6月16日，理想汽车发布关于"诚信经营，服务至上"的公开承诺。针对网络平台上出现声称可提供"理想 品牌购车额外优惠"的信息，理想汽车提醒广大消费者： 通过非官方渠道购车，将面临多重风险与隐患 ，您的个人信息安全及资金权益均无法得到有效保障。 理想汽车表示，近日发现在部分网络平台上出现声称可提供"理想品牌购车额外优惠"的信息。 存在非 授权外部渠道通过夸大优惠幅度、虚构购车政策等手段吸引客户 ，其宣传内容可能误导您的购车决 策。理想郑重提醒广大消费者：通过非官方渠道购车，将面临多重风险与隐患，您的个人信息安全及资 金权益均无法得到有效保障。 理想汽车称，任何暗示额外折扣、承诺非官方政策或其他形式的变相优惠行为，都严重违反公司"全国 统一售价、统一服务标准"的直营体系核心原则，削弱了官方渠道理应为您提供的权益保障基础，并可 能直接导致以下风险： 同时,任何暗示额外折扣、承诺非官方政策或其他形式 的变相优惠行为,都严重违反公司"全国统一售价、 统一服务标准"的直营体系核心原则,削弱了官方渠 道理应为您提供的权益保障基础,并可能直接导致以 下风险: 同时，官方郑重承诺：全国统一销售政策、服务承诺透明化、赠品管理规范， ...

Investment Rating - The investment rating for Great Wall Motors is "Buy" (maintained) [1] Core Views - The company experienced a year-on-year revenue decline of 6.6% in Q1 2025, with a net profit drop of 45.6% due to product replacement cycles and significant investments in new models and direct sales systems [3][4] - Despite the short-term challenges, the long-term outlook remains positive due to the strong new product cycle and ongoing expansion in overseas markets, particularly with the Tank and Wey brands [3][4] Financial Performance Summary - Q1 2025 revenue was 400.19 billion yuan, down 6.6% year-on-year, while net profit was 17.51 billion yuan, down 45.6% [3] - Sales volume in Q1 decreased by 6.7% year-on-year, with notable declines in Haval, Tank, and Ora brands, while Wey brand sales increased by 38.7% [4] - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 139.72 billion yuan (-4.71%), 169.78 billion yuan (-2.70%), and 189.95 billion yuan (-8.08%) respectively [3] Product and Market Development - The company is set to launch several new models, including the second-generation Haval Big Dog and the new Tank 500, which are expected to drive sales growth [4] - Great Wall Motors is actively expanding its overseas presence, with new factories in Thailand and Brazil, and plans to adapt its product offerings for diverse markets [4] - The company is enhancing its smart driving technology, with the Wey brand's Blue Mountain NOA system being rolled out nationally [4] Valuation Metrics - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected at 14.0, 11.6, and 10.3 respectively [3][6] - The expected revenue growth rates for 2025, 2026, and 2027 are 17.9%, 13.0%, and 8.9% respectively [6][9]

Investment Rating - The report maintains a "Buy-A" rating for the company [6] Core Views - The company experienced a temporary performance pressure in Q1 2025, with revenue of 40 billion yuan, down 7% year-on-year and 33% quarter-on-quarter, and a net profit of 1.75 billion yuan, down 46% year-on-year and 23% quarter-on-quarter [1] - The company is expected to enter a growth phase as new product cycles begin, with potential for a sales upturn driven by refined product offerings and direct sales channel expansion [4] - The company has significant export potential and a diverse product lineup, which is anticipated to enhance profitability as new models are introduced [4] Revenue Summary - In Q1 2025, total sales were 275,000 units, a decrease of 7% year-on-year, with export sales at 91,000 units, down 2% year-on-year [2] - The average selling price (ASP) per vehicle was 156,000 yuan, remaining stable year-on-year but down 3,000 yuan quarter-on-quarter [2] Profit Summary - The comprehensive gross margin for Q1 2025 was 17.8%, a decrease of 1.5 percentage points year-on-year, attributed to reduced scale effects and increased terminal discounts [3] - Sales expenses increased to 2.3 billion yuan, up approximately 900 million yuan year-on-year, primarily due to investments in direct sales and marketing for new vehicle launches [3] - Non-recurring gains and losses were 280 million yuan, down 900 million yuan year-on-year, mainly due to delayed confirmation of scrap tax refunds [3] Outlook Summary - The mainstream market for new vehicles is expected to see a sales upturn, with successful initial results from new models like the Menglong and New Blue Mountain [4] - The Hi4Z technology is anticipated to significantly enhance the Tank brand's market penetration and profitability [4] - The company is well-positioned for growth with a comprehensive product range and strong technical reserves, particularly in the export market [4] Investment Recommendations - The report forecasts net profits of 14.03 billion yuan, 17.40 billion yuan, and 20.96 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 14.1, 11.4, and 9.5 times [5] - A target price of 32.79 yuan per share is set for the next six months based on a 20 times PE for 2025 [5]

Core Viewpoint - Great Wall Motors reported a significant decline in net profit by 45.60% in Q1 2025, attributed to a product upgrade cycle, decreased sales, and increased investment in direct sales system development [1][2][3] Financial Performance - Total revenue for Q1 2025 reached 40.019 billion yuan, a decrease of 6.63% year-on-year [2][5] - Net profit attributable to shareholders was 1.751 billion yuan, down 45.60% compared to the previous year [1][2] - Earnings per share fell to 0.21 yuan, a decline of 44.74% from 0.38 yuan in the same period last year [2][5] - The net cash flow from operating activities was -8.980 billion yuan, worsening from -2.634 billion yuan in the previous year [1][2] Asset and Equity Position - As of the end of Q1 2025, total assets amounted to 2125.47 billion yuan, a decrease of 2.38% from the end of 2024 [2][5] - Shareholders' equity increased by 4.66% to 826.62 billion yuan compared to the beginning of the year, indicating an improvement in the company's equity structure [2][3] Debt Management - The total liabilities at the end of the reporting period were 1298.85 billion yuan, down from 1387.26 billion yuan at the beginning of the year, reflecting effective debt control measures [3]