On July 14, Great Wall Motor released a preview of its 2023 half-year results. 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 1.15 billion yuan to 1.55 billion yuan, down 72.32% to 79.47% from the same period last year, and non-net profit to 600 million yuan to 850 million yuan, down 58.71% to 70.86% from the same period last year.
To put it simply, the net profit and deduction of non-net profit of Great Wall Motor in the first half of 2023 are both expected to show negative growth, especially the net profit, with a loss of 1.15 billion to 1.55 billion yuan. As for the change in performance, Great Wall Motor said in an announcement that it was mainly affected by the main business and non-operating profit and loss. Among them, in the main business, the fluctuation in performance during the reporting period was mainly due to the company's deepening transformation to new energy and intelligence, product structure adjustment, increased investment in brand and channel construction based on the listing of new products in 2023, while persisting in R & D investment in new energy and intelligence. And the reduction in exchange rate gains. In terms of non-operating profit and loss, the main reason for the pre-reduction of non-operating profit and loss during the reporting period is the decrease in exchange rate gains compared with the same period last year.
Looking back to 2022, Great Wall Motor sales have shown a decline. In 2022, Great Wall Motor sales target is 1.9 million vehicles, but only 1.0675 million vehicles are actually sold, with a completion rate of 56.19%. The industry believes that the main reason for the gap between the actual sales of Great Wall and the annual sales target is the decline in the power of its products. To this end, after entering 2023, Great Wall has carried out a series of measures, including a large-scale adjustment of the organizational structure of its entire brand, the pairwise merger of the management teams of Euler and Sharon, Wei Brand and Tank, and the implementation of dual-brand operation under their respective systems, focusing on the pure electricity market, while the Harvard brand and the Great Wall pickup truck brand continue to operate independently. This adjustment and update means that Great Wall Motor will end the multi-brand development strategy established since 2020 and turn to a new development direction.
At the same time, Great Wall Motor has also launched a number of new products, including Wei Brand Blue Mountain, Harvard Owl Dragon, Owl Dragon MAX and other brand-new products. In March this year, Great Wall officially launched the new intelligent four-wheel drive electric hybrid technology Hi4. At the 2023 Shanghai Auto Show, 30 products of Harvard, Wei Brand, Euler, Tank and Great Wall Artillery were unveiled, 15 of which are intelligent new energy products. After that, Great Wall named the Harvard brand "Hafron Network", and its new energy vehicle products will be distinguished from fuel vehicle products through independent sales channels.
On April 13th, the brand new Wei model "Blue Mountain DHT-PHEV" was officially launched. The new car has launched a total of two models with a price range of 27.38-308800. The power is equipped with a plug-in hybrid system composed of 1.5T engine and motor, with a comprehensive range of more than 1200 km. After listing, it will compete with popular models such as ideal L8 and M7. On May 9, Harvard Owl Dragon / Owl Dragon MAX was launched, and the two models are plug-in versions. Among them, Harvard Owl Dragon positioning compact SUV, focusing on the mainstream consumer market, the price range is 13.98-156800 yuan; Owl Dragon MAX positioning medium-sized SUV, mainly in the high-end market, the price range is 15.98-179800 yuan.
According to official data, the cumulative sales of Great Wall cars in the first half of 2023 were 519200, up 0.14% from the same period last year, and only 32.45% of the annual sales target of 1.6 million vehicles were achieved. The cumulative sales of Harvard, pick-up trucks and tanks were 292600, 102600 and 58300 respectively, up 1.29%, 8.72% and 7.83% respectively over the same period last year. Wei Brand and Euler both fell by double digits from a year earlier, with sales of 18200 and 47300 respectively, down 17.44 per cent and 20.00 per cent respectively.
In terms of overall sales data in the first half of the year, a series of strategic adjustments failed to bring significant sales growth to Great Wall. Of course, for most car brands, the continuous launch of new cars to stimulate the end market is one of the most effective ways to boost sales, as does Great Wall Motor. Broken down into each month, from April, Great Wall car sales began to rebound, the Harvard brand and Wei brand returned to growth under the layout of new products. However, the Great Wall's sales target of 1.6 million vehicles for 2023 is still a little too "optimistic", even a bit "radical".
Li Ruifeng, CGO of Great Wall Motor, said in an interview earlier: "for Great Wall Motor, the time for our big cycle has come, but we have not yet completed a complete transformation in the big cycle." Now we have to do a solid job in each product, to achieve popular style, from the company end to the terminal dealer landing implementation, to multi-dimensional implementation. Only after a number of products win and achieve the scale of sales, can we say that the big cycle has come. Right now, we're just getting started. "
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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