Chang Jiang Shang Bao·2025-04-01 00:45Core Viewpoint - Great Wall Motors has reported a significant increase in both revenue and net profit for the year 2024, marking a historic high for the company since its listing on the A-share market [3][4]. Financial Performance - The company's operating revenue reached 202.195 billion yuan, a year-on-year increase of 16.73% [3][6]. - The net profit attributable to shareholders was 12.692 billion yuan, showing a remarkable year-on-year growth of 80.73%, with the profit growth rate surpassing that of revenue [3][4]. - Great Wall Motors achieved a gross margin of 19.51%, the highest in eight years, reflecting improved profitability [6]. Sales Performance - Total vehicle sales for 2024 were 1.2345 million units, a slight increase of 0.37% year-on-year [6]. - Domestic sales were 780,400 units, down 14.8% year-on-year, attributed to the strategic decision to prioritize profit over volume [7]. - The company’s export performance was strong, with overseas sales reaching 454,100 units, a year-on-year increase of 44.61% [2][8]. Product Structure and Pricing - The sales of higher-priced models, such as the Tank and Wey brands, saw significant growth, with Tank sales at 232,000 units (up 43%) and Wey sales at 55,500 units (up 56.6%) [4]. - The average revenue per vehicle increased to 163,800 yuan, up by 23,000 yuan year-on-year, while the net profit per vehicle rose to 10,300 yuan, an increase of 4,600 yuan [6]. Research and Development - Great Wall Motors has been increasing its R&D investment, with expenditures rising to 9.284 billion yuan in 2024, a 15.27% increase from the previous year [10]. - The company has developed advanced technologies, including the Coffee OS3 smart space system and a comprehensive driving model, enhancing user experience and driving efficiency [9][10].