上 市 公 司 2025 年 09 月 03 日 长城汽车 (601633) ——强势新车周期即将开启，后续增长可期 报告原因：有业绩公布需要点评 买入（维持） 邵翼 A0230524120001 shaoyi@swsresearch.com | 市场数据： | 2025 年 09 月 02 日 | | --- | --- | | 收盘价（元） | 26.28 | | 一年内最高/最低（元） | 33.34/20.60 | | 市净率 | 2.7 | | 股息率%（分红/股价） | 1.71 | | 流通 A 股市值（百万元） | 163,179 | | 上证指数/深证成指 | 3,858.13/12,553.84 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 9.83 | | 资产负债率% | 61.98 | | 总股本/流通 A 股（百万） | 8,559/6,209 | | 流通 B 股/H 股（百万） | -/2,319 | 一年内股价与大盘对比走势： 09-02 10-02 11 ...

华为 MatePad Mini 平板将于 9 月 4 日发布，官方9 月 1 日公布了这款小平板的外观设计， 号称"小平板 大手机" 。 从图上可以看到，其背面搭载左上圆形相机模组，边框采用弧度设计。 根据官方此前预热，这款产品"超强超 Mini"，预计主打小尺寸和高性能。 HUAWEI MatePad Mini 小 平 板 大 手 机 HUA 华为 Mate XTs 非凡大师 及 全 场 景 新 品 发 布 会 2025年9月4日 14:30 IT之家注意到，博主 @睿哥玩数码 直接分享了这款平板的真机图，并透露新品采用打孔摄像头 + 极窄边框 全面屏设计，顶部有听筒开口，可接打电话，单手可握持。 值得一提的是，此前有爆料称，华为小平板尺寸为 8.8 英寸。 容哥玩数码 首 25-9-1 10:01 发布于 辽宁 已编辑 #华为MatePad# Mini,打孔摄像头+极窄边框全面屏,顶部听简开口,可接打电 话,单手可握持 出收起 6 @電量玩放码 博主还在评论区回复了部分网友的问题：针对华为 MatePad Mini 平板是否可以接打电话， 他回复"全系支 持插卡" ；针对新机的电池容量是多少，他直接透露" ...

【半年砸下50亿销售费用后，长城汽车完成了14%的业绩目标】 ...

Core Insights - The company reported a revenue of 92.335 billion yuan for H1 2025, a year-on-year increase of 0.99%, while net profit attributable to shareholders decreased by 10.48% to 6.369 billion yuan [1] - In Q2 2025, the company achieved a revenue of 52.316 billion yuan, a year-on-year increase of 7.71% and a quarter-on-quarter increase of 30.73%, with net profit reaching a record high of 4.586 billion yuan, up 19.09% year-on-year and 161.87% quarter-on-quarter [1] - The company is focusing on high-end and new energy vehicles, with Q2 average vehicle price rising to 175,400 yuan, a year-on-year increase of 2.1% [1] Financial Performance - H1 2025 sales volume increased by 1.8% to 570,000 units, with average revenue per vehicle at 162,000 yuan, a decrease of 0.8% [2] - Q2 2025 sales volume was 313,000 units, up 10.1% year-on-year and 21.9% quarter-on-quarter, with the Tank brand sales at 62,000 units, down 7.8% year-on-year [2] - H1 2025 gross margin was 18.38%, a decrease of 1.56 percentage points year-on-year, while Q2 gross margin improved to 18.80%, up 0.96 percentage points quarter-on-quarter [2] Product Development and Innovation - The company is in a strong product cycle, launching several new models including the Gaoshan 8, Gaoshan 9, and the new Tank 500, with strong initial sales [3] - The CoffeePilot Ultra intelligent driving system is being integrated into new models, enhancing product capabilities and market competitiveness [3] Future Outlook - Revenue projections for 2025-2027 are 243.419 billion yuan, 276.394 billion yuan, and 306.705 billion yuan, with net profits expected to reach 13.977 billion yuan, 16.421 billion yuan, and 19.092 billion yuan respectively [4] - The company maintains a "recommended" rating based on projected earnings per share of 1.63 yuan, 1.92 yuan, and 2.23 yuan for the same period [4]

9月4日-8日,2025齐鲁秋季车展暨第五十二届齐鲁汽车展览交易会将在山东国际会展中心举行。本届车 展不仅有以旧换新的利好政策加持,众多厂家还纷纷推出限时特惠政策,以真金白银助力消费者轻松买 车。在即将到来的齐鲁车展上,消费者将迎来年度最实惠的购车时机。 记者 郭书梅 济南报道 北京越野 优惠政策:蔚来乐道L60购车即享3年免费换电、5年免费NOA领航辅助,乐道L90购车享5年NOA领航辅助 驾驶功能使用权、3项选装6折优惠。 吉利 特价车型:吉利第四代博越L、吉利星瑞、吉利第四代帝豪 优惠政策:吉利第四代博越L售价9.29万元起,厂家置换补贴至高18000元,吉利星瑞售价9.27万元起,厂家置 换补贴至高20000元。吉利第四代帝豪,4.89万元起,厂家现金优惠13000元。 红旗 优惠政策:北京越野展台订车即送5000元专属精品礼包还可参与现场抽奖,置换购车可享至高4万元补贴, 老客户介绍新客户送800元京东卡。 长安汽车 特价车型:第三代UNI-V 优惠政策:长安汽车第三代UNI-V超感智能运动轿跑叠加现金礼后仅需9.79万元,更有燃擎五重礼、燃擎 进阶礼火热放送。 蔚来 特价车型:乐道L60、乐道L9 ...

当前新能源市场四驱车型渗透率不足15%，高成本与能耗问题仍是主要制约因素。长城汽车通过架构重 构与垂直整合，试图在性能与经济性之间找到平衡点。哈弗大狗PLUS的推出，标志着其试图将四驱技 术从高端市场向大众消费群体渗透的战略意图。 汽车分析师林述成对《华夏时报》记者表示，Hi4技术的商业化应用或将改变紧凑型SUV市场格局。通 过降低四驱系统准入门槛，长城汽车在提升产品竞争力的同时，也推动了新能源技术普惠化进程。 从专业越野到全民四驱 在越野车市场从专业玩家专属向大众化转型的变革浪潮中，哈弗品牌以前瞻性视角重新定义了行业坐 标。长城提出的"3/4刻度"理念，精准填补了传统轿车（0刻度）与硬派越野车（4/4刻度）之间的空白， 开创了"泛越野"这一全新品类。这一创新理念在2025年成都车展上得到立体化呈现，哈弗不仅设立动态 体验区，更通过赵永坡与知名美食博主乌啦啦的跨界联动，以楼梯路段、陡坡、滑轮组等极限场景的实 测，直观展现了其产品"全路况征服者"的硬核实力。 车展现场，哈弗大狗PLUS的预售启动成为焦点。11.28万至16.08万元的换新价格，将四驱越野车的准入 门槛大幅拉低，标志着哈弗"泛越野场景全覆盖"战略 ...

Core Viewpoint - The company is experiencing a situation of "increased revenue without increased profit" amidst a deep transformation in the automotive industry and intensified market competition [1]. Financial Performance - In the first half of 2025, the company achieved total revenue of 92.335 billion yuan, a slight increase of 0.99% year-on-year [4]. - The second quarter saw significant improvement, with revenue reaching 52.316 billion yuan, a year-on-year growth of 7.72% and a quarter-on-quarter increase of 30.73%, marking the highest revenue for the second quarter in the company's history [4]. - The company sold a total of 568,900 new vehicles in the first half, a year-on-year increase of 2.52%, but only achieved 14.22% of its annual sales target of 4 million vehicles [5]. Sales and Market Dynamics - In the second quarter, the company sold 312,000 vehicles, a year-on-year increase of 11.63% and a quarter-on-quarter increase of 21.51%, achieving the best second-quarter sales in history [6]. - The sales growth was primarily driven by the launch of over 20 new models, including the second-generation Haval Xiaolong MAX and the new Tank 500 Hi4-Z, covering various market segments [6]. - The new energy vehicle segment became a significant growth driver, with sales of 160,000 units in the first half, a year-on-year increase of 23.64%, but lagging behind the industry average growth of 40.3% [7]. Profitability and Cost Structure - The company's net profit for the first half was 6.337 billion yuan, a decline of 10.21% year-on-year, with a significant drop in non-recurring net profit by 36.39% [9]. - The gross profit margin was 18.38%, down 1.56 percentage points year-on-year, although it showed signs of recovery in the second quarter, reaching 18.8% [9]. - Sales expenses surged to 5.036 billion yuan, a year-on-year increase of 63.31%, primarily due to accelerated user channel development and increased marketing for new models [11]. Research and Development - The company's R&D expenditure was 4.239 billion yuan, a modest increase of 1.21% year-on-year, significantly lower than competitors like BYD and Geely [11]. - Insufficient R&D investment may impact the company's long-term technological competitiveness in the rapidly evolving automotive industry [11]. Strategic Initiatives - The company is focusing on upgrading its product structure, promoting high-end models like the new Tank 500, and enhancing average vehicle value and gross margin [11]. - It aims to deepen its new energy strategy, increase the promotion of plug-in hybrid models, and optimize operational efficiency through a "direct sales + dealership" model [11]. - The company is also enhancing its international market presence to improve local production and sales capabilities [11].

Investment Rating - The report maintains a positive investment recommendation for the mid-to-high-end automotive market, particularly for domestic brands [6]. Core Insights - The domestic automotive market is experiencing a shift from a focus on cost-effectiveness to brand building, especially in the mid-to-high-end segments [1][2]. - The high-end market (above 150,000 RMB) is expected to see significant growth, with domestic brands poised to capture a larger share due to their increasing brand loyalty and product capabilities [2][5]. - The competitive landscape is evolving, with traditional luxury brands facing challenges from emerging domestic players leveraging technology and innovation [3][4]. Summary by Sections 1. Mid-to-High-End Market Profitability - The mid-to-high-end market is characterized by strong profitability and significant growth potential, with domestic brands currently holding less than 50% market share in segments priced above 150,000 RMB [2][5]. - The 5-15 million RMB market is dominated by domestic brands, achieving a market share of 70.6% as of Q2 2025, but is entering a phase of stock competition with limited growth potential [12][16]. - The 15-25 million RMB market shows a growing share for domestic brands, currently at 48.0%, indicating room for further expansion [18][19]. 2. Lessons from Overseas Brands - Traditional luxury brands have established strong brand identities through historical positioning and consistent messaging, which domestic brands can learn from [2][3]. - The ultra-luxury segment emphasizes performance and exclusivity, while traditional luxury brands focus on luxury experiences and brand prestige [3]. 3. Building Brand Barriers for Domestic Brands - Domestic brands are increasingly focusing on building brand barriers through product differentiation and technological advancements, particularly in the luxury segment [4][5]. - The competitive landscape in the 25 million RMB and above market is stabilizing, with leading domestic brands like Li Auto and Huawei establishing a strong presence [4][24]. 4. Challenges and Opportunities in the Luxury Market - The luxury market is witnessing a clear leadership structure, with domestic brands like Li Auto and Xiaomi emerging as strong competitors against traditional luxury brands [4][24]. - The report suggests that the 15-25 million RMB market is fragmented and presents opportunities for traditional and emerging players to establish leadership [15][19]. 5. Investment Recommendations - The report recommends focusing on domestic brands in the mid-to-high-end market, particularly those with strong brand potential and innovative capabilities [5]. - Suggested companies for investment include emerging players like Xiaomi, Li Auto, and traditional brands with high-end sub-brands such as Geely and BYD [5].

每经AI快讯，9月2日，长城汽车旗下坦克品牌在其官方微博公布8月全品类销量20022辆，同比增长 22.46%，其中新能源销量10471辆，占比52%。 ...

汽车行业分析师：白臻哲 S0740524070006 2025年9月1日 1 证券研究报告 【中泰汽车】25Q2汽车行业总结： 盈利分化，强者恒强 汽车行业首席分析师：何俊艺 S0740523020004 汽车行业分析师：刘欣畅 S0740522120003 汽车行业分析师：毛䶮玄 S0740523020003 核心观点 总量与结构：需求回升，新能源渗透率再创新高。2025Q2乘用车批发销量达711万辆，同比+13%，环比 +10.8%；零售达579万辆，同比+15.6%，环比+13.1%。在Q1新车+政策刺激的高基数下仍有增长，车市需求表 现较好。此外2025Q2新能源批发量达363万辆，同比+33.6%，环比+25.2%，新能源渗透率达51.1%，达2022年 以来新高，新能源市场增长势头不减。 乘用车整车：基本符合预期：Q2行业需求好于Q1，因此销量增长带动整体营收上行，规模效应显现提振毛利 率表现，大部分车企财务表现均优于Q1。其中小鹏及零跑表现超预期，小鹏主要系MONA车型占比下降，单车 ASP及盈利性均环比提升。零跑首次实现半年度盈利，且销量持续领跑新势力，国内外均处于高速上行中。 此外赛力斯、吉 ...