According to Hong Kong media reports, the net profit of Great Wall Motor (2333) increased 1.6 times last year to 2.698 billion yuan (RMB. Same below), and the final dividend was distributed at 20 cents per share. Turnover increased by 79% to 22.175 billion yuan, mainly due to the increase in sales volume and the significant increase in the gross profit margin of cars.
Gross profit rate increased by 4.6 percentage points
Wei Jianjun, chairman of Great Wall Motors, said yesterday that although the Mainland's purchase tax incentives and car-to-country policies have been abolished this year, it is expected that mainland consumption in the auto market will maintain stable growth, benefiting from the huge consumption potential in the Mainland. He expects this year's sales target to be around 500,000.
Great Wall Automobile sales rose 73% year-on-year to 633,000 units last year, and gross profit margin rose 4.6 percentage points to 21.9%.
He also revealed that the company has submitted an application for returning to the A-shares. It is believed that China Securities Regulatory Commission will approve the application in June and that it can be listed on the Shanghai Stock Exchange as soon as September. Great Wall Motor had applied for the issuance of A shares at the time when the market conditions in mid-2008 were low, but was rejected by the China Securities Regulatory Commission.
As for the rumours that Land Rover recently negotiated cooperation with the Great Wall, Wei Jianjun said that the Great Wall had only had simple contacts with Land Rover before, but there was no substantive progress since then; at the same time, as far as he knows, Land Rover had seven contacts at that time. Eight mainland automobile companies. He added that the Great Wall will not have major acquisitions or joint ventures this year.
The business was not affected by the daily earthquake
As to whether the recent earthquake in Japan will affect the supply of spare parts to the Great Wall, Wei Jianjun said that the company’s core components come from Europe and the United States, and the Japanese earthquake has little impact on the business.
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