Caitong Securities research report pointed out that Great Wall Motor (601633.SH) Q2 performance grew significantly year-on-year, with smooth progress in overseas expansion and maintained a "shareholding" rating. Q2 revenue was 48.569 billion yuan, an increase of 18.66% year-on-year, and net income attributable to the parent company was 3.851 billion yuan, an increase of 224.40% year-on-year. The gross margin of the company in H1 2024 was 20.74%, an increase of 3.89 percentage points year-on-year, mainly due to the growth in overseas sales in H1 2024, further optimization of domestic product structure, and the increase in gross margin.
In the field of smart technology, Great Wall Motor has achieved comprehensive intelligence in vehicle, connectivity, and platform. It has established the largest supercomputing center in the automotive industry and built a collection of intelligent driving products on a comprehensive computing platform to meet the diverse needs of users.
In terms of global expansion, Great Wall Motor continues to make efforts in the global market, with overseas sales of 199,847 vehicles in H1 2024, an increase of 62.09% year-on-year. Great Wall Motor focuses on the "international new four modernizations" of localized production capacity, localized operation, cross-cultural branding, and supply chain security, promoting comprehensive overseas expansion in research, production, supply, sales, and service, forming a product matrix that covers all categories, powertrains, and grades, with plans to achieve overseas sales of over one million vehicles by 2030.