"我们的产品能够为用户带来极致的体验感和情绪价值，没有必要再去做增程这种技术。"在4月23日开 幕的2025上海车展上，长城汽车（601633）股份有限公司首席增长官(CGO)李瑞峰在接受包括经济观察 报在内的媒体采访时表示。这一观点，是对近日长城汽车"打死不做增程"言论的再度强调。 长城汽车是当下行业内少数坚持不涉足增程式混动的车企，并认为其Hi4技术路线是更好的混动解决方 案。李瑞峰表示，在混动领域，长城汽车基于对高效发动机、变速器、电驱动等核心技术的深度整合， 打造了Hi4技术体系。该体系涵盖Hi4、Hi4性能版、Hi4-Z、Hi4-T和Hi4-G架构等多元化混动技术产品， 构建起从乘用车到商用车的完整混动生态，实现了各技术路径针对不同场景需求的差异化布局。 当前，汽车市场竞争日益激烈，长城的新能源汽车面临着多方压力。一方面，BBA(奔驰、宝马、奥 迪)、大众、丰田等合资车企纷纷推出激进的新能源战略，到2026年，这些车企基于新架构的新能源车 型将陆续投放市场，市场格局将进入全新阶段；另一方面，2027年新能源汽车免购置税补贴退出后，燃 油车和新能源车将站在同一起跑线上竞争。在此背景下，长城汽车如何保持 ...

2023年12月12日，公司召开第八届董事会第八次会议及第八届监事会第七次会议并 于2024年1月26日召开2024年第一次临时股东大会，审议通过《关于<长城汽车股份有限 公司2023年第二期员工持股计划（草案）>及其摘要的议案》《关于<长城汽车股份有限 公司2023年第二期员工持股计划管理办法>的议案》《关于提请股东大会授权董事会办理 公司2023年第二期员工持股计划有关事项的议案》等议案。详见公司于2023年12月12日 及2024年1月26日在指定信息披露媒体发布的相关公告。 | 证券代码：601633 | 证券简称：长城汽车 | 公告编号：2025-059 | | --- | --- | --- | | 转债代码：113049 | 转债简称：长汽转债 | | 长城汽车股份有限公司 关于 2023 年第二期员工持股计划第一个锁定期符合解锁条件的股 份非交易过户完成的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《长城汽车股份有限公司2023年第二期员工持股计划》（以下简称"《2023年第二 期员工持股计划》" ...

Investment Rating - The report maintains a "Buy" rating for the company [8][5]. Core Views - The company reported Q1 revenue of 40 billion RMB, down 7% quarter-on-quarter and 33% year-on-year, with a net profit of 1.8 billion RMB, down 46% quarter-on-quarter and 23% year-on-year, which was below expectations due to product inventory adjustments and increased direct sales costs [1][2]. - The launch of the second-generation Xiaolong MAX in April is expected to boost revenue and profit as the company transitions to new energy vehicles, alongside the new pricing and features of the Weipai Gaoshan model [1][3][4]. Summary by Sections Q1 Performance - The company sold 260,000 new vehicles in Q1, a decrease of 7% year-on-year. The gross margin was 18%, a decrease of 2% quarter-on-quarter but an increase of 1% year-on-year. The average selling price (ASP) and gross profit per vehicle were 160,000 RMB and 30,000 RMB, respectively [2]. - Sales, management, R&D, and financial expense ratios were 5.7%, 2.3%, 4.8%, and -2.6%, respectively, with sales expenses increasing due to new vehicle marketing and direct sales investments [2]. Product Launches - The second-generation Xiaolong MAX was launched at a starting price of 116,800 RMB, featuring advanced four-wheel drive technology and a low fuel consumption rate of 0.97L/100km, which is expected to achieve monthly sales of over 8,000 units [3]. - The Weipai Gaoshan model has been revamped with a price drop and enhanced features, with expected monthly sales of over 6,000 units as it targets the mainstream MPV market [4]. Profit Forecast and Valuation - The company’s net profit forecast for 2025-2027 is 15.3 billion, 18.6 billion, and 20.1 billion RMB, respectively. The report assigns a PE ratio of 22x for A-shares and 11x for H-shares, with target prices set at 39.69 RMB and 20.95 HKD, respectively [5][13].

Investment Rating - The investment rating for Great Wall Motors is "Buy" (maintained) [1] Core Views - The company experienced a year-on-year revenue decline of 6.6% in Q1 2025, with a net profit drop of 45.6% due to product replacement cycles and significant investments in new models and direct sales systems [3][4] - Despite the short-term challenges, the long-term outlook remains positive due to the strong new product cycle and ongoing expansion in overseas markets, particularly with the Tank and Wey brands [3][4] Financial Performance Summary - Q1 2025 revenue was 400.19 billion yuan, down 6.6% year-on-year, while net profit was 17.51 billion yuan, down 45.6% [3] - Sales volume in Q1 decreased by 6.7% year-on-year, with notable declines in Haval, Tank, and Ora brands, while Wey brand sales increased by 38.7% [4] - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 139.72 billion yuan (-4.71%), 169.78 billion yuan (-2.70%), and 189.95 billion yuan (-8.08%) respectively [3] Product and Market Development - The company is set to launch several new models, including the second-generation Haval Big Dog and the new Tank 500, which are expected to drive sales growth [4] - Great Wall Motors is actively expanding its overseas presence, with new factories in Thailand and Brazil, and plans to adapt its product offerings for diverse markets [4] - The company is enhancing its smart driving technology, with the Wey brand's Blue Mountain NOA system being rolled out nationally [4] Valuation Metrics - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected at 14.0, 11.6, and 10.3 respectively [3][6] - The expected revenue growth rates for 2025, 2026, and 2027 are 17.9%, 13.0%, and 8.9% respectively [6][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][13] Core Views - The company is expected to achieve record high revenue and profit in 2024, driven by a new product cycle, affordable intelligent driving features, and continuous expansion in exports [3][7] - The first quarter of 2025 showed a revenue of 40.02 billion yuan, a year-on-year decrease of 6.6%, and a net profit attributable to shareholders of 1.75 billion yuan, down 45.6% year-on-year [6][8] - The company is entering a new product cycle with multiple new models set to launch, which is anticipated to boost sales momentum starting from March 2025 [8][6] Financial Performance Summary - Revenue forecast for 2023A is 173.21 billion yuan, with a growth rate of 26% year-on-year; for 2024A, it is projected at 202.20 billion yuan, with a growth rate of 17% [4] - Net profit attributable to shareholders for 2023A is 7.02 billion yuan, with a year-on-year decrease of 15%; for 2024A, it is expected to rise to 12.69 billion yuan, an increase of 81% [4] - Earnings per share (EPS) for 2023A is 0.82 yuan, projected to increase to 1.48 yuan in 2024A [4] Sales and Market Dynamics - In Q1 2025, the company sold 257,000 vehicles, including 91,000 units sold overseas and 63,000 units of new energy vehicles, reflecting a year-on-year increase of 5.7% [6][8] - The company is focusing on expanding its market presence in regions such as Latin America, the Middle East, and Southeast Asia, alongside maintaining stable sales in Russia [8][6] Product and Innovation Strategy - The company plans to launch several new models across its five major brands, including Haval, Wey, Tank, Ora, and pickup trucks, with significant models expected in Q2 and Q3 of 2025 [8][6] - The introduction of affordable intelligent driving features in models priced below 200,000 yuan is expected to enhance competitiveness [8][6] Profitability and Valuation - The company’s gross margin for Q1 2025 was 17.8%, a decrease of 2.2 percentage points year-on-year, while the net profit margin was 4.4%, down 3.2 percentage points [6][8] - The projected P/E ratios for 2025E, 2026E, and 2027E are 14.5X, 12.6X, and 11.3X respectively, indicating a favorable valuation outlook [4][8]

Investment Rating - The report maintains a "Strong Buy" investment rating for Great Wall Motors [3][6]. Core Views - The company reported a revenue of 40.02 billion yuan in Q1 2025, a decrease of 6.6% year-on-year, and a net profit attributable to shareholders of 1.75 billion yuan, down 45.7% [1][6]. - Despite short-term performance pressure, the company is launching competitive new models and enhancing its technological capabilities [6]. - The company is actively pursuing collaborations to create a new ecosystem for intelligent mobility [6]. Financial Performance - In Q1 2025, Great Wall Motors achieved a gross margin of 17.8% and a net margin of 4.4% [6]. - The total revenue for 2023 is projected at 173.21 billion yuan, with a year-on-year growth of 26%, and expected to reach 340.64 billion yuan by 2027 [7][33]. - The net profit attributable to shareholders is forecasted to be 14.62 billion yuan in 2025, with a growth rate of 15% [7][33]. Sales and Market Position - The company sold 257,000 vehicles in Q1 2025, a decline of 6.7% year-on-year, while overseas sales decreased by 2.0% to 91,000 units [6]. - New energy vehicle sales increased by 5.7% year-on-year, reaching 63,000 units [6]. Product Development and Innovation - The company launched several new models in 2025, including the Tank 300 and the second-generation Haval Xiaolong MAX, which features advanced driving technology [6]. - Great Wall Motors is focusing on product upgrades and technological accumulation to enhance competitiveness [6]. Strategic Collaborations - The company has formed strategic partnerships with various technology firms to innovate in areas such as AI and intelligent vehicle manufacturing [6].

| 证券代码：601633 | 证券简称：长城汽车 | 公告编号：2025-058 | | --- | --- | --- | | 转债代码：113049 | 转债简称：长汽转债 | | 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 04 月 28 日 （星期一） 至 05 月 07 日 （星期三）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 zqb@gwm.com.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 长城汽车股份有限公司（以下简称"公司"）已于 2025 年 4 月 25 日发布公 司 2025 年第一季度报告，为便于广大投资者更全面深入地了解公司 2025 年第一 季度经营成果、财务状况，公司计划于 2025 年 05 月 08 日（星期四）10:00-11:00 举行 2025 年第一季度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年第一季度的经 营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的 范围内就投资者普遍关注的问题进行回答 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 23.16 CNY per share, corresponding to a PE ratio of 14/12/11 for the years 2025-2027 [5][3]. Core Views - The company reported a total revenue of 40.02 billion CNY in Q1 2025, showing a year-on-year decline of 6.6% and a quarter-on-quarter decline of 33.2%. The net profit attributable to shareholders was 1.75 billion CNY, down 45.7% year-on-year and 22.7% quarter-on-quarter [1][2]. - The decline in revenue is attributed to a product cycle fluctuation leading to decreased quarterly sales, while the increase in marketing expenses is linked to new vehicle launches and channel development [1]. - The company delivered a total of 257,000 vehicles in Q1 2025, representing a year-on-year decrease of 6.7% and a quarter-on-quarter decrease of 32.3%. Notably, new models such as the Haval Xiaolong Max and Tank 300 have shown strong pre-order performance [2]. - The overseas sales remained stable at 91,000 units in Q1 2025, with the company launching the Tank 300 in markets like Thailand and Australia, indicating a strong commitment to global expansion [3]. Summary by Sections Financial Performance - Q1 2025 total revenue was 40.02 billion CNY, with a year-on-year decrease of 6.6% and a quarter-on-quarter decrease of 33.2%. The net profit attributable to shareholders was 1.75 billion CNY, down 45.7% year-on-year [1]. - The company expects revenues for 2025-2027 to be 226.78 billion CNY, 261.70 billion CNY, and 296.25 billion CNY respectively, with net profits projected at 14.09 billion CNY, 16.30 billion CNY, and 18.24 billion CNY [4][9]. Sales and Market Strategy - The company delivered 257,000 vehicles in Q1 2025, with Haval sales at 145,000 units, WEY at 13,000 units, and Tank at 42,000 units. New models are expected to drive sales growth starting Q2 2025 [2]. - The company is actively promoting its new products both domestically and internationally, with a clear strategy for high-end intelligent vehicles and an increasing share of new energy models [3]. Future Outlook - The report anticipates a recovery in sales due to the successful launch of new models and a strategic focus on overseas markets, which is expected to enhance revenue growth in the coming quarters [3][4].

Core Insights - Great Wall Motors (GWM) showcased nearly 40 models across six brands at the 2025 Shanghai International Auto Show, emphasizing its leadership in smart technology, hardcore off-roading, and globalization [1][3] - The company introduced a new brand logo, with the English abbreviation GWM representing "Great Wall Motor" and symbolizing the brand spirit "Go with more" [1] Product Highlights - The Haval second-generation Xiaolong MAX received 16,368 orders within 24 hours of its launch [3] - The Haval Menglong features a design philosophy that balances aesthetics and practicality, while the Ora Lightning Cat Travel Edition is equipped with laser radar for advanced driving assistance [3] - The Wey brand's new Gaoshan model achieved over 7,848 pre-orders in 24 hours, featuring the Hi4 performance version and Coffee Pilot Ultra driving assistance system [3] - The Tank 300 Huke version is designed for extreme off-road scenarios, and the Shanhai Pao Hi4-T is globally pre-sold starting at 228,800 yuan [3] - The Long Wall Soul Motorcycle S2000GL "Tengyun Ruishi" limited edition was globally unveiled, featuring an 8-cylinder horizontally opposed engine [3] Technological Advancements - GWM has been proactive in smart technology since 2011, establishing the Jiuzhou Supercomputing Center and launching the end-to-end intelligent driving model SEE [5] - The new Coffee Pilot Ultra driving assistance system offers full-scene coverage without high-precision maps, while the Coffee OS 3 smart space system enhances user experience [5] - The Hi4-T architecture integrates strong off-road capabilities with new energy, and the Hi4-Z architecture features 2.0T/3.0T engines with the shortest transmission globally [5] - GWM's self-developed 4.0T V8 engine, 3.0T V6 powertrain, and the motorcycle's 8-cylinder engine were also showcased, highlighting the company's technological accumulation [5]

Investment Rating - The report maintains a "Buy-A" rating for the company [6] Core Views - The company experienced a temporary performance pressure in Q1 2025, with revenue of 40 billion yuan, down 7% year-on-year and 33% quarter-on-quarter, and a net profit of 1.75 billion yuan, down 46% year-on-year and 23% quarter-on-quarter [1] - The company is expected to enter a growth phase as new product cycles begin, with potential for a sales upturn driven by refined product offerings and direct sales channel expansion [4] - The company has significant export potential and a diverse product lineup, which is anticipated to enhance profitability as new models are introduced [4] Revenue Summary - In Q1 2025, total sales were 275,000 units, a decrease of 7% year-on-year, with export sales at 91,000 units, down 2% year-on-year [2] - The average selling price (ASP) per vehicle was 156,000 yuan, remaining stable year-on-year but down 3,000 yuan quarter-on-quarter [2] Profit Summary - The comprehensive gross margin for Q1 2025 was 17.8%, a decrease of 1.5 percentage points year-on-year, attributed to reduced scale effects and increased terminal discounts [3] - Sales expenses increased to 2.3 billion yuan, up approximately 900 million yuan year-on-year, primarily due to investments in direct sales and marketing for new vehicle launches [3] - Non-recurring gains and losses were 280 million yuan, down 900 million yuan year-on-year, mainly due to delayed confirmation of scrap tax refunds [3] Outlook Summary - The mainstream market for new vehicles is expected to see a sales upturn, with successful initial results from new models like the Menglong and New Blue Mountain [4] - The Hi4Z technology is anticipated to significantly enhance the Tank brand's market penetration and profitability [4] - The company is well-positioned for growth with a comprehensive product range and strong technical reserves, particularly in the export market [4] Investment Recommendations - The report forecasts net profits of 14.03 billion yuan, 17.40 billion yuan, and 20.96 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 14.1, 11.4, and 9.5 times [5] - A target price of 32.79 yuan per share is set for the next six months based on a 20 times PE for 2025 [5]