Ping An Securities·2025-09-17 03:36Investment Rating - The report maintains a "Recommended" rating for Great Wall Motors [1] Core Views - Great Wall Motors is positioned to expand its Tank brand to a broader user base, leveraging its advanced hybrid technology and intelligent driving systems [6][11] - The company is expected to enter a new growth cycle with the launch of its flagship SUV under the Wey brand, supported by a robust direct sales system [35][44] - The investment outlook remains positive due to the company's strong competitive advantages in off-road technology and a diversified product matrix [6][11] Summary by Sections 1. Hybrid Power Base: Complete Hi4 Technology System - The Hi4 technology system covers various vehicle usage scenarios, including passenger cars and commercial vehicles [12] - It includes multiple technical branches such as Hi4, Hi4-T, Hi4-Z, and Hi4-G, catering to different driving environments [12][14] 2. Intelligent Driving Assistance: Entering End-to-End 2.0 Phase - Great Wall Motors is advancing its AI intelligent driving capabilities, with the VLA model set to enhance user experience through improved understanding of driving environments [16][18] - The company has launched the Coffee Pilot Ultra system, which does not rely on high-precision maps, enhancing its autonomous driving capabilities [16][18] 3. Tank Brand Continues to Expand - The Tank brand has achieved over 700,000 units in cumulative sales, with a high resale value, solidifying its position in the off-road market [25] - The brand is transitioning from a niche market to a broader audience, supported by diverse product offerings and advanced technology [24][25] 4. Wey Brand: Intelligent Focus on High-End Household Vehicles - The Wey brand is set to launch a flagship SUV, with expectations of returning to a monthly sales volume of over 10,000 units by mid-2025 [35][44] - The product matrix is being expanded to include more models, enhancing the brand's competitiveness in the high-end market [36][41] 5. Profit Forecast and Investment Recommendations - The report forecasts net profits for Great Wall Motors at 14.7 billion, 15.9 billion, and 18.3 billion yuan for 2025 to 2027 [6] - The investment recommendation remains positive, reflecting the company's strong market position and growth potential in both off-road and family vehicle segments [6][11]