Company Development - Great Wall Motor's Coffee Agent AI model has successfully completed the generative AI service filing with the Cyberspace Administration of China, making it one of the first automakers in the industry to achieve this milestone [1] - The company has established a user-oriented service system that complies with industry standards, showcasing its leadership in technological innovation, model matrix development, vehicle empowerment, corporate transformation, data management, and security protection [1] Industry Impact - Great Wall Motor's achievement sets a benchmark for the automotive industry in adopting generative AI technologies and adhering to regulatory frameworks [1] - The company's progress in AI model development and compliance demonstrates its role as an industry leader in integrating advanced AI solutions into automotive services [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Insights - The company has entered a new phase of profitability since 2021, with overseas expansion becoming a significant growth direction. The external environment and enhanced product competitiveness have positioned Chinese automotive companies, including the company, to capitalize on historical opportunities for international expansion [2][4] - The company has demonstrated strong financial performance, with a single vehicle profit reaching a historical high of 12,000 yuan in the first three quarters of 2024. The overseas revenue contribution has been increasing, accounting for 31% of total revenue in 2023 [4][36] - The company is well-positioned to lead the overseas expansion of Chinese automotive brands due to its superior product strength, deep localization efforts, and differentiated advantages in the pickup truck segment [2][5] Current Situation - The company has broken through bottlenecks and entered a new profitability phase, with overseas markets becoming a crucial growth increment. Since 2021, the company has seen a significant increase in high-priced models like the Tank, contributing to its financial stability [4][20] - The company maintains a strong position in the domestic market for pickups and off-road vehicles, with a market share of 41.51% in pickups and over 60% in the hard-core off-road segment since the launch of the Tank brand [26][32] Opportunities - The overseas expansion of Chinese automotive companies is gaining momentum, with the company showing substantial potential. The overseas sales of the company reached 280,000 units in the first eight months of 2024, a year-on-year increase of 54% [5][38] - The company has a competitive edge in product offerings, with its models often outperforming local competitors in terms of price, size, power, and technology [5][6] Outstanding Features - The company adheres to a long-term strategy encompassing production, sales, research, and after-sales service, establishing a comprehensive layout for overseas markets. It has built three full-process manufacturing plants and over seven KD plants abroad, with a total overseas production capacity exceeding 460,000 vehicles per year [6][36] - The company has a significant presence in the overseas pickup market, with a market share of 56.9% in Russia, and is expanding into markets like Brazil and Mexico [6][36] Investment Recommendations - The company is expected to benefit from the upcoming new vehicle cycle in the domestic market, with significant growth anticipated for models like the Tank, Wey, and Ora. The overseas segment is projected to become a vital source of sales and profit growth [7][32] - The forecasted net profit for the company from 2024 to 2026 is estimated at 12.69 billion, 16.05 billion, and 17.95 billion yuan, respectively, with corresponding A-share PE ratios of 17.9X, 14.1X, and 12.6X [7][36]

长城汽车回应与华为智能驾驶合作传闻 财联社11月21日电，有市场传闻称，长城和华为正在紧密洽谈 高阶智能驾驶的合作，长城旗下坦克品牌的一些关键产品将搭载华为的智能驾驶、智能座舱方案。 对此，11月21日晚间，长城汽车CTO吴会肖在社交平台发文回应称，目前，两家公司在智能驾驶方面确 实没有开展合作。 吴会肖表示，长城汽车一直以来都执着地沿着自己的技术路径去深耕智能驾驶研发，投入了大量的心血 与资源，希望能把核心技术稳稳地抓在自己手里。 "我们对自己的智驾技术那可是相当有底气，想给大家带来世界一流的智驾感受。 虽然与华为在智驾上暂时没有合作，但乐意跟华为一起，为中国汽车智能化的美好未来添砖加瓦。 "吴会肖说。 (中证报) ...

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 ） 股份代號：0 2 3 3 3（港幣櫃台）及 8 2 3 3 3（人民幣櫃台） 承董事會命 長城汽車股份有限公司 延遲寄發通函 聯席公司秘書 茲提述長城汽車股份有限公司（「本公司」）日期為2024年10月31日的公告（「該公 告」），內容有關本公司根據框架協議訂立持續關連交易。除文意另有所指外，本公 告所用詞彙與該等公告所界定者具有相同涵義。 李紅栓 本公司於該公告中表示，一份載有（其中包括）(i)有關採購產品交易及其建議上限的 進一步詳情；(ii)獨立財務顧問致獨立董事委員會及獨立股東的意見函件；及(iii)獨立董 事委員會致獨立股東的推薦意見函件的通函預期將於2024年11月21日或之前寄發予股 東。 由於本公司需要額外時間編製及落實該通函的內容，該通函的寄發日期預計 ...

证券时报e公司讯，企查查APP显示，近日，蜂巢易创科技有限公司发生工商变更，企业名称变更为蜂 巢汽车科技集团有限公司，经营范围新增汽车零配件批发、摩托车零配件制造、智能车载设备销售等， 同时部分主要人员发生变更。 企查查信息显示，该公司成立于2018年，法定代表人为郑春来，注册资本45.4亿元，由长城汽车 (601633)全资持股。 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In October 2024, the company's total sales reached 117,000 units, a year-on-year decrease of 11.0% but a month-on-month increase of 7.8%. Export sales were 44,418 units, marking a new high and accounting for 38.0% of total sales. New energy vehicle sales were 32,039 units, with a 30.8% share of total sales [3][4]. - The company is accelerating its global expansion and is committed to transitioning to new energy, with a continuous new vehicle cycle expected to drive improvements in sales and performance. Long-term strategies are set to open up growth opportunities in sales, while the shift towards smart technology is anticipated to enhance profitability across the entire industry chain [4][5]. Summary by Sections Sales Performance - In October 2024, total sales were 116,799 units, down 11.0% year-on-year but up 7.8% month-on-month. New energy vehicle sales were 32,039 units, up 4.9% year-on-year and 6.3% month-on-month, with a 30.8% share of total sales [3][4]. - Cumulative sales from January to October 2024 reached 971,000 units, a decrease of 2.5% year-on-year, while new energy vehicle sales totaled 244,000 units, an increase of 21.3% year-on-year [3]. Brand Performance - In October, the Haval brand sold 72,675 units (down 7.7% year-on-year, up 15.5% month-on-month), the Tank brand sold 19,123 units (down 13.5% year-on-year, up 2.0% month-on-month), and the Ora brand sold 5,560 units (down 48.6% year-on-year, up 1.3% month-on-month) [3]. International Expansion - The company has expanded its overseas market presence to over 170 countries and regions, with more than 1,300 sales channels. In October, overseas sales reached 44,418 units, a year-on-year increase of 25.7% and accounting for 38.0% of total sales [3][4]. Financial Projections - The company expects net profits attributable to shareholders to be 12.69 billion, 16.05 billion, and 17.95 billion yuan for 2024, 2025, and 2026, respectively. The corresponding A-share PE ratios are projected to be 19.2x, 15.2x, and 13.6x [5][9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's total sales in October decreased by 11.05% year-on-year, while overseas sales increased by 25.65% [3][4] - The company has a leading new architecture with the Hi4-Z platform, which supports long-range off-road capabilities and is expanding its overseas presence [4] - The projected net profits for 2024-2026 are 11.632 billion, 13.698 billion, and 15.909 billion yuan respectively, with corresponding PE ratios of 20.76, 17.63, and 15.18 [5][6] Summary by Sections Sales Performance - In October, total sales were 117,000 units, with a decline in sales for several brands: Haval down 7.65%, Great Wall Pickup down 25.64%, and Ora down 48.64% [3] - The sales of WEY brand increased by 187.50% year-on-year, and sales of models priced above 200,000 yuan grew by 12.69% [3][4] Financial Projections - Revenue projections for 2024-2026 are 218.63 billion, 260.65 billion, and 306.12 billion yuan, with growth rates of 26.22%, 19.22%, and 17.44% respectively [6][7] - The net profit growth rates are expected to be 65.66%, 17.77%, and 16.14% for the same period [6][7] Market Position and Strategy - The company is enhancing its overseas strategy, with the second-generation Haval H9 entering the Saudi market and a distribution center in Queensland, Australia becoming operational [4] - The Hi4-Z architecture features a maximum system power of 715 kW and over 200 km of pure electric range, catering to both urban and off-road needs [4]

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within the next six months [6]. Core Insights - The company has shown improvement in sales volume, with a month-on-month increase of 7.8% in October 2024, despite a year-on-year decline of 11.1%. Cumulative sales from January to October 2024 reached 971,000 units, down 2.5% year-on-year [1]. - The high-end model sales continue to grow steadily, with sales of models priced above 200,000 yuan reaching 30,000 units in October, a year-on-year increase of 12.7% [1]. - The company has successfully launched the new WEY model, which has contributed significantly to sales, with October sales reaching 6,486 units, a remarkable year-on-year increase of 187.5% [2]. - The overseas sales have reached a record high, with 369,000 units sold from January to October 2024, and October sales alone increased by 25.7% year-on-year [3]. - A strategic partnership with Mianbi Intelligent has been established to accelerate the development of AI technologies in the automotive sector, enhancing the company's technological capabilities [4]. Financial Data and Valuation - The company's revenue is projected to grow from 173.2 billion yuan in 2023 to 227.2 billion yuan in 2024, reflecting a growth rate of 31.17% [5]. - The net profit attributable to the parent company is expected to increase significantly from 7.02 billion yuan in 2023 to 12.92 billion yuan in 2024, representing an 84.05% growth [5]. - The earnings per share (EPS) is forecasted to rise from 0.82 yuan in 2023 to 1.51 yuan in 2024 [5]. - The company’s price-to-earnings (P/E) ratio is projected to decrease from 34.45 in 2023 to 18.72 in 2024, indicating a more attractive valuation [5]. Cash Flow and Debt Management - The operating cash flow is expected to increase significantly to 46.49 billion yuan in 2024, up from 17.75 billion yuan in 2023 [9]. - The company maintains a healthy liquidity position, with a current ratio projected at 1.10 in 2024 [9].

Summary of Conference Call Company Overview - The conference call was hosted by the leadership of Chengtian Automobile, including CEO Hao Shuo, discussing recent performance and future expectations for the company and its brands [1][2]. Key Financial Metrics - Q3 revenue reached 50.825 billion yuan, a 5% increase year-over-year, with a gross margin of 20.8%, exceeding 20% for three consecutive quarters [1]. - Net profit for the first three quarters was 10.429 billion yuan, a 109% increase year-over-year, marking a historical high [2]. - Total revenue for the first three quarters was 142.254 billion yuan, a 19% increase year-over-year [2]. - Sales of new energy vehicles (NEVs) reached approximately 243,500 units, a 21% increase year-over-year [2]. Sales Performance - Domestic sales of NEVs were close to 80,000 units, with a year-over-year growth of 8.1% [2]. - Overseas sales reached 123,000 units, a 40% increase year-over-year [2]. - The company aims to achieve a sales target of 125,000 to 130,000 units for the year [3]. Product Strategy - The company plans to launch several new models, including the H6, Dog, and Menglong, aiming for monthly sales exceeding 10,000 units for each model [3]. - The Harvard brand is expected to solidify its market presence in urban SUVs and off-road vehicles [3]. - The company is focusing on enhancing the competitiveness of its Blue Shark and Tank brands through product upgrades and new launches [4][6]. Overseas Market Expansion - The company targets overseas sales of 550,000 to 600,000 units, with a focus on Latin America, Australia, and Russia as key markets [5][10]. - Plans to establish local manufacturing facilities in Latin America to enhance competitiveness [10]. - The company anticipates that the Russian market will recover economically, contributing significantly to sales [11][23]. Profitability Insights - The most profitable market is Russia, contributing approximately 50% to overall profits, followed by Latin America and the UK market [13][14]. - The gross margin ranking among brands is as follows: Tank, Pickup, Wei, Harvard, and Ora, with Tank having the highest margin at around 35% [15]. Future Outlook - The company is optimistic about the growth of the NEV market, with plans to increase the proportion of NEVs in its sales mix [29][30]. - The focus will be on hybrid vehicles in the short term, while long-term strategies will emphasize pure electric vehicles [32]. - The company is also investing in hydrogen fuel technology for commercial vehicles [33]. Conclusion - The conference highlighted the company's strong financial performance, ambitious sales targets, and strategic focus on product innovation and market expansion, particularly in overseas markets. The leadership expressed confidence in achieving growth through enhanced product offerings and market penetration strategies.

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [3][5]. Core Views - In Q3 2024, the company achieved operating revenue of 50.825 billion yuan, a year-on-year increase of 2.61%, and a net profit attributable to shareholders of 3.350 billion yuan, a decrease of 7.82% year-on-year [3]. - The company is focusing on dual drivers of smart technology and globalization, with significant investments in overseas markets and continuous innovation in smart vehicle technology [4]. Financial Performance Summary - Q3 2024 financial highlights include: - Operating revenue: 50.825 billion yuan, up 2.61% year-on-year - Net profit attributable to shareholders: 3.350 billion yuan, down 7.82% year-on-year - Non-recurring net profit: 2.722 billion yuan, down 10.98% year-on-year - Gross margin: 20.81%, down 0.85 percentage points year-on-year - Sales expense ratio: 4.80%, up 1.06 percentage points year-on-year [3][4]. Future Profitability Forecast - The company is expected to achieve net profits of 11.719 billion yuan, 13.530 billion yuan, and 15.959 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 19.61, 16.98, and 14.40 [5][6].