Great Wall Motors 4000-word in-depth research report

$GWMOTOR(02333.HK)$BYD(002594.SZ) Recently researched Great Wall Motor, with the core logic being its cost and technological barriers built via full-chain integration, while showing financial resilience during cyclical fluctuations.
🎯 Core logic: Mainly operates in self-owned brand SUVs and pickups, focusing on the domestic market; achieves supply chain independence through vertical integration (with subsidiaries like Honeycomb Energy and Haomo AI for core components). Pickup market share exceeds 40%, with strong brand recognition for Haval SUVs; 95% of revenue comes from vehicle sales, with new energy vehicles accounting for ~35% in 2024; growth driven by in-house R&D (2024 R&D expense ratio 6.5%+, Hi4 hybrid tech) and globalization (2024 overseas sales 300K+ units, 18% share).
📈 Financial highlights: 2024 ROE 17.21% (manufacturing excellence, non-leveraged), gross margin 19.43% (stable growth); FCF RMB 16.045B (turned positive, strong cash generation), net profit cash ratio 2.19x (high-quality earnings); but net margin remains low (2024: 6.36%), current ratio near 1.0 (tight liquidity), inventory turnover 6.18x in 2024 (slight decline, possibly due to NEV ramp-up); minimal goodwill with no impairment risk, sustainable profitability.