Great Wall Motor Company (2333) H2 2024 earnings summary

Executive summary

• Achieved total operating revenue of RMB202.2 billion in 2024, up 16.73% year-over-year, with net profit attributable to shareholders rising 80.76% to RMB12.69 billion.

• Annual vehicle sales reached 1,234,500 units, a 0.37% increase, with overseas sales up 44.61% to 454,100 units.

• New energy vehicle (NEV) sales grew 25.65% to 322,200 units, with a domestic NEV penetration rate of 43.99%.

• Gross profit margin improved by 1.36 percentage points to 18.15%.

Financial highlights

• Operating profit increased 93.32% year-over-year to RMB13.92 billion.

• Net cash flow from operating activities rose 56.49% to RMB27.78 billion.

• Basic and diluted EPS were RMB1.49, up from RMB0.82 in 2023.

• Weighted average return on net assets reached 17.20%, up from 10.61% in 2023.

• Total assets grew to RMB217.3 billion, with net assets attributable to shareholders at RMB79.0 billion.

Outlook and guidance

• Targets further growth in intelligent new energy vehicles and global expansion, aiming for overseas sales of over 1 million units by 2030.

• Industry forecasts for 2025: passenger vehicle sales to reach 28.9 million units (+4.9%), NEV sales to hit 16 million units (+24.4%), and auto exports to rise to 6.2 million units (+5.8%).

• Plans to accelerate R&D investment, launch new NEV products, and deepen ecosystem globalization.