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研报掘金丨平安证券:维持长城汽车“推荐”评级,坦克品牌打造越野护城河
Ge Long Hui A P P·2025-08-18 06:16

Core Viewpoint - The new Tank 500 Smart Edition from Great Wall Motors has started pre-sales, with strong initial demand indicated by over 11,000 orders within 24 hours, highlighting the brand's strong user loyalty and market position in the off-road vehicle segment [1] Group 1: Product Launch and Market Response - The Tank 500 Smart Edition is available in two versions, with pre-sale prices set at 388,800 yuan for the Hi4-Z version and 360,000 yuan for the Hi4-T version [1] - The rapid accumulation of orders suggests a robust market interest and potential for strong sales performance [1] Group 2: Brand Strength and Market Position - The Tank brand has established a strong competitive moat in the off-road vehicle sector, evidenced by its high brand retention rate [1] - According to the "2025 Q1 China Car Retention Rate Ranking," Tank is the only domestic brand with a three-year retention rate exceeding 60%, with the Tank 300 achieving a retention rate of 64.57%, ranking first among compact SUVs [1] Group 3: Financial Projections - The company has adjusted its net profit forecasts for 2025 to 14.7 billion yuan, 15.9 billion yuan, and 18.3 billion yuan for the years 2025 to 2027, respectively, down from previous estimates of 15.4 billion yuan, 16.9 billion yuan, and 18.2 billion yuan [1] - Despite the adjustments, the company maintains a "recommended" rating, indicating confidence in its long-term prospects [1] Group 4: Technological Advancements - The company is enhancing its hybrid technology framework and refining its off-road and general off-road vehicle offerings, which are expected to broaden the application scenarios and market appeal of the Tank brand [1] - The integration of Hi4-Z technology and intelligent features is anticipated to facilitate the brand's transition from niche to mainstream [1]