Great Wall Motor's overseas market performance is strong, with sales in the first half of the year increasing by over 60% year-on-year. Coupled with the gradual shift of domestic products towards the mid-to-high end, the group's net profit in the first half of the year surged by more than 4 times.
On August 29, Great Wall Motor released its financial report for the first half of 2024, showing the following key financial data:
1) Main Financial Data:
<blockquote>
Revenue: Revenue in the first half of the year was 91.23 billion RMB, a year-on-year increase of 30.67%.
Profit: Net profit attributable to shareholders of the listed company was 7.08 billion RMB, a year-on-year increase of 419.99%; basic earnings per share were 0.83 RMB, a year-on-year increase of 418.75%; gross profit margin was 20.74%, up 3.89 percentage points from the same period last year.
Cash Flow: Net cash flow generated from operating activities in the first half of the year was 9.41 billion RMB, achieving positive growth compared to -2.44 billion RMB in the same period last year.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/8647af38-f9de-49a2-a44d-0c0488e3bfe6.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/8647af38-f9de-49a2-a44d-0c0488e3bfe6.png"/>
</blockquote>
2) Main Business Performance:
<blockquote>
Vehicle Sales: Revenue from vehicle sales in the first half of the year was 78.93 billion RMB, a year-on-year increase of 30.12%; cumulative vehicle sales in the first half of the year were 555,000 units, a 6.0% increase year-on-year.
Parts: Revenue from parts and others was 12.5 billion RMB, a 34.25% increase year-on-year.
</blockquote>
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/ee0a7953-cf54-485e-8a7b-3eb0512bfb49.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/ee0a7953-cf54-485e-8a7b-3eb0512bfb49.png"/>
In terms of vehicle types, in the first half of the year, Great Wall Motor's SUV sales saw strong growth with 436,000 units sold, a 14.6% increase year-on-year. However, sedan and pickup sales were weak, with 36,000 and 86,000 units sold respectively, representing a 25.8% and 11.5% decrease year-on-year.
The overseas market showed strong growth, with export volume reaching 200,000 units in the first half of the year, a 62.1% increase year-on-year, while domestic market sales were sluggish with 355,000 units sold, a 10.24% decrease year-on-year. Nevertheless, the domestic product structure continued to optimize, with the proportion of mid-to-high-end product sales continuing to increase.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/17ff6d80-7180-4fb2-bea6-c79d13362329.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/17ff6d80-7180-4fb2-bea6-c79d13362329.png"/>
According to Great Wall Motor, the company sold 130,000 units of new energy vehicles in the first half of the year, a 44.9% increase year-on-year, maintaining its leading position in hardcore off-road vehicle sales, off-road new energy vehicle sales, and pickup truck sales.
In the first half of the year, Great Wall Motor's Tank and WEY brands performed strongly, and with the &#34;Great Wall Cannon&#34; effect, the Great Wall pickup also did relatively well:
<blockquote>
Tank: Tank brand sold a total of 116,000 units in the first half of the year, a 97.7% increase year-on-year, maintaining the top spot in China's off-road SUV sales for 42 consecutive months
The Tank 700 Hi4-T has officially launched, featuring the large-displacement hybrid 3.0T Hi4-T technology, targeting the global off-road market.
</blockquote>
<ul>
<li>
Haval: Haval sold 297,000 vehicles in the first half of the year, a year-on-year increase of 0.17%, with a global cumulative sales exceeding 9 million vehicles.
</li>
<li>
Great Wall Pickup: Great Wall Pickup sold a total of 90,000 vehicles in the first half of the year, including 24,000 vehicles sold overseas, a 14.1% year-on-year increase. The Great Wall Cannon has achieved monthly sales of over 10,000 units for 45 consecutive months, with cumulative sales exceeding 600,000 units, setting a new speed record for the Great Wall Cannon.
</li>
<li>
WEY: WEY's new energy vehicles sold 20,000 units in the first half of the year, a 43.54% year-on-year increase.
</li>
<li>
ORA: ORA sold 31,000 vehicles in the first half of the year.
</li>
</ul>
Looking ahead, Great Wall Motors stated that it will continue to adhere to long-termism, focus on the intelligent new energy track, strengthen its advantages in off-road and pickup markets, accelerate globalization, and contribute value to the healthy development of the Chinese automotive industry with stronger technological research and development, better capital chain, and a more outstanding industrial ecosystem

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Great Wall Motor's performance in overseas markets is strong, with sales in the first half of the year increasing by over 60% year-on-year. The domestic product structure has been further optimized, with the proportion of sales of mid-to-high-end products continuing to rise

- Great Wall Motors shows strong performance in overseas markets with over 60% year-on-year sales growth in the first half of the year, coupled with a shift towards mid-to-high-end products domestically, leading to a more than 4-fold increase in net profit for the group.
- The financial report for the first half of 2024 reveals a revenue of 912.3 billion RMB, a 30.67% increase year-on-year, and a net profit attributable to shareholders of 70.8 billion RMB, soaring by 419.99%.
- Mainly excelling in SUV sales, Great Wall Motors witnessed robust growth with 43.6 thousand units sold in the first half, while facing a slight decline in sedan and pickup sales. Overseas markets surged by 62.1%, contrasting a 10.24% drop in domestic sales, although the domestic product structure continued to optimize towards mid-to-high-end products.

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Great Wall Motor's revenue in the first half of the year increased by 30.7% year-on-year, while net profit increased by 420% | Financial Report Insights