上 市 公 司 2025 年 09 月 03 日 长城汽车 (601633) ——强势新车周期即将开启，后续增长可期 报告原因：有业绩公布需要点评 买入（维持） 邵翼 A0230524120001 shaoyi@swsresearch.com | 市场数据： | 2025 年 09 月 02 日 | | --- | --- | | 收盘价（元） | 26.28 | | 一年内最高/最低（元） | 33.34/20.60 | | 市净率 | 2.7 | | 股息率%（分红/股价） | 1.71 | | 流通 A 股市值（百万元） | 163,179 | | 上证指数/深证成指 | 3,858.13/12,553.84 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 9.83 | | 资产负债率% | 61.98 | | 总股本/流通 A 股（百万） | 8,559/6,209 | | 流通 B 股/H 股（百万） | -/2,319 | 一年内股价与大盘对比走势： 09-02 10-02 11 ...

Group 1 - Huazhong Securities has been approved to issue subordinate corporate bonds with a total face value of no more than 10 billion yuan [1] - Jinbei Automotive plans to invest 240 million yuan to establish an automotive industry investment fund focusing on electrification, intelligence, and low carbon [1] - Linyang Energy is expected to win a bid for a 244 million yuan metering equipment project from Southern Power Grid [1][2] Group 2 - Renfu Pharmaceutical's subsidiary has received drug registration certificates for two products, including a medication for acute hypotension [3][4] - Nanjing Steel plans to distribute a cash dividend of 0.1186 yuan per share [5][6] - Pairui Co. has signed a strategic cooperation agreement with Xi'an Power Electronics Research Institute to develop power devices [7][8] Group 3 - Haixing Electric is expected to win a bid for a 214 million yuan metering equipment project from Southern Power Grid [9][10] - Kuangda Technology is planning a change in control, leading to a continued suspension of its stock [11][12] - Samsung Medical is expected to win a bid for a 274 million yuan metering equipment project from Southern Power Grid [13][14] Group 4 - Jiukang Bio has obtained a medical device registration certificate for a specific diagnostic kit [15][16] - Hechuan Technology's minority shareholder plans to transfer a 13% stake in a subsidiary [17][18] - DiAo Micro has launched a new eUSB2 repeater product for various electronic applications [19][20] Group 5 - David Medical's electric surgical table registration application has been accepted [21][22] - Hangxin Technology plans to apply for a total of 280 million yuan in bank credit [23][24] - Liyuan Technology's non-independent director has resigned [25][26] Group 6 - Ningbo Construction's subsidiary has won a construction project bid worth 729 million yuan [27][28] - Huaren Pharmaceutical's subsidiary has received approval for a raw material drug [29][30] - Suwen Electric plans to distribute a cash dividend of 1 yuan per 10 shares [31][32] Group 7 - Solar Energy has received 1.692 billion yuan in renewable energy subsidies [33][34] - Wangli Security has obtained a patent for a new lock structure [35][36] - Zhejiang Energy's vice chairman has resigned due to age reasons [37][38] Group 8 - Beilu Pharmaceutical's subsidiary has passed GMP certification in Brazil [39][40] - Zhejiang Communications has a subsidiary that is expected to win a highway project bid [41][42] - Xinzhi Group has received a government subsidy of 11.1978 million yuan [43][44] Group 9 - Dong'an Power's engine sales in August increased by 3.44% year-on-year [45][46] - Baiyun Mountain's subsidiary has passed the consistency evaluation for two generic drugs [47][48] - Yipin Hong's subsidiary has received a drug registration certificate for a specific injection [49][50] Group 10 - Far East Holdings' subsidiary has won multiple contracts totaling 1.689 billion yuan [51][52] - Good Housekeeping's shareholder plans to reduce holdings by up to 3.5 million shares [53][54] - Guanghong Technology's shareholders have set a transfer price of 23.33 yuan per share [55][56] Group 11 - Keli Sensor plans to acquire 45% of Huahong Technology's shares for 122 million yuan [57][58] - Jianmin Group's furosemide oral solution has been approved for market launch [59][60] - Jinghua Laser's directors plan to reduce their holdings by up to 143,420 shares [61][62] Group 12 - Zhuyue Group is planning a share transfer that will change its controlling shareholder [63][64] - Terid has pre-bid for two projects totaling approximately 698 million yuan [65][66] - Zhonghuan Hailu is planning a change in control, leading to a continued suspension of its stock and convertible bonds [67][68] Group 13 - Great Wall Motors reported August sales of 115,600 vehicles, a year-on-year increase of 22.33% [69][70] - Guizhou Tire's controlling shareholder has committed not to reduce holdings for 12 months [71][72] - San Da Membrane's shareholder plans to reduce holdings by up to 1% of the company's shares [73][74] Group 14 - Chint Electric has decided to terminate the spin-off of its subsidiary for listing [75][76] - Jusaylong's shareholder plans to reduce holdings by up to 1% of the company's shares [77][78]

【半年砸下50亿销售费用后，长城汽车完成了14%的业绩目标】 ...

Core Insights - The company reported a revenue of 92.335 billion yuan for H1 2025, a year-on-year increase of 0.99%, while net profit attributable to shareholders decreased by 10.48% to 6.369 billion yuan [1] - In Q2 2025, the company achieved a revenue of 52.316 billion yuan, a year-on-year increase of 7.71% and a quarter-on-quarter increase of 30.73%, with net profit reaching a record high of 4.586 billion yuan, up 19.09% year-on-year and 161.87% quarter-on-quarter [1] - The company is focusing on high-end and new energy vehicles, with Q2 average vehicle price rising to 175,400 yuan, a year-on-year increase of 2.1% [1] Financial Performance - H1 2025 sales volume increased by 1.8% to 570,000 units, with average revenue per vehicle at 162,000 yuan, a decrease of 0.8% [2] - Q2 2025 sales volume was 313,000 units, up 10.1% year-on-year and 21.9% quarter-on-quarter, with the Tank brand sales at 62,000 units, down 7.8% year-on-year [2] - H1 2025 gross margin was 18.38%, a decrease of 1.56 percentage points year-on-year, while Q2 gross margin improved to 18.80%, up 0.96 percentage points quarter-on-quarter [2] Product Development and Innovation - The company is in a strong product cycle, launching several new models including the Gaoshan 8, Gaoshan 9, and the new Tank 500, with strong initial sales [3] - The CoffeePilot Ultra intelligent driving system is being integrated into new models, enhancing product capabilities and market competitiveness [3] Future Outlook - Revenue projections for 2025-2027 are 243.419 billion yuan, 276.394 billion yuan, and 306.705 billion yuan, with net profits expected to reach 13.977 billion yuan, 16.421 billion yuan, and 19.092 billion yuan respectively [4] - The company maintains a "recommended" rating based on projected earnings per share of 1.63 yuan, 1.92 yuan, and 2.23 yuan for the same period [4]

9月4日-8日,2025齐鲁秋季车展暨第五十二届齐鲁汽车展览交易会将在山东国际会展中心举行。本届车 展不仅有以旧换新的利好政策加持,众多厂家还纷纷推出限时特惠政策,以真金白银助力消费者轻松买 车。在即将到来的齐鲁车展上,消费者将迎来年度最实惠的购车时机。 记者 郭书梅 济南报道 北京越野 优惠政策:蔚来乐道L60购车即享3年免费换电、5年免费NOA领航辅助,乐道L90购车享5年NOA领航辅助 驾驶功能使用权、3项选装6折优惠。 吉利 特价车型:吉利第四代博越L、吉利星瑞、吉利第四代帝豪 优惠政策:吉利第四代博越L售价9.29万元起,厂家置换补贴至高18000元,吉利星瑞售价9.27万元起,厂家置 换补贴至高20000元。吉利第四代帝豪,4.89万元起,厂家现金优惠13000元。 红旗 优惠政策:北京越野展台订车即送5000元专属精品礼包还可参与现场抽奖,置换购车可享至高4万元补贴, 老客户介绍新客户送800元京东卡。 长安汽车 特价车型:第三代UNI-V 优惠政策:长安汽车第三代UNI-V超感智能运动轿跑叠加现金礼后仅需9.79万元,更有燃擎五重礼、燃擎 进阶礼火热放送。 蔚来 特价车型:乐道L60、乐道L9 ...

当前新能源市场四驱车型渗透率不足15%，高成本与能耗问题仍是主要制约因素。长城汽车通过架构重 构与垂直整合，试图在性能与经济性之间找到平衡点。哈弗大狗PLUS的推出，标志着其试图将四驱技 术从高端市场向大众消费群体渗透的战略意图。 汽车分析师林述成对《华夏时报》记者表示，Hi4技术的商业化应用或将改变紧凑型SUV市场格局。通 过降低四驱系统准入门槛，长城汽车在提升产品竞争力的同时，也推动了新能源技术普惠化进程。 从专业越野到全民四驱 在越野车市场从专业玩家专属向大众化转型的变革浪潮中，哈弗品牌以前瞻性视角重新定义了行业坐 标。长城提出的"3/4刻度"理念，精准填补了传统轿车（0刻度）与硬派越野车（4/4刻度）之间的空白， 开创了"泛越野"这一全新品类。这一创新理念在2025年成都车展上得到立体化呈现，哈弗不仅设立动态 体验区，更通过赵永坡与知名美食博主乌啦啦的跨界联动，以楼梯路段、陡坡、滑轮组等极限场景的实 测，直观展现了其产品"全路况征服者"的硬核实力。 车展现场，哈弗大狗PLUS的预售启动成为焦点。11.28万至16.08万元的换新价格，将四驱越野车的准入 门槛大幅拉低，标志着哈弗"泛越野场景全覆盖"战略 ...

0 1 事 件 概 述 ► 海外销量稳中有进 全球化加速推进 公司发布2025H1业绩报告：2025H1营业总收入为923.3亿元，同比+1.0%，其中，2025Q2营业总收入为523.2亿元，同比/环比分别为+7.7%/+30.7%；2025H1归母净利润为 63.4亿元，同比-10.5%；其中2025Q2归母净利润为45.9亿元，同比/环比分别为+19.1%/+161.9%。2025H1扣非归母净利润为35.8亿元，同比-36.4%，其中，2025Q2扣非归 母净利润为21.1亿元，同比/环比分别为-41.8%/+43.8% 。 0 2 分 析 判 断 ► 营收稳定增长 营销费用提升 1）收入端： 2025H1营业总收入为923.3亿元，同比+1.0%；其中，2025Q2营业总收入为523.2亿元，同比/环比分别为+7.7%/+30.7%。据我们测算，2025Q2单车 ASP为16.7万元，同比/环比分别-0.4/+1.1万元 。 2 ）利润端： 2025H1扣非归母净利润为35.8亿元，同比-36.4%；其中，2025Q2扣非归母净利润为21.1亿元，同比/环比分别为-41.8%/+43.8%。利润端下 ...

0 1 事 件 概 述 公司 2025 年 9 月 1 日发布 2025 年 8 月产销快报：批发销量 11.6 万辆，同比 +22.3% ，环比 +10.7% ； 1-8 月累计批发 79.0 万辆，同比 +5.9% 。其中， 1 ）哈弗 6.9 万 辆，同比 +22.7% ，环比 +22.6% ； 1-8 月累计批发 44.7 万辆，同比 +9.2% 。 2 ）魏牌 0.8 万辆，同比 +167.5% ，环比 -20.1% ； 1-8 月累计批发 5.3 万辆，同比 +105.1% 。 3 ）皮卡 1.3 万辆，同比 -2.9% ，环比 -3.3% ； 1-8 月累计批发 12.3 万辆，同比 +4.8% 。 4 ）欧拉 0.5 万辆，同比 +1.4% ，环比 +21.5% ； 1-8 月累计批发 2.3 万辆，同 比 -43.8% 。 5 ）坦克 2.0 万辆，同比 +22.5% ，环比 +0.0% ； 1-8 月累计批发 14.4 万辆，同比 -4.9% 。 0 2 分 析 判 断 ► 坦 克销量亮眼 新车表现良好 坦克 8 月批发销售 2.0 万辆，同比 +22.5% ，环比 +0.0% 。全新坦克 ...

► 大众市场自主存量竞争，中高端市场决定未来增量。 2024-2025年，自主车企份额提升的主要来源为5-15万元级的A级车市场。在电动化、智能化、全球化发展初期阶段完 成后，未来高增速车企重点需观察15万元以上的中高端市场表现，而中高端市场核心竞争将围绕品牌塑造展开。本篇报告重点讨论中高端市场竞争格局，海外中高端品牌如何 形成和自主品牌应该如何构建品牌壁垒 。 ► 中高端市场空间大盈利强，品牌壁垒维护份额稳定。 从15万元以上价格带开始，品牌效应逐渐显现，消费者初步呈现出品牌忠诚度，使得进入该价格带存在一定门槛，因 此车企竞争不会仅围绕价格领域展开。中高端市场品牌壁垒高，盈利能力强。据我们用2024年销量规模测算，5-15万元市场年销量约为1,100-1,200万辆，整体市场年收入体量 约为1.1-1.2万亿元，整体市场年净利润约为500-600亿元；15-25万元市场年销量约为550-600万辆，年收入为1.1-1.2万亿，该价格带的市场净利润体量约为550-600亿元，在总销 量仅有5-15万元市场一半的情况下盈利能力并不弱于5-15万元市场；25万元+的豪华市场，年销量约为400万辆，按照当前2万元单 ...

在汽车行业深度转型与市场竞争白热化的背景下，长城仍困在"增收不增利"的漩涡中。 具体到各品牌，上半年哈弗、WEY、长城皮卡三大品牌保持增长，分别销售32.37万辆、3.45万辆、 9.62万辆，同比分别增长7.24%、73.62%、4.69%，欧拉品牌、坦克品牌却出现下滑，同比分别下降 56.19%、10.67%。 整体销量增长主要得益于公司密集的新品投放策略。上半年，长城先后推出二代哈弗枭龙 MAX、全新 高山、坦克 500 Hi4-Z等20余款热点车型，形成了覆盖SUV、皮卡、新能源等多个细分市场的产品矩 阵。 吴 迪 摄 二季度业绩回暖 近日，长城发布上半年财报。 2025年上半年，长城汽车实现营业总收入923.35亿元，同比微增0.99%。 分季度来看，长城汽车单季业绩有明显改善，第二季度公司实现营收523.16亿元，同比增长7.72%，环 比大幅增长30.73%，创下公司历史上营收最高的第二季度。 这一营收表现与同期销量增长有关。 上半年，长城累计销售新车56.89万辆，同比增长2.52%，对应全年400万辆业绩目标来看，完成率仅为 14.22%，如果要完成既定目标，意味着下半年长城每月需要实现销售 ...