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 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 23.16 CNY per share, corresponding to a PE ratio of 14/12/11 for the years 2025-2027 [5][3]. Core Views - The company reported a total revenue of 40.02 billion CNY in Q1 2025, showing a year-on-year decline of 6.6% and a quarter-on-quarter decline of 33.2%. The net profit attributable to shareholders was 1.75 billion CNY, down 45.7% year-on-year and 22.7% quarter-on-quarter [1][2]. - The decline in revenue is attributed to a product cycle fluctuation leading to decreased quarterly sales, while the increase in marketing expenses is linked to new vehicle launches and channel development [1]. - The company delivered a total of 257,000 vehicles in Q1 2025, representing a year-on-year decrease of 6.7% and a quarter-on-quarter decrease of 32.3%. Notably, new models such as the Haval Xiaolong Max and Tank 300 have shown strong pre-order performance [2]. - The overseas sales remained stable at 91,000 units in Q1 2025, with the company launching the Tank 300 in markets like Thailand and Australia, indicating a strong commitment to global expansion [3]. Summary by Sections Financial Performance - Q1 2025 total revenue was 40.02 billion CNY, with a year-on-year decrease of 6.6% and a quarter-on-quarter decrease of 33.2%. The net profit attributable to shareholders was 1.75 billion CNY, down 45.7% year-on-year [1]. - The company expects revenues for 2025-2027 to be 226.78 billion CNY, 261.70 billion CNY, and 296.25 billion CNY respectively, with net profits projected at 14.09 billion CNY, 16.30 billion CNY, and 18.24 billion CNY [4][9]. Sales and Market Strategy - The company delivered 257,000 vehicles in Q1 2025, with Haval sales at 145,000 units, WEY at 13,000 units, and Tank at 42,000 units. New models are expected to drive sales growth starting Q2 2025 [2]. - The company is actively promoting its new products both domestically and internationally, with a clear strategy for high-end intelligent vehicles and an increasing share of new energy models [3]. Future Outlook - The report anticipates a recovery in sales due to the successful launch of new models and a strategic focus on overseas markets, which is expected to enhance revenue growth in the coming quarters [3][4].

Core Insights - Great Wall Motors (GWM) showcased nearly 40 models across six brands at the 2025 Shanghai International Auto Show, emphasizing its leadership in smart technology, hardcore off-roading, and globalization [1][3] - The company introduced a new brand logo, with the English abbreviation GWM representing "Great Wall Motor" and symbolizing the brand spirit "Go with more" [1] Product Highlights - The Haval second-generation Xiaolong MAX received 16,368 orders within 24 hours of its launch [3] - The Haval Menglong features a design philosophy that balances aesthetics and practicality, while the Ora Lightning Cat Travel Edition is equipped with laser radar for advanced driving assistance [3] - The Wey brand's new Gaoshan model achieved over 7,848 pre-orders in 24 hours, featuring the Hi4 performance version and Coffee Pilot Ultra driving assistance system [3] - The Tank 300 Huke version is designed for extreme off-road scenarios, and the Shanhai Pao Hi4-T is globally pre-sold starting at 228,800 yuan [3] - The Long Wall Soul Motorcycle S2000GL "Tengyun Ruishi" limited edition was globally unveiled, featuring an 8-cylinder horizontally opposed engine [3] Technological Advancements - GWM has been proactive in smart technology since 2011, establishing the Jiuzhou Supercomputing Center and launching the end-to-end intelligent driving model SEE [5] - The new Coffee Pilot Ultra driving assistance system offers full-scene coverage without high-precision maps, while the Coffee OS 3 smart space system enhances user experience [5] - The Hi4-T architecture integrates strong off-road capabilities with new energy, and the Hi4-Z architecture features 2.0T/3.0T engines with the shortest transmission globally [5] - GWM's self-developed 4.0T V8 engine, 3.0T V6 powertrain, and the motorcycle's 8-cylinder engine were also showcased, highlighting the company's technological accumulation [5]

Investment Rating - The report maintains a "Buy-A" rating for the company [6] Core Views - The company experienced a temporary performance pressure in Q1 2025, with revenue of 40 billion yuan, down 7% year-on-year and 33% quarter-on-quarter, and a net profit of 1.75 billion yuan, down 46% year-on-year and 23% quarter-on-quarter [1] - The company is expected to enter a growth phase as new product cycles begin, with potential for a sales upturn driven by refined product offerings and direct sales channel expansion [4] - The company has significant export potential and a diverse product lineup, which is anticipated to enhance profitability as new models are introduced [4] Revenue Summary - In Q1 2025, total sales were 275,000 units, a decrease of 7% year-on-year, with export sales at 91,000 units, down 2% year-on-year [2] - The average selling price (ASP) per vehicle was 156,000 yuan, remaining stable year-on-year but down 3,000 yuan quarter-on-quarter [2] Profit Summary - The comprehensive gross margin for Q1 2025 was 17.8%, a decrease of 1.5 percentage points year-on-year, attributed to reduced scale effects and increased terminal discounts [3] - Sales expenses increased to 2.3 billion yuan, up approximately 900 million yuan year-on-year, primarily due to investments in direct sales and marketing for new vehicle launches [3] - Non-recurring gains and losses were 280 million yuan, down 900 million yuan year-on-year, mainly due to delayed confirmation of scrap tax refunds [3] Outlook Summary - The mainstream market for new vehicles is expected to see a sales upturn, with successful initial results from new models like the Menglong and New Blue Mountain [4] - The Hi4Z technology is anticipated to significantly enhance the Tank brand's market penetration and profitability [4] - The company is well-positioned for growth with a comprehensive product range and strong technical reserves, particularly in the export market [4] Investment Recommendations - The report forecasts net profits of 14.03 billion yuan, 17.40 billion yuan, and 20.96 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 14.1, 11.4, and 9.5 times [5] - A target price of 32.79 yuan per share is set for the next six months based on a 20 times PE for 2025 [5]

Core Insights - The company reported a total revenue of 40.019 billion yuan for Q1 2025, a decrease of 2.840 billion yuan compared to the same period last year, representing a year-on-year decline of 6.63% [1] - The net profit attributable to shareholders was 1.751 billion yuan, down 1.468 billion yuan from the same period last year, reflecting a year-on-year decrease of 45.60% [1] - The net cash flow from operating activities was -8.980 billion yuan, ranking third among disclosed peers, and decreased by 6.346 billion yuan compared to the same period last year [1] Financial Ratios - The latest debt-to-asset ratio stands at 61.11%, ranking third among disclosed peers [3] - The gross profit margin is 17.84%, down 1.67 percentage points from the previous quarter and down 2.20 percentage points year-on-year [3] - The return on equity (ROE) is 2.12%, a decrease of 2.38 percentage points compared to the same period last year [3] Earnings Per Share and Turnover Ratios - The diluted earnings per share (EPS) is 0.21 yuan, a decrease of 0.17 yuan compared to the same period last year, reflecting a year-on-year decline of 44.74% [3] - The total asset turnover ratio is 0.19 times, down 0.03 times year-on-year, representing a decline of 13.85% [3] - The inventory turnover ratio is 1.13 times, ranking third among disclosed peers, and decreased by 0.17 times compared to the same period last year, reflecting a year-on-year decline of 12.90% [3] Shareholder Information - The number of shareholders is 150,300, with the top ten shareholders holding a total of 7.875 billion shares, accounting for 91.97% of the total share capital [3] - The largest shareholder is Baoding Innovation Great Wall Asset Management Co., Ltd., holding 5.970 billion shares [3]

Investment Rating - The investment rating for Great Wall Motors is "Buy" (maintained) [1] Core Views - The report highlights that Great Wall Motors is facing short-term pressure on performance due to product cycle fluctuations, despite ongoing globalization efforts [1] - The company reported a Q1 2025 revenue of 40.019 billion yuan, a decrease of 6.6% quarter-on-quarter and 33.2% year-on-year, with a net profit attributable to shareholders of 1.751 billion yuan, down 45.7% quarter-on-quarter and 22.7% year-on-year [1] - The report notes that the decline in net profit is primarily due to product cycle fluctuations leading to decreased quarterly sales, increased sales expenses, and delays in new car certifications affecting tax refunds in Russia [1] - Great Wall Motors' Q1 gross margin was 17.84%, with sales expenses rising to 2.296 billion yuan, reflecting a significant increase due to accelerated investments in direct sales and new model launches [1] - The report emphasizes the growth of the Wey brand and ongoing international expansion, with total wholesale sales of 256,800 units in Q1, a year-on-year decrease of 6.7% [1] - The company plans to launch multiple new models in 2025, enhancing its product matrix across various brands [1] - Revenue forecasts for 2025, 2026, and 2027 have been adjusted to 219.515 billion yuan, 237.623 billion yuan, and 253.828 billion yuan respectively, reflecting a year-on-year growth of 8.57%, 8.25%, and 6.82% [1] - Net profit forecasts for the same years have been revised to 12.270 billion yuan, 13.854 billion yuan, and 14.366 billion yuan, indicating a year-on-year decrease of 3.33% in 2025, followed by increases in subsequent years [1] Financial Summary - The total revenue for 2023 is projected at 173.212 billion yuan, with a year-on-year growth of 26.12% [1] - The diluted EPS for 2025 is estimated at 1.43 yuan, with a P/E ratio of 18.44 [1] - The report indicates that the company’s sales and R&D investments are increasing, which has led to a downward adjustment in profit expectations [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing short-term pressure on performance due to product cycle fluctuations, despite ongoing globalization efforts [1] - The company reported a Q1 2025 revenue of 40.02 billion yuan, a decrease of 6.6% quarter-on-quarter and 33.2% year-on-year, with a net profit attributable to shareholders of 1.751 billion yuan, down 45.7% quarter-on-quarter and 22.7% year-on-year [1] - The company plans to launch multiple new models in 2025, enhancing its product matrix [1] - The forecast for 2025-2027 has been adjusted downwards for both revenue and net profit due to increased competition in the industry [1] Financial Summary - Total revenue forecast for 2025 is 219.515 billion yuan, with a year-on-year growth of 8.57% [1] - Net profit attributable to shareholders for 2025 is projected at 12.270 billion yuan, reflecting a decrease of 3.33% year-on-year [1] - The earnings per share (EPS) for 2025 is estimated at 1.43 yuan, with a price-to-earnings (P/E) ratio of 18.44 [1]

Core Viewpoint - The company reported a decline in both revenue and net profit for Q1 2025, attributed to internal and external factors impacting performance [1][2] Financial Performance - Q1 2025 revenue reached 40.019 billion yuan, a year-on-year decrease of 6.63% - Net profit attributable to shareholders was 1.751 billion yuan, down 45.60% year-on-year - Non-recurring net profit was 1.469 billion yuan, a decline of 27.43% year-on-year [1] - The company sold 256,800 vehicles in Q1 2025, a decrease of 6.7% year-on-year, leading to a revenue drop of 6.6% [1] Cost and Expenses - Sales expenses for Q1 2025 were 2.296 billion yuan, an increase of 34.6% year-on-year and 44.6% quarter-on-quarter - The sales expense ratio was 5.7%, up 1.8 percentage points year-on-year [2] - The company experienced a significant increase in sales expenses due to accelerated construction of the direct sales system [2] Profitability Metrics - Gross margin for Q1 2025 was 17.8%, a decrease of 2.2 percentage points year-on-year - Net profit margin was 4.4%, down 3.2 percentage points year-on-year [2] - The company’s financial expense ratio improved to -2.6%, driven by increased foreign exchange gains [2] Product Development and Market Response - The company launched the second-generation Xiaolong MAX and the new Gaoshan, with pre-sale orders reaching 16,368 and 7,848 units respectively within 24 hours - The pricing for Xiaolong MAX ranged from 116,800 to 154,800 yuan, exceeding expectations [2] - The introduction of advanced driving technologies is expected to enhance product competitiveness and drive sales growth [2] Future Projections - Revenue forecasts for 2025-2027 are 251.052 billion, 294.832 billion, and 313.987 billion yuan respectively - Projected net profits for the same period are 14.957 billion, 17.184 billion, and 19.010 billion yuan respectively [3]

Core Viewpoint - The new MPV from Great Wall Motors aims to provide an all-scenario experience for families, emphasizing safety and comfort while rejecting range-extended technology [1][3]. Group 1: Product Features - The new high mountain series includes three body specifications: high mountain 7, high mountain 8, and high mountain 9, redefining "fully equipped space" for MPVs [3]. - The vehicles feature five color options and design elements inspired by traditional Chinese landscape painting, showcasing "Eastern aesthetics" [3]. - The high mountain series boasts a high-strength steel ratio of 81.96%, with A and B pillars made from 2000 MPa high-strength steel, enhancing body strength and resilience [3]. Group 2: Safety and Performance - The high mountain series is equipped with the Hi4 performance version power system, achieving a maximum power of 337 kW and a 0-100 km/h acceleration time of 5.7 seconds [5]. - The WLTC fuel consumption is as low as 7.15 liters per 100 km, with a reduction of approximately 0.9 to 1 liter compared to range-extended models [5]. - The vehicles incorporate a 6-second pressure-holding side air curtain, ensuring family safety during travel [3]. Group 3: Technology and Comfort - The L2+ driver assistance system emphasizes "human-machine co-driving," focusing on protecting and caring for the driver rather than replacing them [5]. - The high mountain series features the Coffee OS 3.2 smart operating system, supported by a "super three-piece set" that includes a super refrigerator, super cinema, and super sofa, enhancing the luxury and comfort of the cabin experience [5].