On September 3, CICC research pointed out that Great Wall Motor (601633.SH) achieved a net income of 3.85 billion yuan in Q2, a year-on-year increase of 224.4%. The company's overseas and tank sales grew significantly year-on-year, and the sales ratio continued to rise compared to the previous period. The company's Q2 2024 sales volume was 0.284 million vehicles, a year-on-year decrease of 5.0% and a month-on-month increase of 3.3%. Among them, overseas sales were 0.109 million vehicles, a year-on-year increase of 51.1% and a month-on-month increase of 17.2%. The proportion of overseas sales accounted for 38.2%, a year-on-year increase of 14.2 percentage points and a month-on-month increase of 4.5 percentage points. In the short and medium term, the company's expansion overseas combined with the increase in the proportion of high-value vehicle models such as tanks domestically is expected to drive the company's sales volume and performance growth. In the long term, the company's four major strategic expansions open up long-term growth space for sales, and the intelligent transformation opens up profit space for the entire industry chain. It is expected that the company's net income attributable to shareholders in 2024-2026 will be 13.03 billion yuan, 16.26 billion yuan, and 17.97 billion yuan, corresponding to A-share PE ratios of 15.2X, 12.2X, and 11.0X, and corresponding to Hong Kong stock PE ratios of 6.7X, 5.4X, and 4.9X. The "buy" rating is maintained.