Produced by Zhineng Automobile
Let's take a look at Great Wall Motor's 2023, especially after the annual report data comes out.
● In 2023, Great Wall Motor will achieve a total operating income of 173.212 billion yuan, an increase of 26.12% year-on-year;
● Net profit attributable to listed shareholders was 7.022 billion yuan, down 15.06% year-on-year.
● Net profit after deducting non-recurring gains and losses was approximately RMB4.834 billion, representing a year-on-year increase of 7.98%;
It should be noted that the Great Wall has confirmed that long-term development depends on foreign countries. In 2023, if it is split, the domestic revenue will be 118.1 billion yuan, with a gross profit margin of 15.52%, while the foreign business will be 53.1 billion yuan, with a gross profit margin of 26%.
In a word, Great Wall makes money mainly abroad.
Part 1
Long-term development of sales in 2023
In 2023, Great Wall Motor will achieve annual sales of 1.23 million units (914,000 domestic + 316,000 abroad), a year-on-year increase of 15.85%;
● Sales of models above 200,000 yuan were 225,800, accounting for 18.36%, a record high;
● The average income of bicycles was 141,400 yuan, an increase of 12,000 yuan year-on-year.
From 2023 onwards, exports are growing particularly fast,
● In 2023, it is domestic: foreign = 3:1,
● Domestic in Q1 2024: Overseas = 2:1.
With the opening of Great Wall Motor's thinking, it is not limited to fighting price wars in China.
Great Wall Motor's total sales in March were 100,300 units, a year-on-year increase of 11.02%, and the cumulative sales in Q1 this year were 275,300 units, a year-on-year increase of 25.11%.
Overseas sales in March were 35,815 units, and cumulative sales from January to March were 92,778 units. Great Wall Motors is also actively expanding overseas markets. With the "ONE GWM" brand as the core, Great Wall Motors has landed in more than 170 countries and regions, becoming a "local car company".
In overseas markets, Great Wall Motors insisted on going overseas with high quality, accelerated the localization of production layout, and achieved breakthroughs in many countries and regions.
Part 2
Segments of the brand
Great Wall Motor's R&D investment in 2023 will reach 11.034 billion yuan, accounting for 6.37% of revenue, based on the Hi4 technology system, Great Wall Motor has launched a number of technological innovations such as Hi4 intelligent four-wheel drive electric hybrid architecture and Hi4-T off-road super hybrid architecture, injecting new vitality into the new energy vehicle market.
In 2023, the cumulative sales of new energy vehicles will be 256,400 units, a year-on-year increase of 113.88%, doubling the sales of new energy vehicles. A total of 15 new energy models were released throughout the year, and the sales of new energy vehicles accounted for 20.85% of the company's total sales.
Now it's clear:
● Great Wall Motors believes that it is necessary to make money in the automotive industry, and it is not suitable to roll in China, so the core play of the Great Wall in China is to continue to focus on tanks, Great Wall guns and Wey, and these market segments can run. In foreign countries, the main force of the Great Wall brand can be exported, and the sales ratio at home and abroad can be adjusted
● In China, through the architecture of Hi4 and Hi4-T with large space + high power, covering most models, continuing to promote, and transforming to plug-in hybrid, Great Wall's determination is very resolute, which is better than the previous attempt to make a small car pure electric in Ora (old loss of money and hard work), this aspect is okay
● In terms of intelligent transformation, it is not reasonable to rely entirely on its own capabilities to incubate intelligent cockpits and intelligent driving, so it is also working hard to open up the model and improve product power through the open model
brief summary
Great Wall's strategy, from domestic to foreign, from fuel vehicles to plug-in hybrids, the idea is quite clear. The core is to make money, and making money is the essence of the automobile business.