Great Wall Motor's revenue increased but profit did not in the third quarter.
On October 24, Great Wall Motor Co., Ltd. (Great Wall Motor, 601633) announced that the company achieved revenue of 61.247 billion yuan in the third quarter, a year-on-year increase of 20.51%; net profit attributable to shareholders of listed companies was 2.298 billion yuan, a year-on-year decrease of 31.23%; basic earnings per share was 0.27 yuan.
The report said that the company achieved year-on-year growth in sales and operating income in the third quarter, but at the same time, due to the accelerated construction of a new channel model that directly connects with users, and increased investment in the promotion and brand enhancement of new models and new technologies, its earnings fluctuated.
The report shows that in the third quarter of this year, Great Wall Motor's sales expenses were 7.948 billion yuan, a significant increase of 55.74% from 5.11 billion yuan in the same period last year.
In terms of sales, Great Wall Motors announced that from January to September this year, the company sold a total of 919,800 new vehicles, an increase of 8.03% year-on-year. Among these, the ORA brand, which targets the female market, continued to struggle with sales, with fewer than 30,000 units sold in the first three quarters, a year-on-year decline of 30.12%. Furthermore, brands such as Haval, Great Wall Pickup, and Tank all saw slight growth, while the high-end WEY brand saw a 99.85% increase.
Its overseas sales remain strong. From January to September this year, Great Wall Motors sold 334,200 vehicles overseas, accounting for 36.2% of its total sales.
In terms of new energy vehicles, Great Wall Motors sold 278,500 new energy vehicles in the first three quarters, accounting for 30.28% of its total sales. While this is still far below the approximately 50% penetration rate of new energy vehicles in the overall Chinese auto market, it is an increase. In 2024, Great Wall Motors' new energy vehicle penetration rate will only be 26.1%.
At the close of the market on the 24th, Great Wall Motors fell 0.09% to close at 23.19 yuan per share.
