On September 4, Guolonghui | Haitong Securities research reports pointed out that Great Wall Motor (601633.SH) Q2 net income attributable to the mother was 3.9 billion yuan, +224% year-on-year, +19% quarter-on-quarter, and the net income attributable to the mother approached the upper limit of the performance forecast. The optimization of product structure and growth in overseas sales volume are driving the improvement of profitability. According to the calculation, the single-vehicle income in 24Q2 is approximately 0.171 million yuan, +0.034 million yuan year-on-year, and +0.015 million yuan quarter-on-quarter. From the perspective of gross margin level, the company's 24Q2 gross margin was 21.4%, +3.9pct year-on-year, and +1.3pct quarter-on-quarter. It is believed that the optimization of product structure and the increase in overseas sales volume are driving the company's ASP and gross margin level higher. As of 24H1, Great Wall Motor has covered 170+ countries and regions, and expanded the overseas sales channels to include 1300+ stores. According to Great Wall Motor's 2024 interim report, the proportion of overseas high-end vehicle models of Great Wall Motor has been steadily increasing. Referring to comparable companies, a 20-24 times PE ratio is given to the company in 2024, corresponding to a reasonable value range of 31.54-37.85 yuan. Maintain an "outperform the market" rating.