证券研究报告·公司点评报告·乘用车 长城汽车（601633） 2025 年半年报点评：业绩符合预期，新品周 期强势 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 173,212 | 202,195 | 240,100 | 325,150 | 409,700 | | 同比（%） | 26.12 | 16.73 | 18.75 | 35.42 | 26.00 | | 归母净利润（百万元） | 7,022 | 12,692 | 13,963 | 19,024 | 22,551 | | 同比（%） | (15.06) | 80.76 | 10.01 | 36.24 | 18.54 | | EPS-最新摊薄（元/股） | 0.82 | 1.48 | 1.63 | 2.22 | 2.63 | | P/E（现价&最新摊薄） | 31.51 | 17.43 | 15.85 | 11.63 | 9.81 | [Table_Tag ...

【汽车"黑科技"亮相四川都江堰】8月27日，由国产品牌长城汽车自研的Hi4混动系统在都江堰与公众见 面。据介绍，该动力系统以智能四驱电混技术为特色，可对于车辆动力分配进行智能化管理，在节油、 节能、性能增强等方面对车辆有着显著提高，目前已搭载至多款长城旗下车型。长城汽车董事长魏建军 表示："长城Hi4智能四驱电混技术的逻辑，与都江堰的创建理念是相通的，传承了都江堰'因势利导、 顺势而为'的中国智慧。#长城Hi4致敬都江堰# ...

Core Insights - Great Wall Motors' premium electric vehicle brand, Wey, showcased its new models at the 2025 Chengdu Auto Show, with the highlight being the upcoming launch of the Gaoshan 7 on September 10 [1] Group 1: Sales Performance - Wey has achieved over 10,000 units in delivery for two consecutive months, with total sales surpassing 40,000 units from January to July this year, marking a return to the mainstream high-end electric vehicle market [3] - The Blue Mountain model has exceeded 100,000 units in cumulative deliveries, becoming the third six-seat electric SUV to reach this milestone [3] Group 2: Product Positioning - The Gaoshan 7 is designed specifically for family users, positioning itself as "a mobile living room for the family," emphasizing spaciousness and comfort [3] - The vehicle is touted as having the "highest usable space" under 300,000, being the only model in its class to feature standard laser radar and intelligent four-wheel drive, aiming to capture a larger share of the electric MPV market [3] Group 3: Digital Strategy and Infrastructure - Wey has invested significantly in building a dedicated digital channel to engage deeply with users through a Direct-to-Consumer (DTC) model, aiming to enhance service efficiency and user experience [4] - The number of retail centers has grown from zero to over 460 in just over a year, with plans to expand to 700 centers covering more than 200 cities by the end of the year [4] Group 4: Technological Advancements - The next-generation all-powerful intelligent super platform is set to be launched, which is based on Great Wall Motors' 35 years of technological accumulation [4] - This platform is unique in its compatibility with five different power forms and features advanced technologies such as a dual 4-second 2.0 hybrid system, an industry-leading 800V hybrid architecture, and a large hybrid battery pack with over 400 km pure electric range [4]

证券之星价投圈财报分析工具显示： 业务评价：公司去年的ROIC为12.43%，资本回报率强。去年的净利率为6.28%，算上全部成本后，公 司产品或服务的附加值一般。从历史年报数据统计来看，公司近10年来中位数ROIC为8.31%，中位投资 回报一般，其中最惨年份2020年的ROIC为6.06%，投资回报一般。公司历史上的财报相对一般。 财报体检工具显示： 建议关注公司现金流状况（货币资金/流动负债仅为58.26%） 分析师工具显示：证券研究员普遍预期2025年业绩在141.18亿元，每股收益均值在1.65元。 据证券之星公开数据整理，近期长城汽车（601633）发布2025年中报。根据财报显示，长城汽车增收不 增利。截至本报告期末，公司营业总收入923.35亿元，同比上升0.99%，归母净利润63.37亿元，同比下 降10.21%。按单季度数据看，第二季度营业总收入523.16亿元，同比上升7.72%，第二季度归母净利润 45.86亿元，同比上升19.47%。 本次财报公布的各项数据指标表现一般。其中，毛利率18.38%，同比减7.83%，净利率6.86%，同比减 11.1%，销售费用、管理费用、财务费用总计 ...

8月29日，长城汽车(601633.SH)公告称，2025年上半年实现营业收入923.35亿元，同比增长0.99%；实 现归属于上市公司股东的净利润63.37亿元，同比下降10.21%。 ...

Core Insights - Great Wall Motors achieved record revenue and profit in Q2 2025, with revenue of 52.316 billion yuan and net profit of 4.586 billion yuan, alongside a total sales volume of 312,000 vehicles, marking its best Q2 performance in history [1][2] - The company has entered a new cycle of high-quality growth, successfully increasing both sales volume and average vehicle price, which reached 175,400 yuan, reflecting a 2.1% year-on-year increase and a 6.3% quarter-on-quarter increase [1][2] Financial Performance - In Q2 2025, Great Wall Motors reported a 161.87% increase in profit compared to the previous quarter, showcasing its resilience amid market challenges [1] - The average selling price of vehicles has risen, indicating a growing acceptance of the brand among higher-end consumer segments [1][2] Market Strategy - Great Wall Motors is focusing on high-value models and has successfully launched the new Wei brand model, Gao Shan, which has gained significant traction in the mid-to-large MPV market [4][5] - The company is not engaging in price wars but is instead enhancing product value and maintaining quality, as demonstrated by the performance of models like the Haval Menglong and Haval Big Dog Plus [6][8] Product Development - The new models, such as the Tank 500 and Gao Shan, are designed to meet diverse consumer needs, combining luxury, performance, and practicality [5][6] - Great Wall Motors is leveraging its technological advancements, such as the Hi4 intelligent hybrid system, to enhance vehicle performance and efficiency [6][12] Competitive Advantage - The company is building a competitive moat through three main pillars: technology, off-road capabilities, and globalization, rather than relying on short-term marketing tactics [9][11] - Great Wall Motors is committed to a long-term strategy that emphasizes sustainable growth and brand trust, as evidenced by its international expansion and local manufacturing initiatives [11][15] Future Outlook - The company is expected to continue its growth trajectory by integrating smart technology into more models and expanding its presence in international markets [16] - Great Wall Motors is not just focused on immediate sales but is also working on establishing a long-term brand value and consumer trust [16]

8月29日，长城炮品类创新力作"赛级皮卡"V6火炮于成都车展正式预售，预售价22.98万元，并同步推出三大专属预售权益，包括：15000元置换礼、5000 元老友礼、3次免费保养(首任车主非营运)。价值拉满，诚意十足！ 纯血V6动力澎湃大心脏 V6火炮拥有一颗强大的心脏。纯血V6搭载3.0T大排动力，最大净功率260kW，峰值扭矩500N.m，百公里加速跻身6秒行列；搭配48V电机，实现动力性、 燃油经济性的强大平衡。沙漠穿越过程中，实现人车合一，动力随踩随有！自研9AT变速器，最高传动效率超97%，最大承载扭矩750N.m，9挡位速比分 布更绵密，换挡更顺畅，反应更敏捷，承接的扭力更大。 征途之上，方见真章。V6火炮依托智能专业越野坦克平台打造，具有三大独一无二的绝技——短轴、车轻、大心脏。今年6月，V6火炮勇夺环塔拉力赛 T2.1量产燃油组六冠王，充分彰显了纯血V6的硬核实力，进一步验证了车辆的安全可靠。 新车还配备博格华纳电控硅油风扇，系统散热能力达100kW，大幅提升发动机散热性能，完美满足极限玩沙、高强度赛事、大角度爬坡等硬核越野需求， 同时硅油风扇带来的热血沸腾的轰鸣声，为驾驶者赋予极致情绪价值。 ...

Group 1 - The Johannesburg Auto Show, the largest automotive industry support event in Africa, opened on August 29, showcasing various Chinese automakers including Great Wall, Chery, BYD, and BAIC, focusing on their new energy vehicles (NEVs) [1][2] - Great Wall Motors presented models such as the Tank 300 modified version, Tank 500 blackened version, and Haval H6 GT PHEV, highlighting their comprehensive NEV product matrix in South Africa [1] - Chery showcased its electric mobility solutions featuring the Chery Super Hybrid (CSH) technology with models like the Tiggo 7 CSH and Tiggo 9 CSH, emphasizing efficiency, performance, and sustainability [1] Group 2 - BAIC pre-released its new SUV models B30 and B30e, which will be locally produced at the BAIC South Africa factory in Port Elizabeth [2] - BYD and GAC introduced pure electric vehicle models tailored for the South African market, promoting Chinese new energy solutions [2] - The Johannesburg Auto Show lasts for three days and is expected to attract over 150 automotive companies, parts manufacturers, and service providers [2]

Core Viewpoint - The Great Wall Motors has officially launched the pre-sale of its innovative "V6 Cannon" pickup truck at the Chengdu Auto Show, with a starting price of 229,800 yuan, offering three exclusive pre-sale benefits [1] Group 1: Product Features - The V6 Cannon is built on the intelligent professional off-road tank platform, featuring unique advantages such as short wheelbase, lightweight design, and powerful engine [3] - It is equipped with a 3.0T V6 engine that delivers a maximum net power of 260 kW and peak torque of 500 N·m, achieving 0-100 km/h acceleration in approximately 6 seconds [5] - The vehicle includes a self-developed 9AT transmission with over 97% maximum transmission efficiency and a maximum torque capacity of 750 N·m, ensuring smooth and responsive gear shifts [5] Group 2: Performance and Capability - The V6 Cannon features a cooling system with a capacity of 100 kW, significantly enhancing engine cooling performance for extreme off-road conditions [7] - With a weight of only 2,285 kg and a wheelbase of 2,745 mm, the vehicle is designed for agility and flexibility in off-road scenarios [9] - The vehicle's geometry includes a 33° approach angle, 22° departure angle, and a minimum ground clearance of 240 mm, providing excellent off-road capability across various terrains [11] Group 3: Off-Road Equipment - The V6 Cannon comes with factory-customized modifications that ensure compliance and ease of registration, as well as upgraded dual-direction adjustable nitrogen shock absorbers for better adaptability to different road conditions [13] - It features a high-performance four-wheel drive system with an increased torque capacity of 3,300 N·m and improved climbing ability, making it suitable for extreme off-road challenges [15] - The vehicle includes multiple driving modes and an off-road expert mode that allows drivers to disable electronic aids for a more authentic off-road experience [15] Group 4: Market Positioning - The V6 Cannon represents a new achievement in Great Wall Motors' "testing vehicles through competition" strategy, enabling more individuals to pursue their off-road dreams [17]

齐鲁晚报·齐鲁壹点 陈颖 8月29日，第二十八届成都国际汽车展览会正式拉开帷幕。本次展会上，哈弗品牌以"Hi4与全家共赴热爱"为主题，携 哈弗猛龙2026款、二代哈弗枭龙MAX、以及哈弗大狗PLUS等全新车型强势亮相，吹响Hi4技术价值普惠的新号角！ 本次成都车展上，哈弗Hi4 产品矩阵迎来了全新成员：哈弗大狗PLUS，补足了家庭泛越野需求场景的空白。这同时也 标志着，哈弗品牌的哈弗猛龙2026款、二代哈弗枭龙MAX，以及哈弗大狗PLUS共同构建出Hi4 技术车型的"全场景拼 图"。这三款新车在产品力方面各有侧重，覆盖了家庭用户用车全场景，无论是喜欢纯粹方盒子有棱角年轻人，还是 聚焦城市出行场景的家庭用户，或是想要与全家来一场说走就走的郊野旅行，都能找到最适合自己的选择。 其中，哈弗猛龙2026款作为一款硬派风格的新能源泛越野SUV，在造型、动力、续航与智能等维度实现全面进阶。展 会现场专设动态体验区，赵永坡总与乌啦啦共同挑战包括楼梯路段、陡坡、滑轮组在内的多项高难度越野科目，充分 展现车辆强悍的全路况通过性。该车配合Hi4 2.0智能四驱系统及后桥电控机械牙嵌式差速锁，面对复杂地形依然从容 稳健，堪称新能源 ...