On the evening of April 24, Great Wall Motor (601633) disclosed a quarterly report showing that in the first quarter of 2024, it achieved operating income of 42.86 billion yuan, a year-on-year increase of 47.6%, and a net profit of 3.228 billion yuan, a year-on-year increase of 1752.55%. In this regard, Great Wall Motor said that during the reporting period, vehicle sales increased and single vehicle revenue increased.
For the first quarter of the performance of the large increase, Great Wall Motors said in the announcement that it was mainly due to the increase in vehicle sales and the increase in single operating income in the reporting period. During the reporting period, the company's sales scale increased and the sales structure was optimized, which drove the performance indicators such as operating income and net profit attributable to shareholders of listed companies to achieve a significant increase compared with the same period last year.
The company said on the investor Q&A platform that the sales target of Great Wall Motors in 2024 is 1.9 million units, and while striving to achieve the sales target, it will adhere to long-termism, continue to make efforts in the direction of new energy, intelligence and globalization, and the company's new energy sales and overseas sales in 2024 will also continue to increase. In 2024, the proportion of new energy sales in total sales will be higher than the industry average, and the proportion of overseas sales in total sales in 2024 will be higher than the level in 2023.
In fact, benefiting from the growth of vehicle sales and export business, Great Wall Motor's performance in the first quarter increased sharply, and there were signs in the market before. On the evening of April 1, Great Wall Motor released its sales data for March. Great Wall Motor sold 100276 new vehicles in March, up 11.02% year-on-year, 21,882 new energy vehicles, up 66.34% year-on-year, and 35,815 overseas vehicles, up 60.66% year-on-year.
In terms of brands, in the first quarter, all brands under Great Wall Motors ushered in growth. Among them, the Haval brand sold 54,055 vehicles in March, a year-on-year increase of 13.99%, and 157889 vehicles were sold from January to March, a year-on-year increase of 25.53%. WEY sold 3,608 vehicles in March, a year-on-year increase of 182.98%, and 9,608 vehicles were sold from January to March, a year-on-year increase of 182.34%. Tank SUV sales in March were 18,953, a year-on-year increase of 58.60%, and 49,184 units were sold from January to March, a year-on-year increase of 103.16%. The ORA brand sold 6,022 units in March and 15,029 units from January to March. Great Wall pickup trucks sold 17,569 units in March and 43,495 units from January to March.
It is worth mentioning that at present, Great Wall Motors has started a new round of organizational adjustment, and Wei Jianjun, chairman of Great Wall Motors, has come to the front of the stage to grasp marketing. Just yesterday, Great Wall Motors also issued an announcement on the action plan of "improving quality and efficiency and re-returning", the company is committed to establishing a global system layout of research, production, supply and marketing, and in the next step, Great Wall Motors will continue to deepen its cultivation in the field of new energy and intelligence, increase investment in technological innovation, focus on the real car use scenarios of users, and apply more forward-looking innovation achievements to its models.
At present, Great Wall Motor has five major brands, including Haval, WEY, Great Wall Pickup, Ora and Tank. However, in recent years, the performance has been less than satisfactory, and there have even been a large number of senior executives leaving. Even in 2020, Wei Jianjun said: "What will happen to Great Wall Motors in the future? ”