Core Viewpoint - Great Wall Motors reported a decline in March sales and production figures, while also revealing strong annual performance for 2024, indicating a mixed outlook for the company [1][5]. Sales and Production Data - In March, Great Wall Motors sold 97,991 vehicles, a year-on-year decrease of 2.28%, and produced 100,067 vehicles, down 6.67% year-on-year [3][5]. - Breakdown of March sales by brand: - Haval: 52,732 units, down 2.45% - WEY: 4,675 units, up 29.57% - Great Wall Pickup: 20,421 units, up 16.23% - Ora: 2,776 units, down 53.90% - Tank: 17,381 units, down 8.29% [3][4]. Quarterly Performance - For Q1, total sales reached 256,807 units, a decline of 6.73% year-on-year, while total production was 257,437 units, down 2.88% year-on-year [5]. - Overseas sales in March were 31,806 units, with a cumulative total of 90,890 units for Q1 [5]. Annual Financial Performance - In 2024, Great Wall Motors achieved a revenue of 20.22 billion yuan, a year-on-year increase of 16.73%, and a net profit of 12.69 billion yuan, up 80.76% [7][8]. - The company reported a significant increase in net profit attributable to shareholders, with a growth of 101.40% in net profit excluding non-recurring items [7][8]. Dividend Distribution - The company proposed a cash dividend of 0.45 yuan per share, totaling approximately 3.85 billion yuan, which represents 30.36% of the net profit for 2024 [8][10]. Future Plans and Guarantees - For 2025, Great Wall Motors plans to provide guarantees for its subsidiaries, with a total amount not exceeding 9.5 billion yuan [11][13]. - The company also aims to engage in asset pool business with a projected limit of 24 billion yuan for 2025 [13].

Group 1 - The core viewpoint of the article emphasizes the rapid development of intelligent driving technology and the need for traditional automakers to innovate in marketing and communication strategies to compete with new energy vehicle companies [1][3] - Longhua Automobile's CTO, Wu Huixiao, predicts that intelligent driving will soon become a standard feature in vehicles, similar to safety belts and ABS systems, due to advancements in algorithms, perception systems, and cost control [1] - The company has been actively promoting high-level intelligent driving features, with plans to implement L3-level autonomous driving based on regulatory and commercial environments [1] Group 2 - Wu Huixiao highlighted the strategic partnership with Yushu Technology, focusing on motion control and application development, indicating a strong commitment to integrating robotics into automotive technology [2] - The company is exploring innovative use cases for vehicles, such as using drones for off-road navigation and robotic dogs for carrying equipment, showcasing the versatility of electric and hybrid vehicles [2] - Longhua Automobile aims to enhance the cost-performance ratio of its products while expanding its presence in overseas markets, leveraging improvements in quality and marketing to gain international recognition [3]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 長城汽車股份有限公司 呈交日期: 2025年4月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02333 | | 說明 | 無 | | | | | | | 多櫃檯證券代號 | 82333 | RMB | 說明 | 無 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | | 2,318,776,000 | RMB | | 1 RMB | | 2,318,776,000 | | 增加 / 減少 (-) | | | | 0 | | | RMB | | | | 本月底結存 | | | | 2,318,776,000 ...

可转债转股情况：2025年3月1日至2025年3月31日期间，共有3,000元"长汽转 债"已转换成公司股票，转股数为75股。自2021年12月17日至2025年3月31日， 累计共有4,797,000元"长汽转债"已转换为公司股票，累计转股数为125,929 股，占可转债转股前公司已发行股份总额的0.0014%。 未转股可转债 情况 ： 截至2025年3 月31 日，尚未转股 的可 转债金额为 3,495,203,000元，占可转债发行总量的99.8629%。 2021年股票期权激励计划首次授予期权行权结果：2021年股票期权激励计划首 次授予第三个行权期可行权股票期权数量为65,045,039股，行权方式为自主行 权，行权期为2024年7月22日至2025年7月21日。2025年3月行权0股，占2021年 股票期权激励计划首次授予第三个行权期可行权股票期权总量的0%。 2021年股票期权激励计划预留授予期权行权结果：2021年股票期权激励计划预 留授予第二个行权期可行权股票期权数量为26,359,074股，行权方式为自主行 权，行权期为2024年6月26日至2025年4月28日。2025年3月行权0股，占 ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 39.80 CNY per share, maintaining the rating [4]. Core Views - The March sales figures met expectations, with a total wholesale volume of 98,000 units, showing a year-on-year decrease of 2% but a month-on-month increase of 26% [1][2]. - The decline in year-on-year sales is attributed to fewer new car launches in 2024, while the month-on-month growth is driven by recovering terminal demand and the launch of new models like the Tank 300 [2]. - The company is entering a new growth phase with the launch of several new models, which is expected to positively impact sales [3]. Sales Performance - In March, the company sold 25,000 new energy vehicles, a month-on-month increase of 66% and a year-on-year increase of 15%, while fuel vehicle sales were 73,000 units, showing a month-on-month increase of 16% but a year-on-year decrease of 7% [2]. - The Tank model sold 17,000 units in March, with a year-on-year decrease of 8% but a month-on-month increase of 48%, primarily due to the launch of the 2025 Tank 300 [2]. - The Haval brand sold 53,000 units in March, with a year-on-year decrease of 2% but a month-on-month increase of 22% [2]. Future Outlook - The company is expected to see an upward sales trend as new models are launched, including the second-generation Xiaolong MAX and the new Gaoshan, which are anticipated to contribute to sales growth [3]. - The Hi4Z technology is expected to enhance the Tank model's appeal, potentially expanding its market reach and profitability [3]. - The company has a diverse product lineup and strong technological reserves, which are expected to drive growth in both domestic and export markets [10]. Financial Projections - The projected net profits for 2025, 2026, and 2027 are 167.2 billion CNY, 188.6 billion CNY, and 213.6 billion CNY, respectively, with corresponding price-to-earnings ratios of 13.1, 11.6, and 10.2 times [10][11]. - The company's revenue is expected to grow significantly, with projected figures of 2,689 billion CNY in 2025 and 3,107.1 billion CNY in 2026 [11]. Market Position - The company has a total market capitalization of approximately 219 billion CNY and a circulating market capitalization of about 158 billion CNY [4]. - The stock price as of April 2, 2025, was 25.58 CNY, indicating potential upside based on the target price [4].

文｜互联网江湖 刘致呈 净利润继2016年之后再次站上百亿关口，实现归属于上市公司股东的净利润126.9亿元，同比增长 80.8%。 而且，这份成绩单，是在友商们不断的卷价格的情况下拿下的，可以说，2024年魏建军的长城汽车凭借 着自己的"孤傲"，用产品力卷出了一方自己的天地。 但是，在一个巨大的增量市场，用价格战卷份额，未尝不是一件好事，不打价格战，也不全是好事。 关于价格战，2024年在与新浪财经CEO邓庆旭的深度访谈中，魏建军说到："价格战所带来的负面影响 可能会持续六七年之久，其破坏力是巨大的。" "汽车行业的竞争是长期而复杂的，不能只看短期利益。" 言外之意，现在的价格战只符合短期利益，长期来看，对整个行业来说是负面的。 但是，就友商呈现的结果来看，"价格战"这个词似乎没有那么不堪，价格战的本质，是要抢占份额和规 模。 近日，随着年报季的大幕缓缓拉开，长城汽车发布了2024年的业绩，一份单拎出来十分亮眼的报表。 营收方面，首次突破两千亿，达到了2021.95亿元，同比增长16.73%。 留下价格，丢了份额？ 这一点被曾经的通用、大众、丰田验证过很多次了，现在比亚迪们也在重新验证，数据上也能验证这一 ...

3月26日，长城重卡Hi4-G技术共创发布会在保定举行。 在上百位共创官的共同帮助下，长城重卡做出了最贴近用户使用场景的产品。长城商用车CTO孙玉现场发布数据表明，根据超500万公里的用 户实测数据验证，长城Hi4-G重卡的平原高速油耗较传统柴油重卡降低3-4L，平原快递运输油耗低至19.9L/100km；山区冷链运输油耗降幅超 30%，复杂路线综合节油率达15%-25%。 从技术上看，Hi4-G超级混动系统配备了全球首款重卡8挡智能混动变速器，支持混动多挡位智能切换，适配平原高速、山区爬坡、重载起步 等场景，动力响应效率提升20%。结合康明斯13L高热效率发动机，实现柴油与电力的高效协同，综合马力超1000匹。其行业首创的三擎智能 动力架构（P2+P2.5双电机+柴油机），双电机独立控制，上坡助力、下坡回收，山区场景续航提升15%。此外，智能域控系统可以实时分析载 重、路况、时效需求，自动切换十种驱动模式。 发布会上，长城汽车董事长魏建军还宣布两项重磅计划：开放实验室，欢迎所有进口车的车队、卡友来挑战，也特别邀请同行来切磋油耗，获 胜者免费试用长城重卡一年。 在这段研发历程中，长城技术团队常年趴在用户运输一 ...

[Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | 04[Table_StockInfo 月 01日收盘价（元）] | 25.70 | | --- | --- | | 52 周股价波动（元） | 21.55-33.34 | | 总股本/流通 A 股（百万股） | 8563/6194 | | 总市值/流通市值（百万元） | 220060/218775 | 相关研究 [Table_MainInfo] 公司研究/汽车与零配件/汽车 证券研究报告 长城汽车（601633）公司年报点评 2025 年 04 月 01 日 [Table_ReportInfo] 《24 年业绩稳健向好，产品结构优化、出口 驱动增长》2025.01.17 《经营稳健，24Q3 单车收入同环比提升》 2024.10.28 《产品结构优化、海外销量增长，双轮驱动盈 利能力提升》2024.09.03 市场表现 [Table_QuoteInfo] -14.08% -4.08% 5.92% 15.92% 25.92% 2024/4 2024/7 2024/10 2025/1 长城汽车 海通综指 | 沪深 300 对比 | 1M ...

本公告乃由长城汽车股份有限公司（「本公司」）自愿刊发。 本公司董事会谨此宣布，本公司于2025年3月产销量详细如下(单位:台)： | 车型 | 销量 | | | | | | 产量 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 月度同比 | | | 年度同比 | | | 月度同比 | | | 年度同比 | | | | | 本月 | 去年同期 | 增减(%) | 本年累计 | 去年同期 | 增减(%) | 本月 | 去年同期 | 增减(%) | 本年累计 | 去年同期 | 增减(%) | | 哈弗品牌 | 52,732 | 54,055 | -2.45 | 144,590 | 157,889 | -8.42 | 54,148 | 56,547 | -4.24 | 146,844 | 151,052 | -2.79 | | WEY品牌 | 4,675 | 3,608 | 29.57 | 13,325 | 9,608 | 38.69 | 5,040 | 4,132 | 21 ...

汽车/乘用车 长城汽车（601633.SH） Q4 业绩同比增长，海外/坦克/魏牌有望继续贡献增量 2025 年 04 月 01 日 投资评级：买入（维持） | 日期 | 2025/3/31 | | --- | --- | | 当前股价(元) | 26.10 | | 一年最高最低(元) | 33.34/21.55 | | 总市值(亿元) | 2,234.85 | | 流通市值(亿元) | 1,616.60 | | 总股本(亿股) | 85.63 | | 流通股本(亿股) | 61.94 | | 近 3 个月换手率(%) | 18.84 | 股价走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 48% 2024-04 2024-08 2024-12 长城汽车 沪深300 相关研究报告 《2024 年业绩预计高增，坦克/魏牌有 望带来新增量—公司信息更新报告》 -2025.1.17 《Hi4-z 技术进军泛越野市场，智能化 有望加速上车—公司信息更新报告》 -2024.10.28 xujianfeng@kysec.cn 证书编号：S0790123070014 受坦克、海外业务销量增长推动， ...