HK Stock Market Move | Great Wall Motor (02333) fell more than 4% in early trading, with a significant decline in quarterly net profit compared to the previous quarter, mainly due to the impact of one-time bonus provisions.

Great Wall Motor (02333) fell more than 4% in early trading, falling 3.9% to 12.8 Hong Kong dollars as of press time, with a turnover of 1.21 billion Hong Kong dollars. In terms of news, Great Wall Motor announced that it is expected to achieve a net profit attributable to mothers of 12.4 billion to 13 billion yuan in 2024, a year-on-year increase of 77% to 85%; it is expected to achieve a non-deductible net profit of 9.4 billion to 10 billion yuan, a year-on-year increase of 94% to 107%. After calculation, it is expected that Great Wall Motor will achieve a net profit attributable to mothers of 2 billion to 2.6 billion yuan in the fourth quarter, a decrease of 2% to an increase of 27% year-on-year, a decrease of 23% to 41% quarter-on-quarter; it is expected to achieve a non-recurring net profit of 1 billion to 1.6 billion yuan, a year-on-year increase of 0 to 58%, and a quarter-on-quarter decrease of 40% to 62%. Guotou Securities pointed out that Great Wall Motor's Q4 performance is in line with previous expectations, and the quarter-on-quarter decline is mainly expected to be affected by the provision of one-time bonuses in Q4. If the provision of bonuses is added back, combined with the sales volume, it is expected that Q4 profits will increase both year-on-year and quarter-on-quarter; the company achieved a non-recurring gain or loss of approximately 1 billion yuan during the period, mainly due to an increase in government subsidies received according to the company's announcement.