长城汽车（601633.SH） 优于大市 二季度净利润同比增长 19%，看好新品周期带来的向上势能 销量持续改善，二季度净利润同比增长 19%。2025 年上半年长城汽车营收 923.4 亿元，同比+1.0%，归母净利润 63.4 亿元，同比-10.2%，扣非利润 35.8 亿元，同比-36.39%；单极度看，二季度长城汽车营收 523.2 亿元，同比+7.7%， 环比+30.7%，归母净利润 45.9 亿元，同比+19.5%，环比+161.9%，扣非利润 21.2 亿元，同比-41.8%，环比+0.5%；销量维度来看，公司 Q2 销量 31.2 万 辆，同比+10.1%，环比+21.9%。结构来看，25Q2 坦克销量 6.2 万辆，同比-7.8%， 环比+46.9%，占比 19.7%，同比-3.8pct，环比+3.4pct；整体来看，得益于 销量的提升以及产品结构的持续优化，公司业绩稳定释放。 产品结构优化，单车盈利相对稳定。费率维度来看，长城汽车 25Q2 销售/管 理/研发费用率分别为 5.2%/1.8%/4.5%，同比+0.9/-0.2/-0.1pct，环比分别 -0.5/-0.5/-0.3pct，其 ...

| | | | 中:14: // | HATT : A LC III | | --- | --- | --- | --- | --- | | | 本报告期 | 上年同期 | | 本报告期比 | | 主要会计数据 | (1-6月) | 调整后 | 调整前 | 上年同期增 | | | | | | 減(%) | | 营业总收入 | 92.334.633.193.51 | 91.427,688,543.60 | 91.428.957.094.64 | 0.99 | | 营业收入 | 92,334,633,193.51 | 91,427,688,543.60 | 91.428,957,094.64 | 0 | | 利润总额 | 7,004,046,142.78 | 8,261,464,884.45 | 8,289,458,791.37 | -15.22 | | 归属于上市公司股东的净利润 | 6,336,939,113.25 | 7,057,573,305.01 | 7.078.549.432.99 | -10.21 | | 归属于上市公司股东的扣除非 | 3,581,423,243.20 | 5,630,366,65 ...

[Table_Stock] 长城汽车（601633） [Table_Rating] 买入（维持） [Table_Summary] [行业Table_Industry] : 汽车 日期: shzqdatemark 2025年09月03日 | [Table_Author] 分析师: | 仇百良 | | --- | --- | | E-mail: | qiubailiang@shzq.com | | SAC 编号: | S0870523100003 | [Table_BaseInfo] 基本数据 | 最新收盘价（元） | 26.28 | | --- | --- | | 12mth A 股价格区间（元） | 20.95-32.03 | | 总股本（百万股） | 8,558.95 | | 无限售 A 股/总股本 | 72.55% | | 流通市值（亿元） | 2,241.16 | [Table_QuotePic] 最近一年股票与沪深 300 比较 -5% 1% 7% 14% 20% 26% 33% 39% 45% 09/24 11/24 01/25 04/25 06/25 09/25 长城汽车 沪深300 [Table ...

Group 1 - The core viewpoint of the report is that Great Wall Motors (601633)(02333) experienced a 22% year-on-year increase in August sales, reaching 116,000 units, with an 11% month-on-month growth [1] - Bank of America maintains a "Neutral" rating for Great Wall Motors' H-shares, citing that the strong product line and moderate profit growth have been fully valued by the market, raising the target price from HKD 19 to HKD 19.5 [1] - The bank assigns a "Underperform" rating for Great Wall Motors' A-shares due to high valuations, lowering the target price from RMB 27.4 to RMB 24.6 [1] Group 2 - Management indicated that the new model, the Tank 500, has an order backlog of over 15,000 units, while the new models Menglong and Gaoshan 8 & 9 are receiving daily orders of 300-400 and 200-300 units respectively [1] - Management expects monthly sales to continue to grow month-on-month until the end of the year, supported by the launch of new models and steady sales growth in overseas markets [1]

Group 1 - The core viewpoint of the report is that Great Wall Motors (02333) experienced a year-on-year sales increase of 22% in August, reaching 116,000 units, with a month-on-month growth of 11% [1] - Bank of America maintains a "Neutral" rating on Great Wall Motors' H-shares, citing that the strong product line and moderate profit growth have been fully valued by the market, raising the target price from HKD 19 to HKD 19.5 [1] - The bank has given a "Underperform" rating for Great Wall Motors' A-shares due to high valuations, lowering the target price from RMB 27.4 to RMB 24.6 [1] Group 2 - Management indicated that the newly launched models, including the Menglong, are receiving an average of 300 to 400 new orders per day, while the Gaoshan 8 and Gaoshan 9 are averaging 200 to 300 new orders per day, and the revamped Tank 500 has an order backlog of over 15,000 units [1] - Management expects monthly sales to continue to grow month-on-month until the end of the year, supported by the launch of new models and steady sales growth in overseas markets [1]

Core Viewpoint - The article discusses the current premium rates of AH shares, highlighting the top and bottom performers in terms of premium rates and deviation values as of September 3rd. Summary by Category Top AH Premium Rates - Northeast Electric (00042) leads with a premium rate of 815.25%, followed by Hongye Futures (03678) at 248.75% and Andeli Juice (02218) at 242.67% [1] - The top ten AH stocks by premium rate include Fudan Zhangjiang (01349) at 232.78% and Sinopec Oilfield Service (01033) at 219.48% [1] Bottom AH Premium Rates - Contemporary Amperex Technology (03750) has the lowest premium rate at -12.29%, followed by Hengrui Medicine (01276) at -1.12% and China Merchants Bank (03968) at 7.33% [1] - Other notable mentions include Midea Group (00300) at 7.91% and Zijin Mining (02899) at 8.22% [1] Deviation Values - Northeast Electric (00042) also has the highest deviation value at 38.79%, with Zhejiang Shibao (01057) at 26.93% and Dongfang Securities (03958) at 24.77% [1] - Conversely, BYD Company (01211) shows the lowest deviation value at -46.31%, followed by Longpan Technology (02465) at -27.67% and Great Wall Motors (02333) at -24.78% [1][2] Additional Insights - The article provides a detailed table of the top and bottom AH stocks based on premium rates and deviation values, indicating significant disparities in market performance among these companies [1][2]

Group 1 - The 2025 Qilu Autumn Auto Show will be held from September 4 to 8 at the Shandong International Convention and Exhibition Center, featuring nearly 100 car brands and around 1,000 mainstream models, creating a comprehensive automotive consumption experience for consumers [1][17] - The event is part of the important "golden September and silver October" period for the Shandong auto market, with multiple policy benefits and a technological feast for attendees [1][11] Group 2 - The exhibition hall is currently undergoing preparations, with various teams working on booth construction, technical setups, and vehicle arrangements to ensure a smooth event [3][16] - Notable brands such as BYD, Red Flag, and Volvo are showcasing both new energy and fuel vehicles, with meticulous attention to detail in booth construction and vehicle presentation [7][9] Group 3 - The event will feature a "massive car purchase group buying" activity, aimed at providing exclusive discounts to consumers, making new car prices more affordable [13] - A Douyin live streaming room will be set up to enhance the consumer experience, offering real-time information on vehicle discounts and features, creating an immersive shopping atmosphere [15] Group 4 - The show will include various promotional gifts for attendees, such as limited edition toys and practical items, encouraging consumer engagement and participation [11][12] - The event is designed to integrate car purchasing, entertainment, and service, establishing a differentiated automotive consumption platform [15][16]

执业证书编号：S0740525010002 Email：wangyue07@zts.com.cn 联系人：唐溯 Email：tangsu@zts.com.cn 执业证书编号：S0740523020004 Email：hejy02@zts.com.cn 乘用车 报告摘要 | 总股本(百万股) | 8,558.95 | | --- | --- | | 流通股本(百万股) | 8,528.02 | | 市价(元) | 26.28 | | 市值(百万元) | 224,929.11 | | 流通市值(百万元) | 224,116.31 | 产品周期间隙阶段性承压，3 月起多 品牌新车密集上市》2025-04-28 2、《长城汽车 2024 年报点评：24 全年营收&利润创新高，看好新品周 期 & 平 价 智 驾 & 出 口 持 续 布 局 》 2025-03-31 长城汽车 25 年中报点评：Q2 量利齐升基本面拐点已至，持续看 好新品加速&出口拓展&智驾转型 长城汽车（601633.SH） 证券研究报告/公司点评报告 2025 年 09 月 03 日 | 评级： 买入（维持） | 公司盈利预测及估值 | | | | ...

该行对长汽H股维持"中性"评级，认为强大的产品线和适度的盈利增长已被市场充分估值，目标价由19 港元微升至19.5港元；由于长汽A股估值过高，评级"跑输大市"，目标价由27.4元下调至24.6元。 MACD金叉信号形成，这些股涨势不错！ 美银证券发表报告指，长城汽车8月销量按年升22%至11.6万辆，按月增长11%。管理层指，新推出的猛 龙平均每日新订单300至400辆，高山8及高山9平均每日新订单200至300辆，改款Tank 500目前订单积压 逾1.5万辆。管理层预计在新车型推出和海外市场稳健销售增长的支撑下，月度销售将持续按月增长至 年底。 ...

作者 | 王泽红 随着蔚来披露2025年中期财报后，国内主流上市车企半年报均已出炉。 回顾上半年的汽车行业，车企价格战频发，"反内卷"随之升级，手段包括成本调查和价格监测、60天支付账期承诺、降低经销商库存及 缩短返利兑现账期等。 当中，最为外界关注的便是，17家车企集体承诺，将供应商账期压缩至不超过60天，以缓解零部件企业现金流压力。 如今，正值车企半年报披露结束，恰是观察成果之际，尤其是车企账期的变化。 | | | | 2025上半年18家车企账期变化 | | | | --- | --- | --- | --- | --- | --- | | 证券简称 | 营收(亿元) | 应付账款及 票据 | 2025 下未在 应付账款及票 | 2024年应付 账款及票据 | 账期增减(天) | | | | (亿元) | 据周转天数 | 周转天数 | | | | | | (大) ▼ | (大) ▼ | | | 比亚迪 | 3712.81 | 2366.86 | 142.12 | 127.23 | 14.89 | | 上汽集团 | 2971.51 | 2305.53 | 157.31 | 163.63 | (6.32) ...