor Co., Ltd.

Company Background

Great Wall Motor is a privately-run Chinese automaker headquartered in Hebei Province. It is among the top three privately-run Chinese automakers, along with Zhejiang Geely Holding Group and Chery Automobile.

Founded in 1984, Great Wall Motor has mainly produced sport utility vehicles and pick-up trucks. It recently launched a line of passenger cars as well. The company went public on the Hong Kong stock exchange in 2003 and got listed on the Shanghai Stock Exchange in 2011.

The automaker has about 60,000 employees on its payroll and operates four domestic plants in China. It has ramped up sales of the Great Wall series of SUVs as well as pickup trucks over the years. The company's annual domestic sales came to about 700,000 units in 2014.

Great Wall Motor started exporting vehicles in 1998. Russia, Chile and South Africa are its main export destinations. The company plans to build a new SUV plant in Thailand.

Wei Jianjun serves as Great Wall Motor's chairman and is referred to as a "military man" due to his strict management style. As such, he strictly supervises production management at its auto plants, research and development as well as sales and marketing strategies.

The company has achieved growth without forming partnerships with major foreign carmakers. It is now trying to develop eco-friendly vehicles, such as plug-in hybrids.

Business Summary

Great Wall Motor Co., Ltd. engages in the design, development, production, sale, and distribution of automobiles. The firms products include sport utility vehicles, cars, pickups, and car-related automotive. Its brands include HAVAL, WEY, ORA, and GWM PICKUP. The company was founded on August 30, 1984 and is headquartered in Baoding, China.

Financial Highlights

Dec 2019 HKDUSD
Revenue105,501.95M13,465.12M
Gross Profit14,469.36M1,846.71M
Operating income4,739.31M604.87M
Income before tax5,439.22M694.20M
Net income5,099.08M650.79M
EBITDA9,970.96M1,272.58M
Diluted EPS0.550.07
Dividends Per Share0.270.03
Total Assets126,509.12M16,236.18M
Total liabilities63,205.35M8,111.77M
Total equity60,850.72M7,809.58M
Operating cash flow15,961.58M2,037.16M
Currency in HKDCurrency in USD

Historical Data

 Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019
Revenue 90,225.23M 110,746.09M 112,153.61M 113,236.87M 105,501.95M
Gross Profit 19,923.14M 23,608.54M 17,323.73M 16,094.64M 14,469.36M
Operating income 11,531.64M 14,470.37M 6,477.23M 6,575.41M 4,739.31M
Income before tax 11,941.00M 14,585.43M 7,187.15M 7,671.79M 5,439.22M
Net income 9,941.03M 12,328.16M 5,796.91M 6,167.82M 5,099.08M
EBITDA 13,975.55M 17,463.60M 10,167.04M 11,173.64M 9,970.96M
Diluted EPS 1.08 1.35 0.63 0.67 0.55
Dividends Per Share 0.32 0.39 0.21 0.33 0.27
Total Assets 85,849.26M 103,138.75M 132,705.71M 127,492.39M 126,509.12M
Total liabilities 38,021.79M 48,466.97M 71,810.59M 65,033.62M 63,205.35M
Total equity 45,748.11M 52,764.03M 58,983.31M 59,897.06M 60,850.72M
Operating cash flow 12,510.98M 10,366.51M -1,083.66M 23,574.80M 15,961.58M
 Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019
Revenue 11,638.10M 14,266.88M 14,391.92M 14,448.00M 13,465.12M
Gross Profit 2,569.87M 3,041.37M 2,223.03M 2,053.53M 1,846.71M
Operating income 1,487.46M 1,864.14M 831.18M 838.96M 604.87M
Income before tax 1,540.26M 1,878.97M 922.27M 978.85M 694.20M
Net income 1,282.28M 1,588.17M 743.87M 786.95M 650.79M
EBITDA 1,802.69M 2,249.75M 1,304.66M 1,425.65M 1,272.58M
Diluted EPS 0.14 0.17 0.08 0.08 0.07
Dividends Per Share 0.04 0.05 0.02 0.04 0.03
Total Assets 11,077.10M 13,302.81M 16,975.90M 16,283.90M 16,236.18M
Total liabilities 4,905.94M 6,251.26M 9,186.11M 8,306.38M 8,111.77M
Total equity 5,902.86M 6,805.49M 7,545.22M 7,650.32M 7,809.58M
Operating cash flow 1,613.78M 1,335.46M -139.05M 3,007.93M 2,037.16M

Valuation Measures

Dec 2019
PER10.30
ROA4.01%
ROE8.44%
Operating margin4.49%
Profit margin4.83%

Key executives

  • Vice Chairman & General Manager: Feng Ying Wang
  • Chief Financial Officer: Hong Shuan Li
  • Deputy General Manager: Guo Qing Zhao
  • Securities Representative: Yong Jun Chen
  • Board Secretary: Hui Xu

Shareholders

  • The Vanguard Group, Inc. (3.7%)
  • Fidelity Management & Research Co. LLC (2.0%)
  • Dimensional Fund Advisors LP (1.7%)
  • BlackRock Fund Advisors (1.6%)
  • Rothschild Asset Management SCS (1.4%)
  • BlackRock Investment Management (UK) Ltd. (1.2%)
  • Fiera Capital, Inc. (1.2%)
  • WEI JIAN JUN (1.2%)
  • BNP Paribas Asset Management Asia Ltd. (0.9%)
  • First State Investments (Hong Kong) Ltd. (0.9%)

Contact Details

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Competitors

  • Guangzhou Automobile Group Co., Ltd. Class H
  • SAIC Motor Corporation Limited Class A
  • Tata Motors Limited
  • Geely Automobile Holdings Limited
  • Maruti Suzuki India Limited
  • Toyota Motor Corp.
  • BAIC Motor Corporation Limited Class H
  • Brilliance China Automotive Holdings Limited
  • Volkswagen AG Pref
  • Hyundai Motor Company
  • General Motors Company
  • BYD Company Limited Class H
  • KIA Motors Corporation
  • Nissan Motor Co., Ltd.
  • Dongfeng Motor Group Co., Ltd. Class H
  • Anhui Jianghuai Automobile Group Corp., Ltd. Class A
  • Jiangling Motors Co., Ltd. Class B
  • Beiqi Foton Motor Co., Ltd. Class A
  • Fiat Chrysler Automobiles N.V.
  • Renault SA
  • Honda Motor Co., Ltd.
  • Mahindra & Mahindra Ltd.
  • AvtoVAZ PJSC
  • Liaoning SG Automotive Group Co. Ltd. Class A
  • Isuzu Motors Limited
  • Dongfeng Automobile Co., Ltd. Class A
  • Hualing Xingma Automobile (Group) Co., Ltd. Class A
Last Updated on 25 Sep, 2020

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