智通财经APP获悉，招银国际发布研报称，将长城汽车(02333)H股目标价从20港元降至19港元，同时下 调A股目标价，二者均维持"买入"评级。 该公司的归元平台支援一车多动力，零件通用率接近85%。凭借新平台带来的成本优化，2026年魏牌的 至少四款全新车型在定价上将或具竞争力。该行上调 2026 年魏牌销量预期至20万台，较2025年翻番。 除了魏牌，该行预期出口，尤其是坦克品牌出口增长(2026年出口目标为10万台)将提高ASP并支撑毛利 率。基于当前地缘政治格局，该行上调2026年出口销售预期至62万台。预计2026年平均售价年增1%至 17.1万元，毛利率同比增0.1个百分点至18.1%。 该行维持对长城汽车2026年149万台的总销售预测，但上调魏牌及出口销售预期，预计2026年净利润年 增19%至118亿元人民币(下同)。2025年该公司第四季收入同比增16%至692亿元，创历史新高，较该行 预期高9%。毛利率按季缩窄1.1个百分点至17.3%，较预期高0.2个百分点。毛利率的超预期表现被销管 研费用的增加所抵销。最终，剔除政府补助、增值税返还和俄罗斯报废税返还后的核心净利润为4.07亿 元，符 ...

Investment Rating - The report maintains a "Buy" rating for Great Wall Motors [2][5]. Core Views - The company reported a revenue of 69.2 billion yuan in Q4 2025, with a net profit attributable to shareholders of 1.2 billion yuan. The new vehicle cycle has begun, and the global strategy is clearly laid out, justifying the "Buy" rating [2][11]. - The report highlights that the decline in profitability is primarily due to increased investments in new models and technology, as well as the establishment of new direct-to-consumer channels [11]. Financial Summary - Total revenue for 2025 is projected at 222.8 billion yuan, a year-on-year increase of 10.2%. Net profit attributable to shareholders is expected to be 9.87 billion yuan, a decrease of 22.1% [4][11]. - The earnings per share (EPS) for 2026 is estimated at 1.51 yuan, with a price-to-earnings (P/E) ratio of 17x, leading to a target price of 25.60 yuan [11]. - The company achieved a total sales volume of 400,000 vehicles in Q4 2025, a year-on-year increase of 5% and a quarter-on-quarter increase of 13% [11]. Sales and Product Strategy - The report notes that the company launched the world's first native AI all-powertrain vehicle platform, named the "Guiyuan" platform, which aims to enhance product efficiency and competitiveness [11]. - The overseas sales volume reached 172,000 vehicles in Q4 2025, representing a year-on-year increase of 33% [11]. Market Position and Valuation - The total market capitalization of Great Wall Motors is approximately 178.7 billion yuan, with a current share price range of 19.84 to 26.68 yuan over the past 52 weeks [6]. - The company has a net asset return rate of 11.2% for 2025, with a projected increase to 16.5% by 2028 [4][12].

证券日报网讯3月30日，长城汽车在互动平台回答投资者提问时表示，2026年，公司将继续秉持有质量 的市场占有率理念，优化产品结构、提升经营效率，实现可持续的高质量发展。 证券日报网讯3月30日，长城汽车在互动平台回答投资者提问时表示，2026年，公司将继续秉持有质量 的市场占有率理念，优化产品结构、提升经营效率，实现可持续的高质量发展。 ...

（文章来源：证券日报） 证券日报网讯 3月30日，长城汽车在互动平台回答投资者提问时表示，2025年公司在环塔拉力赛、敦煌 越野耐力赛等国内顶级越野赛事中屡创佳绩，未来公司将持续深耕赛事精神，以赛场实战反哺产品研 发，回馈广大用户与股东的信任与支持。 ...

Core Viewpoint - The company integrates traditional Chinese culture into its technology development, vehicle design, product naming, and user experience, aiming to create a unique brand identity and enhance product appeal [1] Group 1: Cultural Integration - The company uses inspiration from the ancient wisdom of Dujiangyan's water management to develop the Hi4-Z power distribution technology, achieving a balance between performance and energy consumption [1] - The company honors the invention of movable type printing by creating the Guiyuan platform, which employs a modular approach to build a flexible and efficient technical system [1] - The company draws from Dunhuang culture, extracting traditional colors like Dunhuang blue, purple, and green, and incorporates Eastern aesthetics into interior and paint designs [1] Group 2: Design Philosophy - The design of the Wei brand vehicles, such as the Wei V9X, is influenced by traditional Chinese architecture and craftsmanship, featuring elements like symmetrical structures and gold-inlaid jade handles [1] - The recently unveiled Tank 700 embodies the spirit of the Qilin, integrating elements of Eastern totems into its design, showcasing a sense of Chinese luxury [1] - The company plans to continue its commitment to Chinese cultural roots, ensuring that cultural depth is reflected in both products and user experiences [1]

Investment Highlights - The article emphasizes a positive outlook for the passenger car sector, anticipating a recovery in demand in Q1 2026 due to the implementation of subsidy policies [3][8] - For the heavy truck sector, it notes a significant increase in wholesale and domestic sales in 2025, with expectations for continued growth in 2026 [4][8] - The bus segment is expected to benefit from the continuation of subsidy policies, with a projected increase in sales in 2026 [4][8] - The motorcycle industry is forecasted to see a total sales volume of 19.38 million units in 2026, with a notable increase in large-displacement motorcycles [5][8] Passenger Car Sector - The article highlights the recovery of passenger car demand in Q1 2026, driven by newly implemented subsidy policies [3][8] - It suggests focusing on high-end electric vehicle manufacturers that are less sensitive to policy changes, such as Jianghuai Automobile and Geely [3][8] - For exports, it recommends prioritizing established companies with proven execution capabilities, such as BYD and Great Wall Motors [3][8] Heavy Truck Sector - In 2025, the heavy truck sector saw a total wholesale volume of 1.144 million units, a year-on-year increase of 26.8% [4][8] - Domestic sales reached 799,000 units, up 32.8% year-on-year, while exports totaled 341,000 units, increasing by 17.2% [4][8] - The article forecasts domestic sales of heavy trucks to reach 800,000 to 850,000 units in 2026, representing a 3% year-on-year growth [4][8] Bus Sector - The article notes that the bus subsidy policy exceeded expectations, with a projected sales volume of 40,000 units in 2026, a 40% increase year-on-year [4][8] - It highlights the need for bus replacements, estimating over 100,000 buses are due for replacement in the coming years [4][8] Motorcycle Sector - The motorcycle industry is expected to achieve total sales of 19.38 million units in 2026, a 14% increase year-on-year [5][8] - Large-displacement motorcycle sales are projected to reach 1.26 million units, reflecting a 31% increase [5][8] - The article recommends focusing on leading companies in the motorcycle sector, such as Chunfeng Power and Longxin General [5][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported total revenue of 222.8 billion yuan for 2025, representing a year-on-year increase of 10.2%. However, the net profit attributable to shareholders decreased by 22.1% to 9.87 billion yuan, and the net profit excluding non-recurring items fell by 37.5% to 6.06 billion yuan [4][6] - The average selling price per vehicle for 2025 was 168,000 yuan, up by 4,000 yuan year-on-year, while the net profit per vehicle was 7,500 yuan, down by 3,000 yuan year-on-year [6] - The company is accelerating its high-end product strategy with the upcoming launch of the V9X model, which is positioned as a luxury six-seat SUV and is expected to be released in Q2 2026 [6] - The overseas sales for January-February 2026 reached 83,000 units, a year-on-year increase of 40.4%, with a target of 600,000 units for the entire year [6] Financial Performance Summary - Total revenue for 2025 was 222,824 million yuan, with a projected increase to 286,817 million yuan in 2026, reflecting a growth rate of 29% [8] - The net profit attributable to shareholders for 2025 was 9,865 million yuan, expected to rise to 13,666 million yuan in 2026, indicating a growth rate of 39% [8] - The earnings per share (EPS) is projected to be 1.60 yuan in 2026, with a price-to-earnings (P/E) ratio of 13.08 [8][9] - The company maintains a stable gross margin of 18% across the forecast period [9]

每经AI快讯，3月30日，长城汽车(02333.HK)午后跌超5%，截至发稿跌5.05%，报11.85港元，成交额 2.89亿港元。 ...

长城汽车(02333)午后跌超5%，截至发稿，跌5.05%，报11.85港元，成交额2.89亿港元。 消息面上，长城汽车发布年度业绩，2025年实现营业收入2228.24亿元，同比增长10.20%，创历史新 高；归母净利润98.65亿元，同比下降22.07%；期内公司销售费用大幅提升是净利下滑的关键原因。公 司销售费用同比上涨43.9%，增至112.7亿元，主要用于搭建直营渠道，以及加大新车型、新技术上市宣 传。 ...

记者注意到，长城汽车的增长并非单纯依赖规模扩张。2025年，长城汽车20万元以上车型销售53.4万 辆，较上年增加9.1万辆，平均单车指导价达20.13万元，同比提升1.17万元。这一数据表明其增长动力 更多来自产品结构的优化而非价格竞争。 在新能源与智能化领域，长城汽车持续保持高强度研发投入。工程研发团队规模达2.3万人，平均每4名 员工中就有一名工程师。2025年，长城控股专利授权量位居中国自主整车集团第一，新能源汽车专利授 权量连续5年位居榜首。全球首发的归元平台兼容5种动力形式，以原生AI为底座，融合双VLA大模 型，构建全栈智能体能力。 值得关注的是，长城汽车在财务端保持稳健。资产负债率减少2.73个百分点，经营活动产生的现金流量 净额约404亿元。这一财务结构为其应对行业波动、持续投入研发与渠道建设提供了支撑。 中国青年报客户端讯（中青报·中青网记者 王京辉）近日，长城汽车发布2025年年度报告。报告显示， 公司全年营业收入2228.24亿元，同比增长10.2%，再创历史新高；销售新车132.4万辆，新能源车型与 海外销量均刷新纪录。在行业利润普遍承压的背景下，长城汽车单车收入达16.83万元，同 ...