GUOTAI HAITONG SECURITIES·2026-02-13 14:00Investment Rating - The report maintains a "Buy" rating for Great Wall Motors [2][5]. Core Views - Great Wall Motors reported a revenue of 69.2 billion yuan in Q4 2025, with a net profit attributable to shareholders of 1.3 billion yuan. The company is entering a new vehicle cycle and has a clear global strategy [2][11]. - The report highlights the launch of the "Guiyuan" platform, which is the world's first native AI all-powertrain automotive platform, aiming to enhance product efficiency and competitiveness [11]. - The company's overseas expansion strategy is progressing effectively, with the completion of a factory in Brazil, which will initially produce key models [11]. Financial Summary - Total revenue for 2025 is projected at 222.79 billion yuan, reflecting a year-on-year increase of 10%. The net profit attributable to shareholders is expected to be 9.91 billion yuan, a decrease of 21.9% [4][11]. - The earnings per share (EPS) estimates for 2025, 2026, and 2027 are adjusted to 1.16 yuan, 1.76 yuan, and 2.01 yuan, respectively [11]. - The company’s net profit margin is projected to be 4.5% in 2025, with a return on equity (ROE) of 11.3% [4][11]. Sales Performance - In Q4 2025, Great Wall Motors achieved a sales volume of 400,000 vehicles, a year-on-year increase of 5% and a quarter-on-quarter increase of 13% [11]. - The overseas sales reached 172,000 vehicles in Q4, marking a 33% increase year-on-year [11]. Strategic Developments - The "Guiyuan" platform is designed to support multiple powertrains and vehicle types, with plans to launch over 50 models [11]. - The company is enhancing its brand through increased investment in new models and technology, which has impacted short-term profitability [11].