GreatWallMotorCompanyLimited（601633）EquityResearch·CompanyResearch·Automobile1/7东吴证券（香港）请务必阅读正文之后的免责声明部分[Table_Main]PromisingfutureofEVtransformationwithmajorincrementfromHavalBuy(Maintain)Forecast&Valuation2021A2022E2023E2024ERevenue(RMBmn)136,405137,351202,604274,168Growth(YoY%)32%1%48%35%Netprofit(RMBmn)6,7268,2795,91410,016Growth(YoY%)25%23%-29%69%EPS(RMB)0.770.950.681.15P/E(X)42.0834.1847.8528.26Keywords:#risingmarketshareInvestmentThesis◼Promisingfutureforrenewablesindustryin2023withexplosivegrowthofhybridelectricvehicles.1)Scale:undertheassumptionofstabledomesticeconomicgrowthandsupportiveauto-relatedpolicies,weforecast...