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The annual report of Great Wall Automobile shows that its net profit is down 15% compared with the same period last year.

2024-04-13 Update From: AutoBeta NAV: AutoBeta > News >

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AutoBeta(AutoBeta.net)03/03 Report--

KuaiBao showed that during the reporting period, operating income was 173.41 billion yuan, up 26.26% from the same period last year; net profit was 7.008 billion yuan, down 15.22% from the same period last year; net profit after deducting non-recurring profit and loss was 4.682 billion yuan, up 4.58% from the same period last year

Great Wall said that with the launch of new products, the model structure continued to be optimized, and the price and sales volume of bicycles continued to grow, leading to an increase of 26.26% in operating income. The net profit of shareholders belonging to listed companies after deducting non-recurring profits and losses increased by 4.58% over the same period last year, and the net profit in the reporting period was lower than that in the same period last year, mainly due to the impact of exchange rate gains in the same period. The net profit belonging to shareholders of listed companies decreased in the fourth quarter of 2023 compared with the third quarter, mainly due to the provision of year-end bonuses.

Data show that Great Wall wholesale sales totaled 1.2307 million vehicles in 2023, an increase of 15.29% over the same period last year. Although it achieved double-digit year-on-year growth, Great Wall clearly failed to meet its annual sales target of 1.6 million vehicles, with a completion rate of just 77 per cent.

At present, Great Wall has five major car brands, among which the passenger car market includes Harvard, tank, Euler and Wei Brand. According to the data released by Great Wall, Harvard is not only the sales pillar of Great Wall, but also the weather vane of its sales trend, accounting for more than half of its overall sales, with year-on-year sales growth of 16.00% and tank brand growth of 31.21%. It is the biggest increase in the Great Wall brand.

The Harvard brand sold 715188 vehicles in 2023, an increase of 16.00% over the same period last year, of which Harvard New Energy sold 77461 vehicles for the whole year. The Harvard brand's top-selling model is still the Harvard H6, with wholesale sales of 266800, followed by 144400 Harvard Dogs and less than 100000 other models. The third largest seller is Harvard's first love, which has been suspended from production and sale, with wholesale sales of 98300 vehicles for the whole year.

The tank brand led the growth of Great Wall cars, with sales of 162500 vehicles in 2023, an increase of 31.21% over the same period last year. At present, tank brands sell models including tank 300, tank 400, tank 500 and tank 700, of which tank 300 is the main selling model, and tank 700 and tank 400 are new cars that have just been launched. For the tank brand, its main sales come from tank 300. the cumulative sales are 107700 and 43600, and the performance of other models is mediocre. How to improve the sales of other products is also an important task for the tank brand.

By contrast, the performance of the Euler brand is mediocre, with three models currently on sale, including Euler cats, ballet cats and lightning cats, of which Euler cats account for 80% of sales. After entering 2023, the Euler brand has not yet launched a new car and still relies on Euler good cats to maintain overall sales, compared with the smaller size of ballet cats and lightning cats. According to the data, the cumulative sales of the Euler brand in 2023 was 108500, an increase of 4.35% over the same period last year, making it the smallest increase in the Great Wall brand.

Since the launch of the Blue Mountain model, Wei Brand has finally achieved growth, with sales of 41600 vehicles for the whole year, an increase of 14.35 per cent year-on-year. Combined with sales in the previous November, nearly 70 per cent of Wei's sales now come from Wei Lanshan, which went on sale on April 13, 2023, with a price range of Rmb27.38-308800, with other models performing particularly poorly. In addition, Wei brand will launch the first MPV-- Wei brand Gaoshan in 2023, but in the face of the increasingly competitive MPV market, sales of Tengli D9, extreme krypton 009 and other models have increased, and it is unknown whether Wei brand Gaoshan can become a new popular model.

Great Wall Automobile, which is in the critical stage of new energy transformation, with the introduction of more and more new energy models, the existence of its domestic new energy vehicle market is getting stronger and stronger. Data show that a total of 262000 new energy vehicles were sold in 2023, an increase of 98.74 percent over the same period last year.

At the same time, Great Wall Motor is also accelerating the promotion of overseas markets. Statistics show that 316018 units of Great Wall Motor were sold overseas in 2023. It is understood that, including Ola good cat, Hafer H6 HEV and tank 500 HEV and other models, listed in Brazil, Vietnam, Indonesia and other overseas markets. With the expansion of overseas business, the overseas market is also expected to become a new growth point of Great Wall automobile sales.

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