Core Viewpoint - The company achieved its annual performance expectations with total revenue increasing by 16.7% year-on-year to 202.2 billion yuan and net profit attributable to shareholders rising by 80.8% to 12.69 billion yuan in 2024 [1] Group 1: Financial Performance - Total revenue for 2024 reached 202.2 billion yuan, slightly below the expected 205.4 billion yuan [1] - Net profit attributable to shareholders increased by 80.8% year-on-year to 12.69 billion yuan, close to the forecast of 12.8 billion yuan [1] - In Q4 2024, revenue was 59.94 billion yuan, showing a year-on-year increase of 11.6% and a quarter-on-quarter increase of 17.9% [1] - Q4 2024 net profit attributable to shareholders was 2.26 billion yuan, up 11.7% year-on-year but down 32.4% quarter-on-quarter [1] - The company’s Q4 2024 net profit after deducting non-recurring items was 1.36 billion yuan, reflecting a year-on-year increase of 32.7% but a quarter-on-quarter decrease of 50% [1] Group 2: Product and Market Strategy - The company’s vehicle sales in 2024 increased by 0.2% year-on-year to 1.233 million units, with new energy vehicle sales rising by 22.8% to 322,000 units, achieving a penetration rate of 26.1% [2] - The company is focusing on high-end product development, with the launch of the new off-road hybrid architecture Hi4-Z in October 2024 [2] - The company plans to enhance its high-end brand image through technological iterations and optimization of user scenarios and channels [2] - The Haval brand aims to leverage core technologies to create more popular models, while the new luxury motorcycle brand, Great Wall Soul, has launched its first model, Soul S2000 [2] Group 3: Global Expansion - The company’s overseas sales in 2024 increased by 43.4% year-on-year to 453,000 units, accounting for 36.7% of total sales [3] - The company has established over 1,400 overseas sales channels and production bases in countries like Thailand and Brazil, enhancing its global supply chain [3] - The company is expected to focus on markets in Latin America, the Middle East, North Africa, and ASEAN in 2025, anticipating steady growth in overseas sales [3] - The company maintains profit forecasts for 2025-2026 at 15.5 billion yuan and 17.8 billion yuan, with an additional forecast of 19.6 billion yuan for 2027 [3]

Investment Rating - The report maintains an "Accumulate" rating for both A and H shares of the company [4] Core Views - The company's annual performance met expectations, with total revenue increasing by 16.7% year-on-year to CNY 202.2 billion, and net profit attributable to shareholders rising by 80.8% to CNY 12.69 billion [1] - The company is focusing on the transition to smart new energy technologies and high-quality globalization [1] - The company achieved a 43.4% year-on-year increase in overseas sales, indicating a strong global expansion strategy [3] Summary by Sections Financial Performance - In 2024, the company reported total revenue of CNY 202.2 billion, a 16.7% increase from the previous year, and a net profit of CNY 12.69 billion, an 80.8% increase [1] - The fourth quarter of 2024 saw revenue of CNY 59.94 billion, with a year-on-year increase of 11.6% [1] - The company expects net profit for 2025 and 2026 to be CNY 15.46 billion and CNY 17.81 billion, respectively [3] Product and Market Strategy - The company sold 1.233 million vehicles in 2024, with a 22.8% increase in new energy vehicle sales [2] - The company is advancing its high-end product strategy, with new models and technology iterations planned for 2025 [2] - The company is also innovating product categories, including the launch of a super luxury motorcycle brand [2] Global Expansion - The company has established a global sales network with over 1,400 channels across more than 170 countries [3] - The overseas sales accounted for 36.7% of total sales in 2024, reflecting a robust international presence [3] - The company plans to focus on markets in Latin America, the Middle East, and Southeast Asia for further growth [3]