Great Wall Motor Company (2333) H2 2024 earnings summary

Executive summary

• Achieved record operating revenue of RMB 202.2 billion in 2024, up 16.73% year-over-year, with net profit attributable to shareholders rising 80.8% to RMB 12.7 billion.

• Overseas sales surged 44.61% year-over-year to 454,100 units, with cumulative overseas sales surpassing 1.8 million units.

• Annual vehicle sales reached 1,234,500 units, a 0.37% increase, with NEV sales growing 25.65% to 322,200 units and a domestic NEV penetration rate of 43.99%.

• Maintained leadership in domestic pickup and off-road SUV markets, with TANK and Great Wall Pickup brands achieving top sales and market share.

• Continued innovation in intelligent driving, hybrid, and new energy technologies, with significant product launches and global expansion.

Financial highlights

• Operating profit nearly doubled to RMB 13.92 billion, up 93.32% year-over-year.

• Gross profit increased 25.5% to RMB 39.4 billion, with gross margin improving to 19.5% in 2024.

• Net cash flow from operating activities rose to RMB 27.78 billion, up 56.49% year-over-year.

• Total assets grew to RMB 217.3 billion; shareholders' equity increased to RMB 79.0 billion.

• Basic earnings per share rose to RMB 1.49, up 81.7% year-over-year.

Outlook and guidance

• Focus on intelligent new energy vehicles, global expansion, and product innovation, targeting overseas sales of over 1 million units by 2030.

• Plans to further enhance intelligent driving and cockpit systems, and expand product lines in SUV, MPV, and sedan categories.

• 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.