Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's February 2026 sales were 72,594 units, a year-on-year decrease of 6.79% and a month-on-month decrease of 19.61%. The cumulative sales for January-February 2026 were 162,906 units, a year-on-year increase of 2.58% [5] - The company is focusing on high-end and global strategies, with a target of 1.8 million units by 2026 [5] - The Haval brand's sales remained stable, while the Wey brand showed significant breakthroughs in high-end markets [5] - The Tank brand faced short-term pressure due to increased competition in the off-road segment [5] - The Ora brand is undergoing a transformation, with a strong position in the pickup market [5] - Overseas sales increased significantly, with a year-on-year growth of 37.36% in February [5] Financial Data and Profit Forecast - Total revenue forecast for 2023 is 173,212 million yuan, with a year-on-year growth rate of 26.1% [3] - Net profit for 2023 is projected at 7,022 million yuan, with a year-on-year decrease of 15.1% [3] - Earnings per share for 2023 is estimated at 0.82 yuan [3] - Gross margin for 2023 is expected to be 18.7% [3] - Return on equity (ROE) for 2023 is projected at 10.3% [3] - The price-to-earnings (PE) ratio for 2023 is 24.8 [3] Market Data - The closing price of the stock is 20.50 yuan [4] - The stock's one-year high and low are 27.52 yuan and 20.37 yuan, respectively [4] - The market capitalization of circulating A shares is 127,289 million yuan [4] - The dividend yield is 3.01% [4] Sales Performance - Haval brand sales in February were 43,660 units, a slight increase of 0.83% year-on-year [5] - Wey brand sales in February were 5,615 units, a year-on-year increase of 54.13% [5] - Tank brand sales in February were 10,036 units, a year-on-year decrease of 14.67% [5] - Ora brand sales in February were 1,263 units, a year-on-year decrease of 33.46% [5] - Pickup sales in February were 12,011 units, with a domestic market share of nearly 50% [5] Overseas Expansion - The company is enhancing its global presence, with overseas sales reaching 42,675 units in February, a year-on-year increase of 37.36% [5] - The company is utilizing sports marketing in markets like Brazil and Australia to boost its influence [5]

Investment Rating - The report suggests a positive investment outlook for the smart driving industry, particularly focusing on companies that can leverage cost advantages and regulatory benefits in the evolving landscape of intelligent driving technology [5]. Core Insights - The smart driving sector is expected to maintain high growth momentum, driven by the trend of "Smart Driving Equality 2.0," which will see advanced features like urban NOA (Navigation on Autopilot) becoming more accessible to consumers in the 100,000 to 200,000 RMB price range [1][12]. - The L2 level of autonomous driving is entering a strong regulatory phase, which will benefit testing institutions and lead to a significant expansion of the market for compliance testing [2][29]. - The concept of scaling law is identified as a deterministic technological trend, with advancements in end-to-end architectures approaching L4 level capabilities [3][50]. - The Robotaxi business model has shown initial validation, indicating that the industry is on the verge of a significant turning point, particularly with the potential success of Tesla's Robotaxi [4][50]. Summary by Sections Section 1: Smart Driving Equality 2.0 - The trend of smart driving equality is expected to strengthen, with urban NOA features penetrating the 100,000 to 200,000 RMB price segment, supported by robust supply and demand dynamics [1][12]. - The penetration rate of urban NOA hardware configurations is projected to increase from 16% in 2025 to 25% in 2026, with sales expected to reach 5.45 million units, reflecting a year-on-year growth of over 50% [1][12]. Section 2: L2 Regulatory Phase - The L2 level is entering a strong regulatory phase, with the implementation of stringent standards that will benefit testing institutions and expand the market for compliance testing [2][29]. - The L3/L4 autonomous driving regulatory framework is gradually being established, moving from local trials to a national legal framework [2][40]. Section 3: Scaling Law and Technological Trends - The scaling law is recognized as a key technological trend, with the end-to-end architecture reaching preliminary L4 thresholds [3][50]. - The demand for computational power on the vehicle side is expected to grow alongside the increase in model parameters, necessitating companies to develop integrated software and hardware capabilities to remain competitive [3][50]. Section 4: Robotaxi Business Model - The Robotaxi model has been validated through successful regional operations by leading L4 manufacturers, indicating a growing consumer demand for such services [4][50]. - The success of Tesla's Robotaxi is seen as a potential catalyst for the industry, with significant implications for the advancement of high-level autonomous driving technologies [4][50].

New Car Launches - Toyota launched the bZ Woodland, a mid-size all-electric crossover SUV, featuring a dual-motor all-wheel drive system with a maximum power of 375 hp and an EPA range of 281 miles (452 km) [1][2][4] - Dongfeng's Xinghai T5 was launched with a price range of 153,900 to 161,900 yuan, featuring a compact SUV design and a 64.4 kWh lithium iron phosphate battery with a CLTC range of 530 km [1][8][12] - The new Changan UNI-Z PHEV was launched with a price range of 118,900 to 135,900 yuan, offering a 130 km pure electric range and various advanced features [1][15][22] Company Dynamics - BYD aims to achieve over 1 million overseas sales by 2025, while SAIC MG has surpassed 1 million sales in Europe [1][23][25] - Huawei's QianKun assisted driving system recorded over 470 million kilometers during the Spring Festival, with a significant increase in active user engagement [1][26][30] - Bosch confirmed the closure of its factory in Germany, affecting 560 jobs, as part of a global cost-cutting and capacity restructuring plan [1][31][33] - Xiaomi's assisted driving system recorded over 100 million kilometers during the Spring Festival, indicating a rise in usage frequency [1][34][36] - NIO's battery technology company was established with a registered capital of 100 million yuan, focusing on R&D [1][45][47] - NIO's chip subsidiary completed a 2.2 billion yuan financing round, marking a significant step in domestic high-end chip development [1][48][49] Sales Performance - In February, BYD sold 187,782 passenger vehicles, maintaining its leadership in the new energy sector [1][54][55] - Geely's total sales reached 204,910 units in February, with 117,488 units being new energy vehicles [1][57][58] - Leap Motor delivered 28,067 units in February, showcasing strong sales momentum [1][66] - Li Auto delivered 26,421 units in February, maintaining a dual strategy of pure electric and range-extended vehicles [1][69][70] - NIO delivered 20,797 units in February, benefiting from the launch of the new ES8 model [1][71][73] - Xiaomi's automotive division delivered over 20,000 units in February, with new models expected to boost sales further [1][74][75] - AITO's sales reached approximately 18,000 units in February, with a strong market presence [1][76][77] - XPeng delivered 15,256 units in February, continuing its dual technology strategy [1][78][79] - Great Wall Motors sold 12,744 new energy vehicles in February, reflecting a significant growth in its electric vehicle segment [1][83][86]

Core Viewpoint - Great Wall Motors is adopting a dual strategy in the autonomous driving sector, focusing on both self-research and collaboration with external suppliers to enhance its technological capabilities and market position [2][5][11]. Group 1: Autonomous Driving Strategy - The competition in autonomous driving is intensifying, with Great Wall Motors planning to release a VLA (Vision-Language-Action) model by the end of 2025, positioning itself as one of the few companies to implement this technology [2][5]. - Great Wall Motors is expanding its supplier network to cover vehicle price ranges from 100,000 to 400,000 yuan, with plans to implement three major computing platforms starting in 2025 [5][9]. - The ADC 2.0 platform targets mainstream models like Haval, utilizing TI chips and Qualcomm platforms, and aims to enhance capabilities in high-speed scenarios [6][7]. Group 2: Research and Development - Great Wall Motors has established a self-research team of over 1,000 people, focusing on both autonomous driving and cockpit technologies, with a significant emphasis on self-research despite ongoing collaborations [10][11]. - The company has been investing heavily in R&D, with autonomous driving research expenses accounting for 50% of total R&D investments, amounting to 1 billion yuan annually [12][13]. - The establishment of the 九州超算中心 (Jiuzhou Supercomputing Center) aims to provide substantial computational support for the development of large models, with a total computing power of 5 EFLOPS [15]. Group 3: Market Performance - The sales of the Haval Shuanglong Max, which features autonomous driving capabilities, show a balanced order structure between smart and non-smart versions, indicating a growing consumer interest in smart features [9]. - The sales of the Wey brand reached 102,000 units in 2025, marking an 86% year-on-year increase, attributed to the successful implementation of end-to-end models and VLA technology [9].

Group 1 - The company reported overseas sales of 42,675 units in February 2026, with a cumulative total of 82,953 units sold from January to February 2026 [1] - In February 2026, the company sold 12,744 units of new energy vehicles, bringing the cumulative total to 30,773 units for the first two months of 2026 [1] - The sales figures provided are unaudited and may be subject to adjustments pending final confirmation [1]

Core Insights - The core viewpoint of the article highlights the decline in sales and production for Great Wall Motors in February 2026, while also noting significant growth in the WEY brand and strong performance in overseas markets and electric vehicle sales [1] Sales Performance - Total vehicle sales in February 2026 were 64,811 units, a decrease of 13.42% compared to 74,861 units in the same month last year [1] - Cumulative sales for January and February 2026 reached 154,885 units, reflecting a slight decline of 1.58% year-on-year [1] Production Data - Total production in February 2026 was 72,594 units, down 6.79% year-on-year [1] - Cumulative production for January and February 2026 was 162,906 units, showing a year-on-year increase of 2.58% [1] Brand Performance - The WEY brand saw significant growth, with February sales reaching 5,615 units, a substantial increase of 54.13% year-on-year, and production rising by 44.35% [1] - The Haval brand's sales remained relatively stable, with February sales of 43,660 units, a year-on-year increase of 0.83% [1] - Sales for the Great Wall pickup, Ora, and Tank brands experienced a decline, with Ora brand sales dropping significantly by 72.34% [1] Market Highlights - Great Wall Motors reported strong overseas sales in February, with a total of 42,675 units sold [1] - Sales of new energy vehicles in February reached 12,744 units, with cumulative sales for January and February at 30,773 units, indicating the company's ongoing commitment to electrification [1] Additional Notes - The reported production and sales data are unaudited and may be subject to adjustments, with final figures to be confirmed in subsequent audited financial reports [1]

Group 1 - The core point of the article is that Great Wall Motors (02333) reported a total vehicle sales of approximately 72,594 units in February 2026, representing a year-on-year decrease of 6.79% [1] - The production for February 2026 was approximately 64,811 units, which is a year-on-year decrease of 13.42% [1] - For the first two months of 2026, total vehicle sales reached approximately 162,900 units, showing a year-on-year growth of 2.58% [1] - The production for the first two months of 2026 totaled approximately 154,900 units, reflecting a year-on-year decrease of 1.58% [1]

1-2月，汽车销量合计约16.29万台，同比增长2.58%;产量合计约15.49万台，同比减少1.58%。 长城汽车（601633）(02333)发布公告，于2026年2月，汽车销量合计约72,594台，同比减少6.79%;产量 约64,811台，同比减少13.42%。 ...

Group 1 - The core point of the article is that Great Wall Motors (02333.HK) reported a total sales volume of 72,594 units in February 2026, representing a year-on-year decrease of 6.79% [1] - The cumulative sales for the year to date reached 162,906 units, showing a year-on-year increase of 2.58% [1] - In February, overseas sales amounted to 42,675 units, with a cumulative total of 82,953 units for January and February combined [1] Group 2 - In February, the sales of new energy vehicles were recorded at 12,744 units, with a cumulative total of 30,773 units for the first two months of the year [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何 聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 長 城 汽 車 股 份 有 限 公 司 GREAT WALL MOTOR COMPANY LIMITED* （於中華人民共和國註冊成立的股份有限公司） 职工董事：盧彩娟女士。 非執行董事：何平先生。 獨立非執行董事： 樂英女士、 輝先生及鄒兆麟先生。 * 僅供識別 股份代號：02333（港幣櫃台）及82333（人民幣櫃台） 海外監管公告 此海外監管公告是根據香港聯合交易所有限公司證券上市規則第 13.10B 條發出。以下為長城汽 車股份有限公司於上海證券交易所網站（www.sse.com.cn）所刊發之「長城汽車股份有限公司 2026年2月產銷快報」。 承董事會命 長城汽車股份有限公司 公司秘書 李紅栓 李紅栓 公司秘書 中國河北省保定市，2026 年 3 月1日 於本公告日期，董事會成員如下： 執行董事： 魏建軍先生、趙國慶先生及李紅栓女士。 务请注意，上述产销量数字未经审核，亦未经本公司审计师确认，或 ...