Core Viewpoint - In 2024, the Chinese automotive industry is rapidly transitioning towards intelligence and new energy, with Great Wall Motors maintaining a "long-termism" approach amidst market volatility and price wars, resulting in impressive annual performance. Financial Performance - Great Wall Motors achieved revenue of 202.195 billion yuan in 2024, a year-on-year increase of 16.73% [2] - Gross profit reached 39.449 billion yuan, up 25.47% year-on-year, with a gross margin of 19.51%, an increase of 1.36 percentage points [2] - Net profit surged to 12.692 billion yuan, marking a significant year-on-year growth of 80.73% [2] - Sales of new energy vehicles reached 322,200 units, a 25.65% increase year-on-year, while overseas sales hit 454,100 units, up 44.61% [2] Product Strategy - The proportion of high-priced models increased, with the Tank brand selling 232,195 units at an average price above 200,000 yuan, a 42.57% year-on-year increase, accounting for 18.8% of total sales [3] - The WEY brand, with a starting price above 220,000 yuan, sold 55,539 units, a 56.60% increase year-on-year [3] - The average revenue per vehicle reached 163,800 yuan, an increase of 23,000 yuan year-on-year [3] Research and Development - Great Wall Motors employs 23,000 R&D personnel, with R&D investment exceeding 10 billion yuan for three consecutive years [3] - The company reported a 56.49% year-on-year increase in operating cash flow, reaching 27.783 billion yuan, demonstrating strong profitability [3] Technological Innovation - The company actively advanced its smart vehicle transformation, launching the Coffee Pilot Ultra and Coffee OS 3 systems, and successfully developing the RISC-V automotive-grade MCU chip [4] - Great Wall Motors established an end-to-end intelligent driving model SEE and a new AI data intelligence system, with a 96% user adoption rate for intelligent driving in 2024 [4] Global Expansion - Great Wall Motors implemented an "ecological overseas" strategy, achieving a comprehensive layout in overseas markets [5] - The company expanded high-value model sales overseas, with the WEY brand entering Europe and the Middle East, and the Tank series launching in multiple countries [5] - The sales network now covers over 170 countries and regions, with more than 1,400 overseas sales channels [5]

截至2025年4月3收盘，长城汽车市值2142亿，市盈率17倍（港股PE仅8,5倍），估值在A股车企中垫底。说明投资者对长城汽车的靓丽业绩认可程度不高， 主要原因是缺乏深入了解，担心有"隐情"。 营收"暴起" 2025年3月29日，长城汽车（SH：601663.SH；HK：02333）披露了《2024年度报告》。报告显示：2024年长城汽车销量仅增0.37%，营收却增长16.7%、达 2202亿；归母净利润127亿、同比增长80.8%。#反差巨大# 2016年长城汽车营收986亿、同比增长30%；2017年勉强突破"千亿大关"后连续回落，2019年营收962亿、低于2016年。 2021年长城汽车营收增速陡然提高到32%、达到1364亿；2022年营收1374亿、增速仅0.7%； 2023年、2024年，营收连续"两位数增长"，2024年突破2000亿、同比增长16.7%。 若以2020年营收为基准，2021年、2022年营收指数分别为132、133；2023年"暴起"至168，2024年达196。 长城汽车将营收分为整车销售、零售部两大部分。2019年以前，整车销售占比超过90%。2020年以来呈缓慢下降。 ...

好 大家上午好汽车行业首席分析师王丹那么与同在线的还有同事王根海很高兴今天能请到长城汽车的白宇总来跟大家做一个最新的分享因为刚刚过去的年报的页纸交流会应该大家有很多关切的问题没有详细的展开那么这次的话也可以借此机会来听听公司更详细的一些解读那么下面有请白宇总 那么给大家汇报主要的原因是俄罗斯地区3月的整体销量大幅下滑同比降幅约50%3月公司在当地的销量也随之下降没有达到前期的预期那么当前俄罗斯地区销量整体疲弱的主要原因是当地的汽车贷款利率高企同时金融机构贷款的发放量大幅减少 当前的贷款规模已经跌到了2023年1月以来的最低水平与此同时公司一季度在全球其他地区的销量均实现了同比增长整体涨幅也超过了50%那么我们在南美中东泰国澳大利亚这些地方近期的表现也都比较亮眼在泰国我们的单月销量重新回到了1000台以上在澳大利亚我们三月的销量 应该已经是连续第二个月排在了中国品牌可能是第一的水平那么展望后续我们在俄罗斯地区目前能够观测到后续的销售复苏还需要一定的时间然后另一个方面在三月份 当然3月份其实还有一个小的低谷就是我们巴西3月是有狂欢节也是当地一个比较大的节日也影响了在巴西地区的一个销售那么4月整体上在全球市场来看还 ...

Group 1 - The core point of the news is that Great Wall Motors Co., Ltd. has applied for a patent related to a method for verifying the depolarization duration of battery packs, which aims to ensure the accuracy of remaining battery capacity calculations [1] - The patent application, titled "Verification Method, Device, Vehicle, and Storage Medium for Depolarization Duration of Battery Packs," was published under CN 119758135 A and was filed on December 2024 [1] - The method involves obtaining state characteristic values of the battery pack at preset intervals when it is unloaded, including individual cell voltage values, and recording these values under certain conditions to determine the remaining capacity [1] Group 2 - Great Wall Motors Co., Ltd. was established in 2001 and is located in Baoding City, primarily engaged in the automotive manufacturing industry [2] - The company has a registered capital of 848,655.9123 million RMB and has made investments in 74 enterprises [2] - Great Wall Motors has participated in 2,314 bidding projects and holds 5,000 trademark and patent information records, along with 602 administrative licenses [2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In March 2025, the company achieved a total sales volume of 97,991 vehicles, representing a year-on-year decrease of 2.3% but a month-on-month increase of 25.8%. Notably, the sales of new energy vehicles reached 25,000 units, accounting for 32.5% of total sales, with a year-on-year increase of 15.0% and a month-on-month increase of 66.5% [2][5]. - The company is accelerating its global expansion and is committed to transitioning towards new energy, which is expected to drive improvements in both sales and performance. The long-term growth potential is supported by four strategic expansion initiatives and a shift towards smart technology, which opens up profitability across the entire industry chain [2][5]. Summary by Sections Sales Performance - In March 2025, the company sold 97,991 vehicles, with domestic sales of 66,000 units (up 2.7% year-on-year, up 41.4% month-on-month) and export sales of 31,806 units (down 11.2% year-on-year, up 2.4% month-on-month) [5]. - Cumulative sales for the first three months of 2025 totaled 257,000 vehicles, down 6.7% year-on-year, while new energy vehicle sales reached 63,000 units, up 5.7% year-on-year [5]. Brand Performance - In March, the Haval brand sold 52,732 units (down 2.4% year-on-year, up 21.8% month-on-month), while the Tank brand sold 17,381 units (down 8.3% year-on-year, up 47.8% month-on-month). The WEY brand saw a significant increase in sales, up 29.6% year-on-year [5]. Strategic Initiatives - The company is focusing on product, channel, and supply chain adjustments domestically, emphasizing the plug-in hybrid segment and accelerating the launch of smart new energy products across multiple brands [5]. - The "ONE GWM" strategy is enhancing the company's overseas presence, with sales channels established in over 170 countries and regions, and production bases in Thailand and Brazil [5]. Financial Projections - The company is projected to achieve net profits of 16.04 billion, 17.62 billion, and 19.66 billion yuan for the years 2025, 2026, and 2027, respectively. Corresponding A-share price-to-earnings ratios are estimated at 13.7X, 12.5X, and 11.2X [5].

Group 1 - The core point of the news is that Great Wall Motors Co., Ltd. has applied for a patent related to a power management method for vehicles on the production line, which aims to enhance production efficiency by allowing battery charging during the assembly process [1] Group 2 - Great Wall Motors was established in 2001 and is located in Baoding City, primarily engaged in the automotive manufacturing industry [2] - The company has a registered capital of 848,655.9123 thousand RMB and has made investments in 74 enterprises [2] - Great Wall Motors has participated in 2,314 bidding projects and holds 5,000 trademark and patent information records, along with 602 administrative licenses [2]

Core Insights - Great Wall Motors (GWM) reported impressive financial results for 2024, with revenue of 202.195 billion yuan (+16.73%) and net profit of 12.692 billion yuan (+80.73%), indicating a significant improvement in profitability quality [1][2] - The company is undergoing a strategic transformation, shifting from a focus on scale to prioritizing quality, which is reflected in its product offerings and market approach [3][4] Financial Highlights - GWM achieved a record operating cash flow of 27.783 billion yuan (+56.49%), which is 2.18 times its net profit, providing ample resources for future R&D and global expansion [2] - The gross margin increased to 19.51% (+1.36 percentage points), and the net profit per vehicle exceeded 10,000 yuan, showcasing effective cost control and revenue growth [1][2] Strategic Transformation - The company is implementing a three-pronged strategy: - Product shift from "SUV expert" to "full scene coverage" with a focus on high-value models [3] - Market expansion from "local reliance" to "global deep cultivation," achieving overseas sales of 454,100 units (+44.61%) [4][5] - Technology advancement from "follower" to "leader," with significant investments in smart and new energy technologies [6] Market and Product Development - GWM's Tank brand has achieved over 600,000 global sales, with a market share exceeding 50% in the off-road segment [3] - The company is focusing on high-value models, such as the Wei brand and the Ora brand targeting female consumers, which have shown strong profitability [3][5] Global Expansion - GWM's overseas strategy includes localizing production, with a CKD factory in Malaysia reducing vehicle costs by 18% and plans for a factory in Brazil by 2025 [4] - The company emphasizes a dual approach of "local deep cultivation + technology output" to enhance its global presence [4] Technological Leadership - GWM's Hi4 hybrid technology has been adopted in over 40% of its models, significantly enhancing performance and efficiency [6] - The company is investing heavily in R&D, with over 25% of its workforce dedicated to this area, ensuring a strong technological foundation for future growth [6] Long-term Investment Value - GWM's strategic focus on high-value models and technology is expected to sustain net profit growth rates of 40%-53% by 2025 [8] - The company aims to transition from a traditional automaker to an "AI mobility technology company," creating a comprehensive ecosystem that integrates energy, manufacturing, and services [8][9]

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 ...