The research report by Changjiang Securities indicates that since 2021, great wall motor (601633.SH) has entered a new stage of profitability, benefiting from the increase in the proportion of high stock price models such as the tank, as well as contributions from overseas markets. The company's financial indicators are steadily improving, with a single-vehicle profit reaching 0.012 million yuan in the first three quarters of 2024, setting a new historical record. In terms of sales structure, the company has maintained a significant advantage in the domestic market for pickups and rugged off-road vehicles in recent years, although it has faced pressure in the mainstream market. The overseas market is an important growth direction for the company in recent years and in the future, with the share of overseas income and profit continuously increasing. In 2023, overseas income accounted for 31% and gross profit accounted for 43%, ranking among the top in the industry.