产品价利齐升,高端+出口引领公司成长 2024年半年报业绩点评 核心观点 ● ● 事件:公司发布 2024年半年报,上半年公司实现营业收入 914.29 亿元,同 比+30.67%,实现归母净利润 70.79亿元,同比+419.99%,实现扣非归母净 利润 56.51 亿元,同比+654.04%,EPS 为 0.83元。2024年 Q2,公司实现营 业收入 485.69亿元,同比+18.66%,环比+13.32%,实现归母净利润 38.51 亿 元,同比+224.40%,环比+19.30%,实现扣非归母净利润 36.27 亿元,同比 +275.28%,环比+79.17%。 高端品牌坦克+出口销量占比提升带动公司单车价利齐升,上半年单车利 润突破1万元,Q2单季度毛利率创近8年来新高:2024年 H1,公司高端 品牌坦克销售 11.60万辆,占公司总销量比重同比+9.50pct 至 20.73%,出口 20.15万辆,占总销量比重同比+12.14pct至36.00%,均价高、盈利能力强的 高端品牌和出口车型销量占比的增长带动公司单车均价与净利润齐升,上半年 公司单车均价同比+20.71%至 14.10万元,环比 ...

2024 年 08 月 30 日 公司研究 评级：增持(维持) 研究所： 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn [Table_Title] 2024Q2 业绩亮眼，海外和坦克强化公司盈利 ——长城汽车（601633）公司点评 最近一年走势 | --- | --- | --- | --- | |---------------------|-----------|--------|--------------------| | 相对沪深 300 \n表现 | 表现 \n1M | 3M | 2024/08/29 \n 12M | | 长城汽车 | -6.3% | -14.0% | -15.2% | | 沪深 300 | -2.0% | -8.1% | -12.4% | | 市场数据 | | | 2024/08/29 | | 当前价格（元） | | | 22.31 | | 52 周价格区间（元） | | | 19.11-31.30 | | 总市值（百万） | | | 190,577.98 | | 流通市值（百万） | | | 137,821.78 | | 总股本（万股） ...

Share Structure and Capital Management - As of June 30, 2024, the total number of shares issued by Great Wall Motor is 8,541,945,790, comprising 6,223,169,790 A shares and 2,318,776,000 H shares[17]. - The company has not proposed any profit distribution plan or capital reserve transfer to increase share capital for the reporting period[5]. - The company has not experienced any non-operational fund occupation by controlling shareholders or related parties[4]. - The company has not violated any decision-making procedures in providing guarantees to external parties[4]. - There are no changes in the company's registered address or historical changes during the reporting period[14]. Financial Performance - Total revenue for the first half of 2024 reached ¥91.43 billion, a 30.67% increase compared to ¥69.97 billion in the same period last year[20]. - Net profit attributable to shareholders was ¥7.08 billion, representing a significant increase of 419.99% from ¥1.36 billion year-on-year[20]. - The net cash flow from operating activities was ¥9.41 billion, a recovery from a negative cash flow of ¥2.44 billion in the previous year[20]. - Basic earnings per share rose to ¥0.83, up 418.75% from ¥0.16 in the same period last year[21]. - The weighted average return on equity increased to 10.10%, up by 8.00 percentage points compared to 2.10% last year[21]. - The total assets at the end of the reporting period were ¥198.62 billion, a slight decrease of 1.32% from ¥201.27 billion at the end of the previous year[20]. - The net assets attributable to shareholders increased by 7.92% to ¥73.93 billion from ¥68.50 billion at the end of the previous year[20]. - Non-recurring gains and losses totaled ¥1.43 billion, primarily driven by government subsidies and other income[23]. Market and Sales Performance - In the first half of 2024, China's automotive production and sales reached 13.89 million and 14.05 million units, respectively, representing year-on-year growth of 4.9% and 6.1%[28]. - The production and sales of passenger vehicles in the first half of 2024 were 11.89 million and 11.98 million units, showing year-on-year increases of 5.4% and 6.3%[29]. - New energy vehicle production and sales reached 4.93 million and 4.94 million units, with year-on-year growth of 30.1% and 32%, capturing a market share of 35.2%[30]. - Total sales for the first half of 2024 reached 554,856 units, a year-on-year increase of 6.95%, with overseas sales up 62.09% to 199,847 units[52]. - The sales of the WEY brand's new energy vehicles reached 20,188 units, representing a growth of 43.54% year-on-year[53]. - The TANK brand achieved cumulative sales of 115,710 units, marking a significant increase of 97.66% year-on-year[54]. - Haval brand sales totaled 297,284 units, with a slight increase of 0.17% year-on-year, surpassing 9 million cumulative global sales[55]. - ORA brand sold 31,247 units in the first half of 2024, focusing on the BEV market and targeting female consumers[56]. - Great Wall Pickup maintained its position as the top-selling pickup in China for 26 consecutive years, with domestic sales of 90,038 units and overseas sales of 23,624 units, up 14.10%[57]. Research and Development - The company has established a global R&D network with 10 technology centers across various countries, focusing on core technologies in new energy, with over 110 forward-looking projects initiated[26]. - Research and development expenses increased by 19.24% to RMB 4.18 billion, up from RMB 3.51 billion[39]. - The company is advancing its smart technology strategy, including the establishment of the largest supercomputing center in the automotive industry for intelligent driving[59]. Environmental Management - The company reported a total hazardous waste generation of 651.27 tons in the first half of 2024[185]. - The company’s wastewater discharge includes a chemical oxygen demand (COD) concentration of 108.34 mg/L and ammonia nitrogen concentration of 32.72 mg/L, both compliant with discharge standards[185]. - The total nitrogen concentration in wastewater was reported at 43.11 mg/L, also within regulatory limits[185]. - The company has no instances of exceeding pollutant discharge standards during the reporting period[185]. - The company’s VOCs concentration was reported at 25.7 mg/m³, compliant with industrial emission standards[186]. - The company has implemented a VOCs treatment system that includes RTO incineration and a zeolite rotor + incineration setup, ensuring compliance with emission standards[197]. - The company has obtained environmental impact assessments and pollutant discharge permits for all major projects, ensuring compliance with environmental regulations[199]. Employee Management and Incentives - The company employed 81,902 employees as of June 30, 2024, a decrease from 84,938 employees a year earlier[47]. - The total employee cost accounted for 8.10% of total revenue, down from 10.28% in the previous year[48]. - The company has implemented various employee incentive plans, including stock options and restricted stock plans, with details disclosed in multiple announcements[89]. - The employee stock ownership plan allows for a maximum of 40,000,043 shares to be issued, representing 0.64% of the total shares issued as of the semi-annual report date[159]. - The employee stock ownership plan is designed to align the interests of employees and shareholders, promoting long-term development and value creation[156]. Corporate Governance - The board of directors, supervisory board, and senior management guarantee the authenticity, accuracy, and completeness of the semi-annual report[2]. - The audit committee, consisting of 3 independent non-executive directors and 1 non-executive director, reviewed the company's mid-year performance announcement and financial reports, confirming compliance with applicable accounting standards[77]. - The company has adopted the Standard Code as the code of conduct for all directors' securities transactions, with all directors reportedly complying during the reporting period[81]. Strategic Focus and Future Plans - The company aims to enhance its competitive edge by focusing on high-end market segments and improving product structure through technological innovation[32]. - Great Wall Motors aims to achieve overseas sales exceeding 1 million vehicles by 2030, focusing on "International New Four Modernizations" to enhance global presence[60]. - The company plans to launch more competitive models in 2024, including the new generation Haval H6 and Tank 700 Hi4-T, targeting high-end and off-road markets[61].

| 证券代码：601633 | 证券简称：长城汽车 | 公告编号：2024-114 | | --- | --- | --- | | 转债代码：113049 | 转债简称：长汽转债 | | 长城汽车股份有限公司 第八届监事会第二十次会议决议公告 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。 2024 年 8 月 29 日，长城汽车股份有限公司（以下简称"公司"或"本公司"）以现 场与电话会议相结合的方式召开第八届监事会第二十次会议，会议应到监事 3 名，实到 监事 3 名，会议由监事会主席卢彩娟女士主持，本公司部分高管列席本次会议，会议通 知已于 2024 年 8 月 14 日以电子邮件形式发出，符合《中华人民共和国公司法》及《长 城汽车股份有限公司章程》的规定。 1 审议结果：3 票同意、0 票反对、0 票弃权，该议案通过。 特此公告。 长城汽车股份有限公司监事会 会议审议决议如下： 一、审议《关于 2024 年半年度报告及摘要的议案》 （详见《长城汽车股份有限公司 2024 年半年度报告》及《长城汽车股份有限公司 2024 ...

证券代码：601633 证券简称：长城汽车 公告编号：2024-115 转债代码：113049 转债简称：长汽转债 长城汽车股份有限公司 关于获得政府补助的公告 注：光束汽车有限公司（以下简称"光束汽车"）为本公司与宝马共同控制的合资公 司，属于合营安排中的共同经营，本公司在编制合并报表时需要按出资比例 50%并入光 束汽车获取的政府补助。2024 年 4 月 1 日至 2024 年 7 月 31 日期间，光束汽车收到与 收益相关的政府补助金额为人民币 27,644,335.20 元，其中 13,822,167.60 元并入本公 司合并报表。 二、补助的类型及其对上市公司的影响 本公司根据《企业会计准则第 16 号-政府补助》的有关规定确认上述事项。本集团 获得的上述政府补助均与收益相关，计入与收益相关的会计核算科目。具体的会计处理 以及对公司当年损益的影响情况仍须以审计机构年度审计确认后的结果为准，请广大投 资者注意投资风险。 特此公告。 重要内容提示： 一、获取补助的基本情况 2024 年 4 月 1 日至 2024 年 7 月 31 日期间，长城汽车股份有限公司（以下简称"本 公司"）及其子公司（以下简 ...

证券代码：601633 证券简称：长城汽车 公告编号：2024-112 转债代码：113049 转债简称:长汽转债 长城汽车股份有限公司 关于公司股东部分股份解除质押的公告 上市公司股份解除质押 长城汽车股份有限公司（以下简称"本公司"）接到本公司控股股东保定创新长城 资产管理有限公司（以下简称"创新长城"）通知，创新长城于 2024 年 8 月 21 日将原 质押给邯郸银行股份有限公司保定分行的本公司股份 2,050 万股（详见本公司于 2021 年 9 月 28 日发布的长城汽车股份有限公司关于控股股东质押股份公告（公告编号： 2021-145））解除质押，上述解除质押相关登记手续已办理完毕。具体情况如下： | 股东名称 | 创新长城 | | --- | --- | | 本次解质（解冻）股份 | 2,050 万股 | | 占其所持股份比例 | 0.40% | | 占公司总股本比例 | 0.24% | | 解质（解冻）时间 | 2024 年 8 月 21 日 | | 持股数量 | 511,500 万股 | | 持股比例 | 59.88% | 1 | 剩余被质押（被冻结）股份数量 | 61,700 万股 | ...

标题：关于长城汽车股份有限公司舆情相关事项的监管工作函 证券代码：601633 证券简称：长城汽车 监管类型：监管工作函 涉及对象：上市公司,董事,监事,高级管理人员 处分日期：2024-08-20 处理事由：就长城汽车股份有限公司舆情相关事项发出监管工作函 ...

長 城 汽 車 股 份 有 限 公 司 GREAT WALL MOTOR COMPANY LIMITED* （於中華人民共和國註冊成立的股份有限公司） 股份代號：02333（港幣櫃檯）及 82333（人民幣櫃檯） 董 事 會 會 議 日 期 變 更 茲提述長城汽車股份有限公司（「本公司」）董事會（「董事會」）日期為20 24 年8月1 4日（星期三）之公告，内容有關本公司將於20 24年8月3 0日（星期五）於 中國河北省保定市蓮池區朝陽南大街22 66號舉行董事會會議，藉以審議及批准（ 其中包括）本公司及其子公司截至2024年6月30日止六個月之未經審計的中期業 績（以《中國企業會計準則》編製）及考慮派發中期股息（如有）。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任 何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任 李紅栓 中國河北省保定市，2024 年 8 月 19 日 於本公告日期，董事會成員如下： 執行董事： 魏建軍先生、趙國慶先生及李紅栓女士。 非執行董事： 何平先生。 獨立非執行董事：樂 ...

Investment Rating - The report maintains a "Buy" rating for Great Wall Motors (GWM) with a target PE of 19x for 2024, implying a +30% upside from the current valuation [4][8] Core Views - GWM's overseas sales, particularly in Russia, have exceeded expectations, driving significant profit growth [4][8] - The company's localization strategy in key markets like Russia and South America provides a competitive edge in terms of cost and market penetration [4][9] - GWM's product portfolio expansion into SUVs, pickups, and electric vehicles (EVs) aligns with global market trends, especially in emerging markets [8][9] Market Performance - GWM's stock closed at CNY 22.28 on August 15, 2024, with a market capitalization of CNY 137.636 billion [2] - The stock's price-to-book ratio is 2.7x, and the dividend yield is 1.35% [2] Financial Projections - Revenue for 2024E is projected at CNY 193.138 billion, with a YoY growth of 11.5% [6] - Net profit for 2024E is expected to reach CNY 13.022 billion, an 85.5% increase YoY [6] - EPS for 2024E is forecasted at CNY 1.52, with a PE ratio of 15x [6] Regional Market Analysis Russia - GWM's sales in Russia surged from 3,228 units in January 2022 to 18,999 units in December 2023, driven by the exit of Western automakers and localization benefits [4][19] - The company's local production in Russia allows it to avoid tariffs and benefit from tax rebates, significantly enhancing profitability [4][50] - GWM's market share in Russia is expected to grow, with 2024 sales projected at 218,400 units, driven by strong demand for SUVs and pickups [53] South America - GWM is focusing on Brazil, the largest market in South America, with local production facilities in Brazil and Ecuador [4][9] - The company aims to capitalize on the growing SUV and pickup segments, with 2024 sales projected at 38,000 units, rising to 58,500 units in 2025 [4][9] Australia - GWM's market share in Australia remains low but stable, with a focus on SUVs and pickups [54][58] - The company's electric vehicle, the Ola Good Cat, has gained traction, and GWM plans to expand its EV offerings in the region [54][58] Thailand - GWM's presence in Thailand is relatively small, but the company aims to leverage its EV brand, Ola, to increase market share [4][9] - Sales in Thailand are projected to reach 11,000 units in 2024 and 15,500 units in 2025 [4][9] Product Strategy - GWM is expanding its product lineup from SUVs and pickups to include sedans and MPVs, targeting global markets [8] - The company's EV offerings, particularly the Ola brand, are expected to drive future growth in markets with increasing EV penetration [4][9] Competitive Landscape - GWM faces competition from other Chinese automakers like Chery and Geely in key markets such as Russia [44][48] - The company's localization strategy and strong product portfolio provide a competitive advantage in emerging markets [4][50] Valuation and Peer Comparison - GWM's 2024E PE ratio of 15x is lower than peers like BYD, Seres, and Changan Auto, indicating potential upside [4][8] - The report uses a target PE of 19x based on peer valuations, suggesting a 30% upside from the current price [4][8]

長城汽車股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司 董事會會議將於2024年8月30日（星期五）於中國河北省保定市蓮池區朝陽南大 街2266號舉行，藉以審議及批准（其中包括）本公司及其子公司截至202 4年6月 30日止六個月之未經審計的中期業績（以《中國企業會計準則》編製）及考慮派 發中期股息（如有）。 承董事會命 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任 何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任 長 城 汽 車 股 份 有 限 公 司 GREAT WALL MOTOR COMPANY LIMITED* （於中華人民共和國註冊成立的股份有限公司） （股份代號：02333（港幣櫃檯）及 82333（人民幣櫃檯）） 董 事 會 會 議 通 知 執行董事： 魏建軍先生、趙國慶先生及李紅栓女士。 非執行董事： 何平先生。 獨立非執行董事：樂英女士、范輝先生及鄒兆麟先生。 * 僅供識別 。 長城汽車股份有限公司 聯席公司秘書 李紅栓 中國河北省保定市，2024 年 8 月 14 ...