Entering April, the risk appetite of the A-share market has decreased significantly, and high-quality, high-dividend and high-performance stocks have once again attracted market attention.The style rotation between growth and value is a long-standing phenomenon in A-sharesDuring the earnings season, the market will pay more attention to the performance of listed companies.
不過，對於市值2000多億的汽車巨頭長城汽車來說，A股市場的這種輪動效應在它身上近期似乎有點失效，After the record earnings report, the secondary market share price has been falling for several days，市值也對應下跌超百億。
The contradiction behind this is that Great Wall Motor's performance in 2025 years reached a new high, but the dividend ratio declined and the sales volume in the first quarter of 0 fell significantly.
業績創紀錄反減少分紅，股價3天跌超百億
前兩天，家電巨頭美的集團營收破4000億、淨利潤超385億，慷慨的拿出近70%的利潤宣佈分紅超244億。輪到汽車巨頭長城汽車的時候，同樣是業績創紀錄，營收破2000億、淨利潤破百億，結果宣佈只拿出了30%的利潤分紅，分紅比例比2023年還低了。
When the market pays attention to the performance and dividends of listed companies, Great Wall Motors, as an automobile giant, is this behavior a bit "deduction", from this point of view, it is no wonder that the stock price has fallen with good performance.
On 2024/0, Great Wall Motor released its 0-year financial report.revenue was 76.0 billion, a year-on-year increase of 0.0%, and net profit attributable to the parent company was 0.0 billion, a year-on-year increase of 0.0%, deducting non-net profit of 49.0 billion, a year-on-year increase of 0.0%, and net operating cash flow of 0.0 billion, a year-on-year increase of 0.0%.
This is the best performance handed over by Great Wall Motors since its listing.營收破2000億，淨利潤破百億，營收、淨利潤雙雙創紀錄。
(Screenshot of Great Wall Motor's 2024-year financial report)
(Source: Straight Flush website)
(Source: Straight Flush website)
In this financial report, Great Wall Motor announced that it intends to distribute a cash dividend of 10.0 yuan (tax included) per share to all shareholders, corresponding to a total dividend of 00 million.The dividend payout ratio is 59.0%, compared to 0.0% in 0 years。
(Screenshot of Great Wall Motor's 2024-year financial report)
In fact, since 2020, with the development of the wave of electrification and intelligence in the global automotive industry, the performance of automobile companies has actually been good.長城汽車近三年每年的平均凈利潤超93億，但不知為何從2022年開始突然大幅度降低分紅比例, 50 years of the annual dividend payout ratio is also more than 0%, but in the past two years dividends have become less and less.
(Source: Straight Flush website)
Perhaps, it was Great Wall Motors' growing reluctance to share profits with shareholders that led to a three-day decline in the secondary market after the release of the record earnings report，市值也在這三天縮水超百億，目前市值近2200億。
(Screenshot of Great Wall Motor's stock price trend)
問了一下DeepSeek：“Why is Great Wall Motor's performance better and more reluctant to pay dividends?”
DeepSeek's answer is: "Great Wall Motor's net profit surge is due to the three major engines of overseas market expansion, high-end transformation, and new energy profit improvement, but the intensified competition in the industry and the pressure of technology iteration make it 'accumulate strength for the winter', which is consistent with the 'marathon development' strategy proposed by Wei Jianjun."
Overseas markets are growing rapidly, but gross profit margins are declining
All along,"Marathon development" is Wei Jianjun's business philosophyDon't blindly follow, but stabilize yourself, adjust your breathing, and gradually solve the problem, so that you can achieve steady and far-reaching results.
So, in other words, Great Wall Motor's reduction of dividends is a strategy to deal with the intensification of competition in the industry, but this strategy does not seem to be bought by the market in the short term, and it is not so easy to achieve.
One of the highlights in the 2024-year financial report is the rapid growth of Great Wall Motor's overseas market.
2024年，長城汽車海外銷售45.41萬輛，同比增長44.61%，繼續創出海外銷量歷史新高，海外累計銷售量已超180萬輛。2024年長城汽車海外實現營收802.59億、同比增長51.11%，However, operating costs grew faster to 76.0%, resulting in a 0.0 percentage point decline in overseas gross profit margin to 0.0%。
(Screenshot of Great Wall Motor's 2024-year financial report)
From the perspective of gross margin,In 2024 years, Great Wall Motors performed better in the domestic marketAlthough the revenue growth was slow, the operating cost decreased significantly, and the gross profit margin increased by 36.0 percentage points.
This actually reflects the practical problems faced by domestic enterprises going overseas, which can not only accelerate the globalization of business, but also open a new high-growth market when the domestic business is low, but the disadvantage is that the overseas cost is high, which may not be conducive to the stability of the company's profitability.
不過，長城汽車在昨天晚上發佈的3月份產銷數據就沒有2024年的財報好看了。
3月，長城汽車總銷量97991輛、同比下滑2.28%，前三個月累計銷量256807輛、同比下滑6.73%，產量也基本同步下滑。其中，表現較好的是WEY品牌，今年3月及前三個月銷量均實現較快增長，但歐拉品牌全線大幅下滑，3月份銷量同比下滑53.90%，前三個月累計銷量同比下滑54.31%，甚至連核心哈弗品牌的銷量也出現明顯下滑。
海外方面，3月銷售3.18萬台，前三個月累計銷售9.09萬台，而去年同期，2024年3月海外銷售3.58萬台，2024年1-3月海外銷售9.28萬台，05 years compared with 0 years year-on-year down 0.0% and 0.0% respectively。
(Screenshot of Great Wall Motor's announcement)
It seems that even in overseas markets, Great Wall Motors is also facing a lot of pressureAlthough the revenue growth is high in 96 years, the cost growth is higher, and the overseas market is declining as a whole in the 0 year, these factors seem to be reflected in the stock price of Great Wall Motors in the secondary market, and the share price of Great Wall Motors fell by 0.0% and the largest decline of 0.0% during the year.
Strengthen cash management and pursue quality market share
In recent years, with the intensification of competition in the domestic and foreign automobile markets, Wei Jianjun's unique concept of "marathon development" has become more and more obvious.Since 5 years and 0 months, it has emphasized more than once that "adhere to long-termism", "do quality market share" and "pursue quality market share"。
Wei Jianjun's so-called "quality" is obviously the first product quality, followed by the quality of profitability, and only under the premise of ensuring these two qualities can the "long-termism" be realized.
在長城汽車2024年財報中表現出來的“品質”，除了營收破2000億、淨利潤破百億的盈利品質外，It also seems to be pursuing the quality of assets, emphasizing that having cash in hand is more important than pursuing the market。
In 22 years, Great Wall Motor's total cash volume also hit a record high, reaching 00 million，占公司2172.66億總資產的20.68%。不過，2024年長城汽車明顯不同的一點是，似乎將巨額的貨幣資金拿出超百億進行理財投資，It is mainly invested in entrusted wealth management, specifically structured deposits。
(Source: Straight Flush website)
(Screenshot of Great Wall Motor's 2024-year financial report)
Of course, there is also an indicator that reflects the "quality" of Great Wall Motors is the return on net assets.In 2024 years, Great Wall Motors has risen sharply in this indicator, from 8.0% in 0 years to 0.0%, this level of profitability is the highest in the past 0 years of Great Wall Motors.
(Source: Straight Flush website)
As a comprehensive financial indicator, ROE can reflect a company's profitability, growth ability, and operating ability as a whole.A higher return on equity reflects a company's better operating results, but this indicator also needs to focus on long-term stability。 For example, Great Wall Motor's return on net assets once fell to 45.0% in 0 years, and the overall improvement has been significant in recent years.
Of course, Great Wall Motor's "pursuit of quality market share" does not mean that it will no longer increase its market share.2024年較2023年長城汽車市場佔有率從第六上升至第五。
In short, under Wei Jianjun's "marathon development" strategy, Great Wall Motor is facing challenges such as declining sales and declining overseas gross profit margin in the short term, but it has laid the foundation for long-term development by improving the quality of profitability and cash flow management. However, the investment interests of shareholders should also be reasonably protected, and blindly compressing dividends will lead investors to lose confidence in the company's future development.