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A year-on-year surge! Announcement of net profit of Great Wall Motor

2024-05-30 Update From: AutoBeta NAV: AutoBeta > News >


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On April 24, Great Wall Motor released its first quarter report of 2024. According to the report, the operating income of Great Wall Motor in the first quarter of 2024 was 42.86 billion yuan, up 47.60 percent from the same period last year; net profit was 3.228 billion yuan, up 1752.55 percent from the same period last year; and 2.024 billion yuan was deducted from non-net profit, with basic earnings per share of 0.38 yuan.

To put it simply, both operating income and net profit of Great Wall Motor showed positive growth in the first quarter of 2024, especially net profit, which soared 1752.55% compared with the same period last year. As for the changes in performance, Great Wall Motor said in its announcement that the increase in total revenue of Great Wall Motor was mainly due to the increase in vehicle sales and bicycle income in the reporting period, while the substantial increase in net profit was mainly due to the increase in the company's sales scale in the reporting period and the optimization of sales structure, which led to a substantial increase in performance indicators such as operating income and net profit belonging to shareholders of listed companies compared with the same period last year. The net cash flow from operating activities is due to an increase in cash received from goods sold as a result of increased sales during the reporting period.

Looking back on the first quarter of 2024, Great Wall Motor sales increased significantly. At present, the sales volume of Great Wall is composed of five brand segments: Harvard, Tank, Wei Brand, Euler and Great Wall Gun.

Data show that Great Wall sales totaled 275333 vehicles in the first quarter of 2024, up 25.11 percent from the same period last year. Among them, Wei brand and tank brand increased significantly year on year, up 182.98% and 103.16% respectively, cumulative sales were 9608 and 49184 respectively, and Harvard brand increased 25.53% to 157889.

Although the Harvard brand did not grow as well as Wei and tank brands, Harvard remains the backbone of Great Wall sales, accounting for more than half of the total sales, with sales of 157889 vehicles in the first three months of 2023, up 25.53 per cent from the same period a year earlier. At present, Harvard's models on sale include H5, H6, H9 and M6 of the Harvard alphabet series, Harvard Dogs of the dog series, Harvard second-generation dogs and Haverku dogs, and dragon series of Harvard owl / owl dragon MAX, Harvard Raptor, Harvard Red Rabbit, Harvard Divine Beast and other models. Harvard H6, Harvard Dog and Harvard Raptor are the main sales sources of the Harvard brand. Retail data show that from January to March. Sales of the three were 47505, 20854 and 8301 respectively.

As for the Euler brand and pick-up trucks, there was a decline, with cumulative sales of 15029 and 43495 vehicles respectively in the first quarter, down 15.41 per cent and 10.90 per cent respectively from a year earlier. Euler brand is the only pure electric brand of Great Wall Motors. Since the suspension of sales of black cat and white cat models, Euler's overall sales source has only been maintained by Euler good cats, which also face a lot of pressure with the intensification of competition in the car market. In addition, the Euler brand has not launched a new car since 2023, and the models currently on sale include Euler good Cat, Ballet Cat and Lightning Cat, among which, due to the small size of the two models, the market performance is mediocre. Retail data show that from January to March, Euler Cat, Lightning Cat and Ballet Cat sold 9896, 928,378 respectively.

The car market in 2024 is different from that in 2023. The car market in 2024 is destined to be competitive, while China's independent brands are rising strongly. Great Wall, as one of its own brands, is bound to face more fierce competition for market share. As the support of Great Wall, although the Harvard brand products are not small, but the year-on-year growth has slowed in recent years, now, in the context of more and more homogenized products, the Harvard brand needs to narrow the product line and launch products that are more recognized by consumers.

At the 2024 Beijing Auto Show, a number of new models of Great Wall were unveiled, including the new generation Harvard H9, the new generation Harvard H6, the 2024 Harvard Raptor, the Wei brand Lanshan Zhi driving version, and the Great Wall Cannon.

Among them, the new generation Harvard H9 debut, the new car uses a new interior and exterior design, power on the basis of retaining 2.0T gasoline engine and 8-gear automatic transmission, add 2.4T diesel engine and 9-gear automatic transmission power system, the new car is expected to be on the market in the first half of this year.

The new generation of Harvard H6 is also unveiled at the Beijing Auto Show. The new car uses a new interior and exterior design and provides 1.5T and 2.0T power. The new car may be on the market in the near future.

The Wei brand Lanshan Zhi driver version redesigns the interior, adds a new "Canglangqing" car color, and is equipped with a watchtower lidar on the roof, which will be equipped with the same Hi4 performance version power system as the Gaoshan administrative extended version, which is composed of a 1.5T engine and a front and rear double motor, of which the 1.5T engine has a maximum power of 125kW, a comprehensive output power of 337kW and a comprehensive torque of 644Nm. Match the 4-gear transmission.

Great Wall officially announced that its pickup model, the Great Wall Gun 2.4T, was put on sale at the auto show, of which the 2.4t passenger gun was pre-sold for 148800 yuan, and the 2.4t commercial gun launched a total of three configurations with a pre-price range of 12.58-138800 yuan. the car is powered by a 2.4T diesel engine with a maximum power 135kW and peak torque of 480Nm, and the transmission system matches the 9AT gearbox.

In addition to products, in the past, 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 so on. At the same time, Great Wall Motor has also made personnel adjustments, including Wang Fengying, Guo Tiefu, Wen Fei, Li Xiaorui, Chen Siying and others have left Great Wall Motor. Of course, "Automotive Industry concern" believes that both organizational adjustment and personnel changes are a way to improve the efficiency and quality of decision-making and to improve market performance. Judging from the overall data performance in the first quarter, a series of strategic adjustments have indeed brought significant growth to Great Wall Motor. As for whether the renovated products of this auto show can stimulate the Great Wall automobile terminal market, it remains to be verified by the market.

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