| 宝马汽车 | 528.04 | 1 +0.16 | 87.03 | | --- | --- | --- | --- | | 保时捷 | 486.24 | 1 +1.02 | 53.5 | | gm 通用汽车 | 456.47 | + +1.27 | 47.24 | | MS 玛普蒂铃木 | 444.8 | 1 +5.58 | 139.14 | | ( 本田汽车 | 442.04 | 1 +4.33 | 30.51 | | 马恒达汽车 S | 418.27 | 1 +9.48 | 34.42 | | 福特汽车 | 399.24 | + -0.8 | 10.02 | | 19 现代汽车 | 326.96 | + -6.54 | 50 | | 塔塔汽车 OD | 294.69 | 1 +5.69 | 7.85 | | 赛力斯 | 283.96 | + -1.57 | 17.39 | | 斯特兰蒂斯 | 269.61 | + -1.74 | 9.36 | | 起亚汽车 KU | 249.13 | 1 +4.96 | 62.93 | | 上汽集团 | 246.48 | 1 +0.15 | 2.13 | | 理想汽车 ...

事件：公司发布2025 年一季报，财务方面，25Q1 公司实现营收400.2 亿元，同比-6.6%；归母净利润 17.5 亿元，同比-45.6%；扣非归母净利润14.7 亿元，同比-27.4%；销量方面，25Q1 实现销量25.7 万 辆，其中海外9.1 万辆。 25Q1 产品换代销量业绩阶段性承压，3 月起重磅车型密集上市拐点将至；销量层面，25Q1 公司销量 25.7 万辆，其中海外销售9.1 万台，新能源车销售6.3 万台，同比+5.7%。 财务层面，25Q1 实现营收400.2 亿元，同比-6.6%；归母净利润17.5 亿元，同比-45.6%。 盈利能力方面，25Q1 公司毛利率17.8％，同比-2.2pct；25Q1 公司期间费用率10.3%，同比-0.8pct，整体 保持稳定；净利率为4.4％，同比-3.2pct。其中，销售/管理/研发/财务费用率分别为 5.7%/2.3%/4.8%/-2.6%，同比+1.8/0.0/+0.2/-2.8pct，销售费用提升主要用于直营渠道拓展和新车上市预 热投入。由于哈弗、魏牌、坦克品牌处于产品换代期，25Q1 销量短期承压导致业绩阶段性受影响；往 后看，3 月起 ...

【文/观察者网 张家栋 编辑/高莘】 4月23日，欧拉品牌以"经典新生"为主题亮相上海车展，并发布品牌未来产品规划与用户生态战略。 车展上，欧拉闪电猫旅行版首次亮相，该车型是欧拉基于多场景和个性化的用户需求，在现有产品基础 上拓展而来。 自2018年创立以来，欧拉一直被看作长城汽车布局新能源领域的先锋，凭借经典设计和智能科技，该品 牌也一度获得市场的认可。但此后随着小型、微型电动车市场的价格战，欧拉逐渐放弃了原有赛道，并 将目光转向彼时火热的女性市场。 然而，专注于单一市场，也令长城汽车在此后的纯电领域探索失去了利刃。2021年后，随着大量中国品 牌向电动化市场涌入，早早入局的欧拉却逐渐在单一市场中显得力不从心。 长城汽车首席增长官李瑞峰在本届车展表示，长城曾经在不同时间针对用户的需求打造不同的品牌定 义，但这些定义并非一成不变，而是将随着市场需求的变化产生改变。 而欧拉品牌此次的转变，或许便是长城为重塑集团整体调性，重新将欧拉整合到长城整体战略体系中的 一步。 在新的战略规划下，欧拉表示首先将在设计上坚持"审美独立"原则，以独特的复古美学设计语言，打造 出兼具精致与个性的城市出行座驾，在同质化严重的纯电市场 ...

Investment Rating - The report maintains a "Buy" rating for the company [8][5]. Core Views - The company reported Q1 revenue of 40 billion RMB, down 7% quarter-on-quarter and 33% year-on-year, with a net profit of 1.8 billion RMB, down 46% quarter-on-quarter and 23% year-on-year, which was below expectations due to product inventory adjustments and increased direct sales costs [1][2]. - The launch of the second-generation Xiaolong MAX in April is expected to boost revenue and profit as the company transitions to new energy vehicles, alongside the new pricing and features of the Weipai Gaoshan model [1][3][4]. Summary by Sections Q1 Performance - The company sold 260,000 new vehicles in Q1, a decrease of 7% year-on-year. The gross margin was 18%, a decrease of 2% quarter-on-quarter but an increase of 1% year-on-year. The average selling price (ASP) and gross profit per vehicle were 160,000 RMB and 30,000 RMB, respectively [2]. - Sales, management, R&D, and financial expense ratios were 5.7%, 2.3%, 4.8%, and -2.6%, respectively, with sales expenses increasing due to new vehicle marketing and direct sales investments [2]. Product Launches - The second-generation Xiaolong MAX was launched at a starting price of 116,800 RMB, featuring advanced four-wheel drive technology and a low fuel consumption rate of 0.97L/100km, which is expected to achieve monthly sales of over 8,000 units [3]. - The Weipai Gaoshan model has been revamped with a price drop and enhanced features, with expected monthly sales of over 6,000 units as it targets the mainstream MPV market [4]. Profit Forecast and Valuation - The company’s net profit forecast for 2025-2027 is 15.3 billion, 18.6 billion, and 20.1 billion RMB, respectively. The report assigns a PE ratio of 22x for A-shares and 11x for H-shares, with target prices set at 39.69 RMB and 20.95 HKD, respectively [5][13].

Investment Rating - The investment rating for Great Wall Motors is "Buy" (maintained) [1] Core Views - The company experienced a year-on-year revenue decline of 6.6% in Q1 2025, with a net profit drop of 45.6% due to product replacement cycles and significant investments in new models and direct sales systems [3][4] - Despite the short-term challenges, the long-term outlook remains positive due to the strong new product cycle and ongoing expansion in overseas markets, particularly with the Tank and Wey brands [3][4] Financial Performance Summary - Q1 2025 revenue was 400.19 billion yuan, down 6.6% year-on-year, while net profit was 17.51 billion yuan, down 45.6% [3] - Sales volume in Q1 decreased by 6.7% year-on-year, with notable declines in Haval, Tank, and Ora brands, while Wey brand sales increased by 38.7% [4] - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 139.72 billion yuan (-4.71%), 169.78 billion yuan (-2.70%), and 189.95 billion yuan (-8.08%) respectively [3] Product and Market Development - The company is set to launch several new models, including the second-generation Haval Big Dog and the new Tank 500, which are expected to drive sales growth [4] - Great Wall Motors is actively expanding its overseas presence, with new factories in Thailand and Brazil, and plans to adapt its product offerings for diverse markets [4] - The company is enhancing its smart driving technology, with the Wey brand's Blue Mountain NOA system being rolled out nationally [4] Valuation Metrics - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected at 14.0, 11.6, and 10.3 respectively [3][6] - The expected revenue growth rates for 2025, 2026, and 2027 are 17.9%, 13.0%, and 8.9% respectively [6][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][13] Core Views - The company is expected to achieve record high revenue and profit in 2024, driven by a new product cycle, affordable intelligent driving features, and continuous expansion in exports [3][7] - The first quarter of 2025 showed a revenue of 40.02 billion yuan, a year-on-year decrease of 6.6%, and a net profit attributable to shareholders of 1.75 billion yuan, down 45.6% year-on-year [6][8] - The company is entering a new product cycle with multiple new models set to launch, which is anticipated to boost sales momentum starting from March 2025 [8][6] Financial Performance Summary - Revenue forecast for 2023A is 173.21 billion yuan, with a growth rate of 26% year-on-year; for 2024A, it is projected at 202.20 billion yuan, with a growth rate of 17% [4] - Net profit attributable to shareholders for 2023A is 7.02 billion yuan, with a year-on-year decrease of 15%; for 2024A, it is expected to rise to 12.69 billion yuan, an increase of 81% [4] - Earnings per share (EPS) for 2023A is 0.82 yuan, projected to increase to 1.48 yuan in 2024A [4] Sales and Market Dynamics - In Q1 2025, the company sold 257,000 vehicles, including 91,000 units sold overseas and 63,000 units of new energy vehicles, reflecting a year-on-year increase of 5.7% [6][8] - The company is focusing on expanding its market presence in regions such as Latin America, the Middle East, and Southeast Asia, alongside maintaining stable sales in Russia [8][6] Product and Innovation Strategy - The company plans to launch several new models across its five major brands, including Haval, Wey, Tank, Ora, and pickup trucks, with significant models expected in Q2 and Q3 of 2025 [8][6] - The introduction of affordable intelligent driving features in models priced below 200,000 yuan is expected to enhance competitiveness [8][6] Profitability and Valuation - The company’s gross margin for Q1 2025 was 17.8%, a decrease of 2.2 percentage points year-on-year, while the net profit margin was 4.4%, down 3.2 percentage points [6][8] - The projected P/E ratios for 2025E, 2026E, and 2027E are 14.5X, 12.6X, and 11.3X respectively, indicating a favorable valuation outlook [4][8]

Investment Rating - The report maintains a "Strong Buy" investment rating for Great Wall Motors [3][6]. Core Views - The company reported a revenue of 40.02 billion yuan in Q1 2025, a decrease of 6.6% year-on-year, and a net profit attributable to shareholders of 1.75 billion yuan, down 45.7% [1][6]. - Despite short-term performance pressure, the company is launching competitive new models and enhancing its technological capabilities [6]. - The company is actively pursuing collaborations to create a new ecosystem for intelligent mobility [6]. Financial Performance - In Q1 2025, Great Wall Motors achieved a gross margin of 17.8% and a net margin of 4.4% [6]. - The total revenue for 2023 is projected at 173.21 billion yuan, with a year-on-year growth of 26%, and expected to reach 340.64 billion yuan by 2027 [7][33]. - The net profit attributable to shareholders is forecasted to be 14.62 billion yuan in 2025, with a growth rate of 15% [7][33]. Sales and Market Position - The company sold 257,000 vehicles in Q1 2025, a decline of 6.7% year-on-year, while overseas sales decreased by 2.0% to 91,000 units [6]. - New energy vehicle sales increased by 5.7% year-on-year, reaching 63,000 units [6]. Product Development and Innovation - The company launched several new models in 2025, including the Tank 300 and the second-generation Haval Xiaolong MAX, which features advanced driving technology [6]. - Great Wall Motors is focusing on product upgrades and technological accumulation to enhance competitiveness [6]. Strategic Collaborations - The company has formed strategic partnerships with various technology firms to innovate in areas such as AI and intelligent vehicle manufacturing [6].

| 证券代码：601633 | 证券简称：长城汽车 | 公告编号：2025-058 | | --- | --- | --- | | 转债代码：113049 | 转债简称：长汽转债 | | 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 04 月 28 日 （星期一） 至 05 月 07 日 （星期三）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 zqb@gwm.com.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 长城汽车股份有限公司（以下简称"公司"）已于 2025 年 4 月 25 日发布公 司 2025 年第一季度报告，为便于广大投资者更全面深入地了解公司 2025 年第一 季度经营成果、财务状况，公司计划于 2025 年 05 月 08 日（星期四）10:00-11:00 举行 2025 年第一季度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年第一季度的经 营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的 范围内就投资者普遍关注的问题进行回答 ...

点 击 蓝 字 关 注 我 们 国内新闻 1.十部门:2035年纯电动汽车成为新销售车辆主流 国外新闻 商用车 本文全文共 4547 字，阅读全文约需 15 分钟 目录 1. 比亚迪获2025年一季度新能源客车出口销量冠军 2. 江淮新能源ES9登陆大湾区 3. 长征氢能重卡亮相GWM全球经销商大会 4. 远程新能源商用车与九识智能达成战略合作 十部门:2035年纯电动汽车成为新销售车辆主流 时间:2025.4.28 来源:财经网 作者: 贾子健 国内新闻 1 2.深圳以旧换新带动汽车销售金额97.7亿元 3.全面聚焦新能源四驱技术研发 未来哈弗新能源只做四驱 4.小鹏智能辅助驾驶安心服务正式上线 5.宝马中国宣布接入DeepSeek 6.奇瑞将在欧洲推出Lepas品牌 7.零跑将向一汽红旗提供电动车平台 8.华为联合11家车企发布智能辅助驾驶安全倡议 1.美国2月纯电动汽车注册量同比增14% 2.特斯拉6月在美国将推自动驾驶出租车 3.丰田3月全球销量同比增长11% 4.奥托立夫与电动方程式合作 提升汽车安全 近日，交通运输部等十部门发布关于推动交通运输与能源融合发展的指导意见。其中指出，到2035年， 推 ...

1.新能源汽车相关板块一周行情梳理 同花顺数据显示，上周（4月21日-4月25日，下同），新能源汽车指数（885431.TI）周内上涨3.48%，跑赢沪深300指数3.1%。其中，汽车相关板块中表现最 好的是电机Ⅲ指数（884085.TI），周涨跌幅为6.21%。新能源车电池相关板块中表现最好的是锂电池指数（884309.TI），周涨跌幅为3.92%。 2.上市公司一周（4月21日-4月25日）行情梳理 新能源整车 | 代码 | 证券名称 | 收盘价(元) | | --- | --- | --- | | 002594.SZ | 比亚迪 | 370.83 | | 600418.SH | 江淮汽车 | 34.9 | | 000572.SZ | 海马汽车 | 3.79 | | 601238.SH | 广汽集团 | 8.04 | | 000625.SZ | 长安汽车 | 12.35 | | 601633.SH | 长城汽车 | 23.16 | | 600733.SH | 北汽蓝谷 | 7.55 | | 601127.SH | 赛力斯 | 128.99 | 行情回顾 | 电机电控 | | --- | | 代码 | 证券 ...