Great Wall Motor Company (2333) H1 2024 earnings summary

Executive summary

• Achieved total operating revenue of RMB 91.43 billion for H1 2024, up 30.67% year-over-year, driven by higher sales volume and improved product mix, especially in overseas and mid-to-high-end segments.

• Net profit attributable to shareholders reached RMB 7.08 billion, a 419.99% increase year-over-year, reflecting strong overseas sales and enhanced domestic product mix.

• Overseas sales volume rose 62.09% year-over-year, with cumulative overseas sales surpassing 1.6 million units.

• Maintained leading position in China's pick-up and off-road SUV markets, with TANK and Great Wall Pickup brands dominating their segments.

• Continued focus on intelligent new energy vehicles, global expansion, and technology-driven innovation.

Financial highlights

• Gross profit margin improved to 20.74%, up 3.89 percentage points year-over-year, with gross profit at RMB 18.96 billion, up 60.82%.

• Basic and diluted EPS for H1 2024 was RMB 0.83, up 418.75% year-over-year.

• Net cash flow from operating activities was RMB 9.41 billion, a significant turnaround from negative RMB 2.44 billion in H1 2023.

• Net assets attributable to shareholders increased 7.92% from year-end 2023 to RMB 73.93 billion.

• Operating profit surged 563.8% to RMB 8,134 million.

Outlook and guidance

• Focus remains on intelligent and new energy vehicle development, strengthening off-road and pickup truck market leadership, and accelerating globalization.

• Plans to achieve overseas sales of over one million units by 2030.

• Continued investment in R&D, electrification, and intelligence to drive future growth.

• Export sales volume for 2024 is expected to continue growing, with both opportunities and challenges in overseas markets.

• New energy vehicle (NEV) penetration and product innovation remain key growth drivers.