Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company achieved a total sales volume of 135,286 vehicles in December 2024, representing a year-on-year increase of 20.3% and a month-on-month increase of 6.2%. The total annual sales exceeded 1.23 million vehicles [2][4]. - The company is accelerating its global expansion and is committed to transitioning to new energy vehicles, with a continuous new car cycle expected to drive improvements in sales and performance [2][4]. - The company's four major expansion strategies are expected to open up long-term growth opportunities for sales, while the shift towards smart technology is anticipated to enhance profitability across the entire industry chain [2][4]. Summary by Sections Sales Performance - In December 2024, domestic sales reached 93,993 vehicles, up 18.9% year-on-year and 11.6% month-on-month. New energy vehicle sales reached 42,265 units, marking a record high with a year-on-year increase of 41.6% [2][4]. - Cumulatively, the company sold 1.233 million vehicles in 2024, a slight increase of 0.2% year-on-year, with new energy vehicle sales totaling 322,000 units, up 22.9% year-on-year [2][4]. Brand Performance - The Haval brand sold 83,425 vehicles in December, up 27.2% year-on-year. The Tank brand sold 21,879 vehicles, up 26.4% year-on-year. The WEY brand saw a significant increase of 150.8% year-on-year, with the Blue Mountain model contributing 8,057 units sold [2][4]. - The company's overseas sales in December reached 41,293 vehicles, a year-on-year increase of 23.4%, with a total of 453,000 units sold overseas in 2024, up 43.4% year-on-year [2][4]. Strategic Initiatives - The company is focusing on product, channel, and supply chain adjustments to enhance domestic performance. It is committed to deepening its transition to new energy, with a focus on plug-in hybrid vehicles and a clear positioning for new models [2][4]. - The "ONE GWM" strategy is accelerating the company's overseas expansion, with sales channels covering over 1,300 locations in more than 170 countries and regions [2][4]. - The company is actively promoting the development of smart vehicles, leveraging data and algorithms as core competitive advantages [2][4]. Financial Projections - The company is expected to achieve net profits of 12.69 billion, 16.05 billion, and 17.95 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding A-share price-to-earnings ratios of 16.8X, 13.3X, and 11.9X [2][4].

Investment Rating - The report maintains a "Recommended" investment rating for Great Wall Motors (601633.SH) with a current stock price of 25.93 yuan [1]. Core Views - The company is expected to achieve a net profit of 12.4 billion to 13 billion yuan in 2024, representing a year-on-year increase of 76.6% to 85.1% [4]. - The company is focusing on improving operational quality, with significant growth in overseas and new energy vehicle sales [9]. - The report highlights the increasing proportion of high-value models, with sales of vehicles priced above 200,000 yuan reaching 310,000 units, a year-on-year increase of 37.1% [9]. - The introduction of the Hi4-Z model is expected to enhance the company's off-road vehicle offerings [9]. - The report projects net profits of 12.7 billion, 14 billion, and 15.9 billion yuan for 2024, 2025, and 2026 respectively, maintaining the "Recommended" rating [10]. Financial Summary - Revenue is projected to grow from 173.2 billion yuan in 2023 to 237.7 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 11.8% [6]. - The net profit is expected to rebound significantly in 2024, with a forecast of 12.7 billion yuan, up from 7 billion yuan in 2023 [6]. - The gross margin is anticipated to improve from 18.7% in 2023 to 21.0% in 2026 [6]. - The return on equity (ROE) is projected to increase from 10.3% in 2023 to 16.0% in 2025 and remain stable thereafter [6].

Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Views - The company is expected to achieve a net profit attributable to shareholders of between 12.4 billion to 13 billion yuan in 2024, representing a year-on-year increase of 76.6% to 85.1% [1][2]. - The projected net profit for 2024, based on the average of the forecast, is 12.79 billion yuan, with a significant increase in single-vehicle net profit to approximately 10,000 yuan, up by about 6,000 yuan year-on-year [2]. - The company anticipates wholesale sales of 1.233 million vehicles in 2024, a slight increase of 0.2% year-on-year, driven by improved product structure and increased overseas sales [2]. - The Tank model is expected to contribute stable profits, with wholesale sales projected at 231,000 units in 2024, a year-on-year increase of 42.1% [2]. - The company is expanding its global presence, with overseas wholesale sales expected to reach 453,000 units in 2024, a year-on-year increase of 43.4% [3]. Summary by Sections Financial Performance - The company forecasts total revenue of 202.9 billion yuan for 2024, with a growth rate of 17.1% [4]. - The net profit attributable to shareholders is projected to be 12.79 billion yuan in 2024, with a growth rate of 82.2% [4]. - The earnings per share (EPS) is expected to be 1.49 yuan in 2024, with a price-to-earnings (PE) ratio of 17 [4][7]. Sales and Market Position - The company is focusing on high-end product development, with the WEY brand expected to achieve wholesale sales of 55,000 units in 2024, a year-on-year increase of 31.6% [2]. - The introduction of new models such as Tank Hi4Z and Lanshan is anticipated to enhance the company's market position in the high-end segment [2]. Global Expansion - The company has established a global sales network covering 170 countries and regions, with over 1,300 overseas sales channels [3]. - New factories in Thailand and Brazil, along with KD factories in Ecuador and Pakistan, are expected to enhance the company's global production capacity [3].

Investment Rating - The investment rating for Great Wall Motors is maintained at "Buy-A" [6] Core Views - The company is expected to achieve a net profit of 124-130 billion yuan in 2024, representing a year-on-year increase of 77%-85% [1] - The fourth quarter of 2024 is projected to see a net profit of 20-26 billion yuan, with a year-on-year change of -2% to +27% [2] - The growth in profits is primarily driven by scale effects, increased exports, and higher sales of high-end models [2] Summary by Sections Financial Performance - The company anticipates a net profit of 127.3 billion yuan in 2024, 170.3 billion yuan in 2025, and 190.1 billion yuan in 2026, with corresponding PE ratios of 17.4, 13.0, and 11.7 times [4][9] - The expected revenue for 2024 is 2,023.1 billion yuan, with a growth rate of 16.8% [11] Market Outlook - The off-road vehicle market has significant potential, with the Hi4Z technology expected to enhance the performance of the Tank series [3] - The company is making progress in mainstream markets, with successful product refinement and marketing strategies [3] - The diverse product range and technological reserves indicate strong export potential [3] Valuation - The target price for the stock is set at 39.80 yuan per share, based on a 20 times PE ratio for 2025 [4] - The current stock price is 25.93 yuan, indicating a potential upside [6]

2025 年 1 月 14 日，长城汽车股份有限公司（以下简称 "本公司"或"公 司"）以书面传签方式召开第八届董事会第三十次会议，应出席董事 7 名，实际 出席董事 7 名，会议资料已提前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。 会议审议决议如下： 一、审议《关于 2024 年年度业绩预告的议案》 （详见《长城汽车股份有限公司 2024 年年度业绩预告》） 审议结果：7 票同意、0 票反对、0 票弃权，该议案通过。 | 证券代码：601633 | 证券简称：长城汽车 | 公告编号：2025-004 | | --- | --- | --- | | 转债代码：113049 | 转债简称：长汽转债 | | 特此公告。 长城汽车股份有限公司 长城汽车股份有限公司董事会 第八届董事会第三十次会议决议公告 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。 2025 年 1 月 14 日 ...

| | | 长城汽车股份有限公司更正公告 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。 长城汽车股份有限公司（以下简称"公司"或"本公司"）于 2025 年 1 月 14 日在 上海证券交易所网站（www.sse.com.cn）发布了《长城汽车股份有限公司 2024 年年度 业绩预告》（公告编号：2025-005）。发布后发现，该公告部分内容存在错误，现更正如 下： 重要内容提示： 1、业绩预告的具体适用情形：实现盈利，且净利润与上年同期相比上升 50%以上。 2、长城汽车股份有限公司（以下简称"公司"）预计 2024 年年度实现归属于母公 司所有者的净利润为 1,240,000.00 元到 1,300,000.00 万元,与上年同期相比,将增加 537,844.03 万元到 597,844.03 万元，同比增加 76.60%到 85.14%。 3、公司预计 2024 年年度实现归属于母公司所有者的扣除非经常性损益的净利润为 940,000.00 万元到 1,000,000.00 万元，与上年同期相比，将增加 456,630 ...

Financial Performance Forecast - The company expects a net profit attributable to shareholders of the parent company for 2024 to be between CNY 1,240 million and CNY 1,300 million, representing an increase of CNY 537.84 million to CNY 597.84 million, or a year-on-year growth of 76.60% to 85.14%[3]. - The projected net profit attributable to shareholders of the parent company, excluding non-recurring gains and losses, is expected to be between CNY 940 million and CNY 1,000 million, reflecting an increase of CNY 456.63 million to CNY 516.63 million, or a year-on-year increase of 94.47% to 106.88%[7]. - The total profit for the previous year was CNY 782.41 million, with a net profit attributable to shareholders of the parent company of CNY 702.16 million, and a net profit excluding non-recurring gains and losses of CNY 483.37 million[8]. Factors Influencing Performance - The increase in performance is primarily attributed to the company's commitment to high-quality development, enhancing product experience, and growth in overseas sales, along with optimization of the domestic product structure[10]. - The increase in non-operating gains is mainly due to an increase in government subsidies received compared to the previous year[12]. Forecast Validity and Approval - The company does not foresee any significant uncertainties that could affect the accuracy of this performance forecast[14]. - This performance forecast is based on preliminary calculations by the company's finance department and has not been audited or reviewed by registered accountants[15]. - The data provided in the forecast is preliminary and the final financial data will be disclosed in the official 2024 annual report[16]. - The forecast was approved by the company's eighth board of directors at its thirty-first meeting[17]. - The reporting period for the performance forecast is from January 1, 2024, to December 31, 2024[4].

Financial Performance Forecast - The company expects a net profit attributable to shareholders for 2024 to be between CNY 1,240 million and CNY 1,300 million, representing an increase of CNY 537.84 million to CNY 597.84 million, or a year-on-year growth of 76.60% to 85.14%[3]. - The projected net profit attributable to shareholders after deducting non-recurring gains and losses is expected to be between CNY 940 million and CNY 1,000 million, an increase of CNY 456.63 million to CNY 516.63 million, or a year-on-year growth of 94.47% to 106.88%[7]. - The previous year's net profit attributable to shareholders was CNY 702.16 million, with a total profit of CNY 782.41 million[8]. Factors Influencing Performance - The increase in performance is primarily due to the company's commitment to high-quality development, enhancing product experience, and growth in overseas sales[10]. - Non-operating gains increased due to a rise in government subsidies received compared to the previous year[12]. Forecast Validity and Approval - The company does not foresee any significant uncertainties that could affect the accuracy of this performance forecast[14]. - The performance forecast is based on preliminary calculations and has not been audited by registered accountants[15]. - The data provided in the forecast is subject to change and will be finalized in the official 2024 annual report[16]. - The forecast was approved by the company's board of directors during the 30th meeting of the 8th board session[17]. - The performance forecast period is from January 1, 2024, to December 31, 2024[4].

Summary of Conference Call Company and Industry Overview - The conference call primarily discusses the performance and strategies of a Chinese automotive company, particularly in the context of the electric vehicle (EV) and traditional vehicle markets. The company is noted for its significant sales growth and product innovations in the automotive sector. Key Points and Arguments 1. **Sales Growth**: The company reported a total sales volume of 123.33 million vehicles in 2024, with a notable increase in new energy vehicle (NEV) sales reaching 302.2 thousand units, a year-on-year growth of 23% [2][19][30]. 2. **International Expansion**: The overseas sales reached 4.13 million units, marking a 23% increase year-on-year. The company aims to expand its presence in various international markets, including Europe and the Middle East, with a target of 600,000 to 720,000 units in exports for 2025 [2][11][19]. 3. **Product Launches**: The company plans to introduce several new models, including the H7 SUV and the tank series, which are designed to meet consumer preferences and enhance market competitiveness [12][15][22]. 4. **Technological Advancements**: The company emphasizes its commitment to technological innovation, particularly in the EV sector, with plans to enhance the performance and reliability of its vehicles [22][23]. 5. **Market Positioning**: The company holds a significant market share in the Chinese SUV segment, with a brand recognition rate of approximately 60% for its tank series, indicating strong consumer loyalty [22][24]. 6. **Strategic Partnerships**: The company has formed a partnership with a mapping technology firm to enhance its product offerings, particularly in smart and autonomous driving technologies [1][27]. 7. **Future Outlook**: The company anticipates a robust product cycle in 2025, driven by new model launches and an overall positive market sentiment despite a competitive landscape [30]. Additional Important Information - **Sales Performance**: The company achieved a cumulative global sales figure of over 19 million vehicles by the end of the previous year, showcasing its strong market presence [2]. - **Market Dynamics**: The competitive environment in the Chinese automotive market remains intense, with expectations of steady growth rather than rapid increases in sales [9][10]. - **Export Strategy**: The company aims to diversify its export markets, with approximately 40-50% of its exports directed towards regions like Russia and Southeast Asia [19][20]. - **Consumer Preferences**: There is a growing demand for high-performance and reliable vehicles, which the company aims to address through its product offerings and technological enhancements [21][23]. This summary encapsulates the key insights from the conference call, highlighting the company's strategic direction, market performance, and future growth prospects in the automotive industry.

[Table_Stock] 长城汽车（601633） | --- | |-------| | | | | [行业Table_Industry] : 汽车 日期: shzqdatemark 2025年01月02日 [Table_Author] 分析师: 仇百良 E-mail: qiubailiang@shzq.com SAC 编号: S0870523100003 | --- | |-------| | | | | | | | | | | | | | | | | [Table_QuotePic] 最近一年股票与沪深 300 比较 | --- | --- | |-----------------------------|-------------| | | | | [Table_BaseInfo] 基本数据 | | | 最新收盘价（元） | 26.33 | | 12mth A 股价格区间（元） | 19.87-32.03 | | 总股本（百万股） | 8,550.11 | | 无限售 A 股 / 总股本 | 72.36% | | 流通市值（亿元） | 2,239.55 | -19% -13% -7% 0% 6% 1 ...