Core Viewpoint - Citigroup has lowered the target price for Great Wall Motors (02333) from HKD 23.7 to HKD 18.9 while maintaining a "Buy" rating [1] Financial Performance - Great Wall Motors reported an expected net profit of RMB 9.912 billion for the last fiscal year, representing a year-on-year decline of 21.7%, which was below investor expectations [1] - The decline in profit was primarily due to a 1 percentage point decrease in gross margin to 18.5%, increased expenses related to direct sales and new product promotions, a delay in the recognition of approximately RMB 1 billion in tax refunds for scrapped vehicles in Russia, and an increase in year-end bonuses [1] Revenue and Sales Outlook - The company anticipates a year-on-year revenue growth of 10.2% to RMB 222.79 billion, which aligns with expectations [1] - The average selling price of products is reported to be RMB 168,300 [1] - Management has set a sales target of 1.8 million vehicles for this year, with an overseas sales target of 600,000 vehicles, expecting growth to come from markets in Central and South America, the Middle East, Europe, and right-hand drive markets [1]

Core Viewpoint - CICC maintains "outperform" rating for Great Wall Motors, with a target price reduction of 20% for both A-shares and H-shares, indicating potential upside from current prices [1] Group 1: Financial Performance - Great Wall Motors reported a revenue of 222.79 billion RMB for the previous year, a year-on-year increase of 10.2% [1] - The net profit attributable to shareholders was 9.91 billion RMB, a year-on-year decline of 21.9% [1] - In the last quarter, revenue reached 69.21 billion RMB, reflecting a year-on-year increase of 15.5% and a quarter-on-quarter increase of 13% [1] - The net profit for the last quarter was 1.28 billion RMB, down 43.5% year-on-year and 44.3% quarter-on-quarter [1] Group 2: Future Projections - CICC has lowered the profit forecasts for 2025 and 2026 by 32% and 20% respectively, now estimating profits of 9.9 billion RMB and 14 billion RMB [2] - A new profit forecast for 2027 has been introduced at 17 billion RMB [2] Group 3: Strategic Developments - The company launched the world's first native AI full-power vehicle platform, which is expected to support the accelerated launch of new energy models by 2026 [1] - The WEY brand has shown significant results in high-end market positioning, with over 10,000 units delivered for three consecutive months since October of last year [1] - Great Wall Motors has a strong presence in overseas markets, which is expected to benefit from multi-regional expansion opportunities [1]

中金指，公司于1月发布全球首个原生AI全动力汽车平台归元平台，可兼容不同动力和车型，核心部件 和系统能力再提升，降本持续推进，认为有望支持2026年公司加速新能源全新车型推出。此外，WEY 品牌高端化成效显著，其中高山自去年10月起连续3个月交付破万辆，接棒构建高端化第二增长曲线。 公司在海外市场积淀深厚，中金认为公司仍可受益于多区域拓展机遇。 考虑到报废税返还节奏、年终奖计提等影响，中金下调公司2025、2026盈利预测32%、20%至99亿、 140亿元，首次引入2027年盈利预测170亿元。 智通财经APP获悉，中金发布研报称，维持长城汽车(02333)"跑赢行业"评级，当前股价分别对应长汽 (601633.SH)A股2026年12.6倍、H股7.3倍市盈率；下调A股目标价20%至24.8元，下调H股目标价20%至 18港元，分别对应2026财年15倍、10倍市盈率，较当前股价有20%、36%上行空间。 长城汽车公布业绩快报，去年收入2,227.9亿元人民币(下同)，同比增10.2%；归母净利99.1亿元，同比跌 21.9%。去年末季收入692.1亿元，同比增15.5%、按季增13%；归母净利12.8亿 ...

Core Insights - Great Wall Motors reported a total sales volume of 90,312 vehicles in January 2026, representing an 11.59% increase compared to January 2025 [1] Brand Performance - Haval brand sold 50,513 vehicles, showing a year-on-year growth of 4.03%. The Haval Dog model ranked first in sales among boxy and off-road vehicles in China for 2025 [1] - Wey brand achieved sales of 7,873 vehicles, marking a significant year-on-year increase of 57.24%. The AI luxury six-seat flagship model, Wey V9X, is set to be officially launched soon [1] - Tank brand recorded sales of 14,505 vehicles, with a year-on-year growth of 12.92%. The Tank 300 has maintained its position as the best-selling off-road SUV for five consecutive years [1] - Ora brand sold 2,057 vehicles, with a historical cumulative sales figure reaching 559,800 units [1] - Great Wall Pickup sales totaled 15,350 vehicles, reflecting a year-on-year increase of 24.58% [1]

每经AI快讯，长城汽车(02333.HK)跌超4%，截至发稿，跌4.23%，报12.7港元，成交3.45亿港元。 ...

格隆汇2月2日｜花旗发表研报指，长城汽车日前发布业绩快报，预计去年度纯利达99.12亿元，按年下 跌21.7%，逊于投资者预期，主要由于期内毛利率按年下降1个百分点至18.5%；与直销模式及新产品推 广相关的费用增加；约10亿元的俄罗斯废旧车辆税项退税延迟入账；以及年终奖金增加的影响。长汽预 期去年全年收入将按年增长10.2%至2227.9亿元，符合预期，产品整体平均售价为16.83万元。管理层将 今年销售目标定为180万辆，其中海外销售目标为60万辆，相信增长将来自中南美洲、中东、欧洲及右 軚市场。花旗相应将长汽目标价由23.7港元下调至18.9港元，维持"买入"评级。 ...

消息面上，1月30日，长城汽车发布2025年年度业绩快报，于2025年1月1日至2025年12月31日，营业总 收入2227.9亿元，同比增长10.19%；归属于公司股东的净利润99.12亿元，同比减少21.71%；基本每股 收益1.16元。本报告期公司实现销量和营业收入的同比增长，同时加速构建直连用户的新渠道模式，以 及加大新车型、新技术的上市宣传及品牌提升，投入增加导致净利润下降。 花旗认为，长城汽车2025年度盈利逊于投资者预期，主要由于期内毛利率按年下降1个百分点至 18.5%；与直销模式及新产品推广相关的费用增加；约10亿元人民币的俄罗斯废旧车辆税项退税延迟入 账；以及年终奖金增加的影响。该行续指，公司管理层将今年销售目标定为180万辆，其中海外销售目 标为60万辆，相信增长将来自中南美洲、中东、欧洲及右舵车市场。 长城汽车（601633）(02333)跌超4%，截至发稿，跌4.23%，报12.7港元，成交3.45亿港元。 ...

花旗认为，长城汽车2025年度盈利逊于投资者预期，主要由于期内毛利率按年下降1个百分点至 18.5%；与直销模式及新产品推广相关的费用增加；约10亿元人民币的俄罗斯废旧车辆税项退税延迟入 账；以及年终奖金增加的影响。该行续指，公司管理层将今年销售目标定为180万辆，其中海外销售目 标为60万辆，相信增长将来自中南美洲、中东、欧洲及右舵车市场。 消息面上，1月30日，长城汽车发布2025年年度业绩快报，于2025年1月1日至2025年12月31日，营业总 收入2227.9亿元，同比增长10.19%；归属于公司股东的净利润99.12亿元，同比减少21.71%；基本每股 收益1.16元。本报告期公司实现销量和营业收入的同比增长，同时加速构建直连用户的新渠道模式，以 及加大新车型、新技术的上市宣传及品牌提升，投入增加导致净利润下降。 智通财经APP获悉，长城汽车(02333)跌超4%，截至发稿，跌4.23%，报12.7港元，成交3.45亿港元。 ...

Summary of Changan Automobile Conference Call Company Overview - **Company**: Changan Automobile - **Year**: 2025 Key Points Sales Performance - Changan Automobile achieved total vehicle sales of **1.324 million units** in 2025, marking a **7.33%** year-on-year increase [3] - New energy vehicle (NEV) sales reached **403,700 units**, up **25.44%** year-on-year [3] - Domestic sales were **818,000 units**, a **4.8%** increase, while overseas sales reached **506,000 units**, growing **11.7%** [4] Revenue and Profitability - Total revenue for 2025 was **¥222.79 billion**, reflecting a **10.2%** year-on-year growth [3] - Average revenue per vehicle was **¥168,300**, an increase of approximately **¥4,500** [3] - In Q4 2025, revenue was **¥69.208 billion**, a **15.46%** year-on-year increase, with a net profit of **¥1.277 billion**, down **44.4%** due to year-end bonus provisions [7] Market Strategy - Changan is focusing on a **three-pronged technology strategy** involving hybrid, pure electric, and performance vehicles, with significant investments in core components like batteries and electric drives [2][8] - The company aims to enhance its brand positioning in the mid-to-high-end market through strategic branding initiatives [6] Global Expansion - Changan's global strategy includes a target of **600,000 units** in overseas sales by 2026, with a focus on markets in Australia, the Middle East, and South America [4][9] - The company has established over **1,500 overseas channels** and has a global user base exceeding **16 million** [9] Future Directions - Changan plans to continue leveraging technological innovation and local market penetration strategies, with a focus on high-end, intelligent, and sustainable vehicle development [10] - The company is set to introduce new models under the **D1** and **EC** series in 2026, with a comprehensive pricing strategy that considers market competition [14][22] Cost Management - Rising costs from commodities like lithium carbonate are being addressed through multi-faceted cost reduction strategies, targeting a **5%** annual reduction in direct material costs [19] - The company is also focusing on optimizing supplier relationships to achieve better pricing [19] Challenges and Risks - The fourth quarter performance was impacted by increased operational costs related to new store openings and brand-building efforts, which are expected to improve as scale effects materialize [18][28] - The profitability in the Russian market has seen a decline per vehicle, influenced by rising commodity prices and tax policy complexities [18][27] Conclusion - Changan Automobile's strategic investments and focus on high-quality operations are expected to yield better returns for investors in 2026, with a strong emphasis on brand enhancement and global market penetration [29]

此外，1月海外销售40，278台。1月新能源车销售18，029台。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 责任编辑：卢昱君 责任编辑：卢昱君 长城汽车（02333）发布公告，于2026年1月，汽车销量约9.03万台，同比增长11.59%；汽车产量约9.01 万台，同比增长9.17%。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 此外，1月海外销售40，278台。1月新能源车销售18，029台。 长城汽车（02333）发布公告，于2026年1月，汽车销量约9.03万台，同比增长11.59%；汽车产量约9.01 万台，同比增长9.17%。 ...