GUOTAI HAITONG SECURITIES·2026-03-31 03:07Investment Rating - The report maintains a "Buy" rating for Great Wall Motors [2][5]. Core Views - The company reported a revenue of 69.2 billion yuan in Q4 2025, with a net profit attributable to shareholders of 1.2 billion yuan. The new vehicle cycle has begun, and the global strategy is clearly laid out, justifying the "Buy" rating [2][11]. - The report highlights that the decline in profitability is primarily due to increased investments in new models and technology, as well as the establishment of new direct-to-consumer channels [11]. Financial Summary - Total revenue for 2025 is projected at 222.8 billion yuan, a year-on-year increase of 10.2%. Net profit attributable to shareholders is expected to be 9.87 billion yuan, a decrease of 22.1% [4][11]. - The earnings per share (EPS) for 2026 is estimated at 1.51 yuan, with a price-to-earnings (P/E) ratio of 17x, leading to a target price of 25.60 yuan [11]. - The company achieved a total sales volume of 400,000 vehicles in Q4 2025, a year-on-year increase of 5% and a quarter-on-quarter increase of 13% [11]. Sales and Product Strategy - The report notes that the company launched the world's first native AI all-powertrain vehicle platform, named the "Guiyuan" platform, which aims to enhance product efficiency and competitiveness [11]. - The overseas sales volume reached 172,000 vehicles in Q4 2025, representing a year-on-year increase of 33% [11]. Market Position and Valuation - The total market capitalization of Great Wall Motors is approximately 178.7 billion yuan, with a current share price range of 19.84 to 26.68 yuan over the past 52 weeks [6]. - The company has a net asset return rate of 11.2% for 2025, with a projected increase to 16.5% by 2028 [4][12].