AutoBeta(AutoBeta.net)07/11 Report--

On July 10, Great Wall issued a semi-annual performance forecast for 2024. According to the financial report, the net profit attributed to shareholders of listed companies in the first half of the year is expected to be 6.5 billion yuan to 7.3 billion yuan, an increase of 377.49% to 436.26% over the same period last year; net profit after deducting non-recurring profits and losses is 5 billion yuan to 6 billion yuan, an increase of 567.13% to 700.56%.

In other words, the net profit and deducted non-net profit of Great Wall Motor in the first half of 2024 are expected to grow positively, and the increase is not obvious. With regard to the changes in performance, Great Wall said in an announcement that the main reason for the pre-increase in the current performance is due to the influence of the main business, the company is committed to high-quality development, adhere to quality, and create the ultimate product experience. The realization of overseas sales growth and further optimization of domestic product structure has led to a substantial increase in net profit belonging to the owner of the parent company compared with the same period last year. As for non-operating performance, Great Wall Motor said that the increase in non-operating profit and loss during the reporting period was mainly due to the increase in government subsidies received compared with the same period last year.

The cumulative sales of Great Wall cars in the first half of this year was 559700, up 7.79 percent from the same period last year, of which 132300 were new energy vehicles. At present, the Great Wall passenger car market has a total layout of four major brands: Harvard, Tank, Euler and Wei Brand.

In terms of brand segmentation, as the sales pillar of Great Wall, Harvard brand accumulated sales of 299700 vehicles, a slight increase of 2.42% over the same period last year; Wei Brand accumulated sales of 19900 vehicles, an increase of 9.46% over the same period last year, mainly from Blue Mountain models, with cumulative retail sales of 13700 units in the first half of the year. The cumulative sales of the tank brand reached 116000, an increase of 98.94% over the same period last year. Unlike other brands, the model performance of the tank brand is more balanced. At present, the models sold include tanks 300,400,500,700 and 700. among them, tank 300 is the main selling model, with 41800 tanks sold in the first half of the year, 20200 tanks and 19500 tanks sold in the first half of the year.

The performance of the Euler brand, the only pure electric brand owned by Great Wall, fell in the first half of the year, with sales down 32.87% from a year earlier to 31700 vehicles. Of course, the decline in sales of the Euler brand is related to the weak development of its new energy vehicles. At the same time, Euler has not launched any new models for nearly a year, and the overall source of sales depends only on Euler's good cats. Among the models on sale, including Euler good Cat, Ballet Cat and Lightning Cat, retail sales in the first half of the year were 22000, 1500 and 719 respectively.

In addition, overseas markets are also an important source of sales for Great Wall Motor at present. Figures show that Great Wall sold 201500 vehicles overseas in the first half of this year, including 38100 in June.

At present, Great Wall Motor is still in the critical stage of new energy transformation, but with the innovation of the car market, Great Wall Motor will also face a lot of competition. According to the plan, Great Wall has an annual sales target of 1.6 million vehicles this year, and according to this calculation, Great Wall Motor has completed only 35 per cent. From the analysis of sales in the first half of the year, it is difficult for Great Wall to achieve its annual sales target of 1.6 million vehicles. Great Wall urgently needs to launch more products that can be recognized by consumers, which also means that Great Wall may need to make more changes.

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