(Yicai) July 16 -- Great Wall Motor, Seres Group and Anhui Jianghuai Automobile Group are among five Chinese auto manufacturers which anticipate substantial jumps in profit in the first six months from a year earlier, Securities Daily reported, citing the earnings reports of the eight carmakers to have released their first-half results as of July 11.

Great Wall Motor is forecasting net profit to swell at last four-and-a-half-fold in the first half from a year earlier, soaring by between 377.5 percent and 436.3 percent, to reach between CNY6.5 billion (USD894.6 million) to CNY7.3 billion, almost same as its full year profit last year.

The strong performance is thanks to the Beijing-based firm’s strategy of high-quality development, continuous product optimization and a big growth in overseas sales, a person in a position of authority at the company said. Government subsidies received by the carmaker during the reporting period also increased year-on-year.

Great Wall Motor's sales climbed 7.8 percent in the first six months from a year earlier to 559,700 units. Of this, shipments of new energy vehicles surged 42 percent to 132,400 units, overseas shipments soared 62.6 percent to 201,500 autos and sales of luxury models in the CNY200,000 range jumped 64.3 percent to 140,500 units.

Seres, meanwhile, is expecting revenue to soar almost six-fold over the period, by between 479 percent and 498 percent, to reach between CNY63.9 billion (USD8.7 billion) and CNY66 billion, the Chongqing-based firm said. The company will also turn a profit between CNY1.4 billion and CNY1.7 billion this year, after making a loss the same time last year.

The improved performance is largely due to the strong sales of Seres' electric cars, especially that of the Aito marque that it has launched with tech giant Huawei Technologies. Seres’ NEV sales surged four-and-a-half times over the period to 200,900 units.

JAC Motors, meanwhile, is expecting net profit for the six months ended June 30 to climb 86.9 percent year on year to CNY290 million (USD40 million). This is thanks to a significant reduction in loan interest payments, due to an optimization of the Hefei-based company’s debt structure. It has also benefited from a big increase in exchange rate gains, which has greatly reduced its expenses.

Yutong Bus is anticipating a between 230 percent and 280 percent leap in net profit over the period to between CNY1.5 billion (USD206.4 million) and CNY1.7 billion. However Changan Automobile is bracing for a between 58 percent and 67 percent drop in net profit to between CNY2.5 billion and CNY3.2 billion.

Editor: Kim Taylor