Core Insights - The launch of the Xiangjie S9T marks a significant collaboration between BAIC Group and Huawei, focusing on luxury electric vehicles [1] - The vehicle is positioned as a mid-to-large luxury model, offering both range-extended and pure electric power options, with a price range of 309,800 to 369,800 yuan [1] - A strategic partnership has been established between BAIC and Huawei, committing 20 billion yuan over the next three years to enhance technology and resources [1] Group 1 - The Xiangjie S9T has begun deliveries to its first 100 users, showcasing the initial market response [1] - The vehicle is the first travel car under the Hongmeng Intelligent Driving platform, indicating a technological advancement in the automotive sector [1] - The collaboration aims to create a comprehensive ecosystem involving dedicated teams, R&D resources, manufacturing, supply chain systems, quality control, and distribution networks [1] Group 2 - The partnership emphasizes a deep integration of automotive and technology sectors, reflecting a trend towards smart and luxury electric vehicles [1] - The vehicle's launch is part of a broader strategy to address consumer dissatisfaction and enhance user experience in the luxury segment [1] - The commitment of 20 billion yuan over three years highlights the significant investment in innovation and technology development within the industry [1]

Investment Rating - The report maintains a "Buy" rating for Great Wall Motors, with a target price of 22.46 CNY per share, corresponding to a PE ratio of 14/12/11 for the years 2025-2027 [6][8]. Core Views - Great Wall Motors has shown strong sales performance in May 2025, with a wholesale volume of 102,000 vehicles, representing a year-on-year increase of 11.8% and a month-on-month increase of 2.2% [3]. - The company is experiencing a positive trend in its product lineup, with significant contributions from the Tank and Wey brands, and a strategic focus on high-end electric vehicles [4][6]. - The overseas sales are also on an upward trajectory, with a steady push towards globalization and local production in markets like Brazil [5][6]. Summary by Sections Sales Performance - In May 2025, the wholesale sales of Haval reached 58,000 units, up 22.6% year-on-year, while Wey's sales surged by 115.3% to 6,000 units [3][4]. - The Tank brand maintained stable profits with sales of 21,000 units in May, reflecting a year-on-year increase of 2.8% [4]. Product Development - The Tank 700 Hi4-Z is set to enhance the brand's appeal with a new 2.0T engine and dual motors, offering a pure electric range of 190 kilometers [4]. - The launch of new models under the Wey brand, including the Gao Shan family, has significantly boosted sales, with over 5,900 pre-orders within 24 hours of launch [4]. Financial Projections - Revenue forecasts for Great Wall Motors are projected at 226.78 billion CNY for 2025, with net profit expected to reach 14.09 billion CNY [7][11]. - The company anticipates a steady growth trajectory, with revenue growth rates of 12.2% in 2025 and 15.4% in 2026 [7][12]. Global Expansion - The overseas wholesale sales in May 2025 were 35,000 units, marking a slight increase of 0.2% year-on-year, with plans for a manufacturing facility in Brazil to enhance local production capabilities [5][6].