Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 performance shows significant improvement, and the group's reform is accelerating [1] - The company aims for a sales target of 4.5 million units in 2025, with a projected annual R&D investment intensity of around 3% [7] - The forecast for the company's net profit attributable to shareholders for 2025 and 2026 has been adjusted to 9.7 billion and 12.8 billion respectively, down from previous estimates [7] Financial Performance Summary - Total revenue for 2023 is projected at 744.7 billion, with a decline to 627.6 billion in 2024, followed by a slight recovery to 640.2 billion in 2025 [1][8] - The net profit attributable to shareholders is expected to drop significantly from 14.1 billion in 2023 to 1.7 billion in 2024, before rebounding to 9.7 billion in 2025 [1][8] - The latest diluted EPS is forecasted to be 0.14 in 2024, increasing to 0.84 in 2025 and further to 1.10 in 2026 [1][8] Market Data Summary - The closing price of the stock is 15.59 yuan, with a market capitalization of approximately 180.46 billion [5] - The stock has a price-to-book ratio of 0.62 and a price-to-earnings ratio of 108.29 based on the latest diluted EPS [5][8] Financial Ratios and Projections - The company’s asset-liability ratio stands at 63.33% [6] - The projected gross margin for 2024 is 11.02%, with expectations of slight fluctuations in subsequent years [8] - The return on equity (ROE) is expected to improve from 0.58% in 2024 to 5.11% by 2027 [8]

[Table_Title] 证券研究报告 / 公司点评报告 品牌势能加速释放，华为赋能高端化赛道 [高端化与多元化产品矩阵驱动销量增长，品牌势能加速释放 Table_Summary] 。2024 年 全年公司实现营业收入 145.12 亿元，同比增长 1.35%，实现归母净利 润-69.48 亿元，同比减少 28.67%，实现扣非后归母净利润-73.23 亿元， 同比减少 21.69%。2025 年 Q1 实现营业收入 37.73 亿元，同比增长 150.75%，实现归母净利润-9.53 亿元，同比增长 6.15%，实现扣非后归 母净利润-9.61 亿元，同比增长 6.87%。公司凭借精准的品牌分层策略 实现销量与营收双增长，2024 年销量达 11.39 万台、同比+23.5%， 2025Q1 销量同比增长 173.8%至 2.77 万台。公司已形成"高端突破+主 流上量+细分市场覆盖"的立体化产品体系，为持续放量奠定基础。 核心技术全栈自研构筑护城河，智能化与电动化能力领跑行业。公司 在三电、智能驾驶、制造工艺等核心领域建立技术壁垒：电动化方面， 800V/5C 超充系统实现快速补能，自研 BMS 4.0 ...

A股公司2024年年报披露基本完毕。据证券时报记者统计，截至4月29日19时，已披露年报的上市公司近5300家。上 述公司合计实现营业收入70.6万亿元，合计实现归母净利润5.25万亿元。近六成A股公司营收保持增长，近八成公司 盈利，净利润超过千亿元的企业增至10家，营收超千亿元的企业达到117家创出新高。 2024年，智能网联汽车、低空经济、人工智能、人形机器人行业蓬勃发展，半导体、计算机设备等板块增收又增 利。如从事高性能光模块业务的新易盛去年营收达到86.5亿元，同比大增179%；实现归母净利润28.4亿元，同比大 增312%。 畜牧养殖、乘用车等板块收入利润增速也居前列。养殖行业迎来显著回暖，相关企业大面积扭亏。Wind数据统计显 示，申万二级行业中，养殖业去年净利润整体同比增长328%。不过，各行业表现依然分化明显，房地产、钢铁、煤 炭、纺织服装等板块整体收入同比有所下滑。 截至记者发稿，逾5100家A股公司披露了2025年一季报，其中，超六成企业一季度营收实现增长。进入今年一季度， 多个行业经营再上新台阶，也有部分行业经营下滑趋势得到扭转。如去年下滑明显的影视院线行业，今年一季度业 绩大幅回暖。风 ...

Group 1 - The core viewpoint of the article highlights the performance of the China Securities Index for Hong Kong-listed tradable mainland consumption, which has seen a recent increase of 0.57% to 1230.76 points, despite a decline of 8.09% over the past month [1] - The index has shown a year-to-date increase of 8.81% and a three-month increase of 7.24%, indicating a positive trend over a longer period [1] - The index is part of a series that includes HKT Hong Kong real estate, HKT mainland consumption, and HKT mainland banking, reflecting the overall performance of related thematic securities in the Hong Kong market [1] Group 2 - The top ten holdings of the index include BYD Company (12.92%), Alibaba-W (12.58%), JD Group-SW (8.05%), Trip.com Group-S (7.63%), Meituan-W (7.32%), Pop Mart (4.52%), Xpeng Motors-W (3.96%), Li Auto-W (3.96%), Yum China (3.88%), and Anta Sports (3.65%) [1] - The index's holdings are entirely composed of securities listed on the Hong Kong Stock Exchange, with the passenger vehicles and parts sector accounting for 29.45%, consumer services for 23.30%, and retail for 21.88% [2] - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December, ensuring that the weight factors are updated accordingly [2]

汽车/乘用车 长安汽车（000625.SZ） Q1 业绩有所增长，新车密集上市销量增长可期 | 日期 | 2025/4/28 | | --- | --- | | 当前股价(元) | 12.18 | | 一年最高最低(元) | 17.07/11.32 | | 总市值(亿元) | 1,207.54 | | 流通市值(亿元) | 1,006.16 | | 总股本(亿股) | 99.14 | | 流通股本(亿股) | 82.61 | | 近 3 个月换手率(%) | 62.89 | 股价走势图 数据来源：聚源 -36% -24% -12% 0% 12% 24% 2024-04 2024-08 2024-12 长安汽车 沪深300 相关研究报告 《2024Q4 业绩高增，以三大计划为引 领开启新车周期—公司信息更新报 告》-2025.4.15 《Q3 业绩有所承压，新车密集上市业 绩改善可期—公司信息更新报告》 -2024.11.1 《Q2 业绩同环比高增，华为赋能新车 销量增长可期—公司信息更新报告》 -2024.8.31 赵旭杨（分析师） 徐剑峰（联系人） zhaoxuyang@kysec.cn 证书编号：S079 ...

汽车/乘用车 长安汽车（000625.SZ） Q1 业绩有所增长，新车密集上市销量增长可期 2025 年 04 月 29 日 投资评级：买入（维持） | 日期 | 2025/4/28 | | --- | --- | | 当前股价(元) | 12.18 | | 一年最高最低(元) | 17.07/11.32 | | 总市值(亿元) | 1,207.54 | | 流通市值(亿元) | 1,006.16 | | 总股本(亿股) | 99.14 | | 流通股本(亿股) | 82.61 | | 近 3 个月换手率(%) | 62.89 | 股价走势图 数据来源：聚源 -36% -24% -12% 0% 12% 24% 2024-04 2024-08 2024-12 长安汽车 沪深300 相关研究报告 《2024Q4 业绩高增，以三大计划为引 领开启新车周期—公司信息更新报 告》-2025.4.15 《Q3 业绩有所承压，新车密集上市业 绩改善可期—公司信息更新报告》 -2024.11.1 《Q2 业绩同环比高增，华为赋能新车 销量增长可期—公司信息更新报告》 -2024.8.31 赵旭杨（分析师） 徐剑峰（联系人） ...

● 胡雨 谭丁豪 在陈雳看来，多项经济数据表现喜人的背后，折射出供给侧改革与扩大内需协同推进下产业结构的深度 调整，数字经济、生产性服务业等新动能正加速成长，新质生产力对经济的拉动作用已进入加速期。 陈雳认为，从出口产品结构看，一季度我国出口同比增长6.9%。其中，新能源乘用车厂商出口量同比 增长19.8%，集成电路一类的高技术产品出口数量同比增长22.0%，表明我国出口正从传统劳动密集型 产品向高技术、高附加值领域转型。从内需看，一季度社会消费品零售总额12.46万亿元，同比增长 4.6%，其中新能源乘用车零售242万辆，同比增长36.4%，新质生产力在一些领域驱动产业结构优化的 典型特征已经显现，并正在形成"供给创新-需求升级-供给再创新"的良性循环。 政策驱动也为新质生产力发展提供了必要支撑。数据显示，2025年中央财政制造业领域专项资金安排 118.78亿元、增长14.5%，科技创新和技术改造再贷款规模扩大至8000亿元至1万亿元。陈雳认为，从国 际比较角度看，我国高技术制造业增加值占GDP比重正在向德国等高端制造业大国靠近，但在研发投入 强度、核心技术自主率等方面仍有提升空间。 赋能传统产业"老树发 ...

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]

Group 1 - The core index, the CSI Hong Kong-Shanghai-Shenzhen Interconnection Small Comprehensive Consumer Index, reported a decline of 6.26% over the past month, 0.49% over the past three months, and 0.83% year-to-date, currently standing at 2521.90 points [1] - The index is categorized into 11 industries based on the classification standards of the CSI Hong Kong-Shanghai-Shenzhen index series, which includes the CSI 500 and other indices [1] - The top ten weighted stocks in the index include Sichuan Changhong (2.11%), Laopu Gold (2.07%), Gongxiao Daji (1.99%), Leap Motor (1.8%), Fuyao Glass (1.76%), Tongcheng Travel (1.55%), BAIC Blue Valley (1.46%), Bertley (1.45%), Great Wall Motors (1.45%), and Yonghui Superstores (1.43%) [1] Group 2 - The market share of the index's holdings is distributed as follows: Shenzhen Stock Exchange 43.43%, Shanghai Stock Exchange 34.15%, and Hong Kong Stock Exchange 22.42% [2] - The industry composition of the index's holdings includes: Passenger Cars and Parts 43.12%, Durable Consumer Goods 18.17%, Textiles, Apparel, and Jewelry 14.86%, Retail 12.63%, and Consumer Services 11.21% [2] - The index samples are adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2]

点击小程序查看报告原文 注：1）资金流向为前6项加总；2）数据截至4月22日 年初以来A股市场波动加大，市场交易量先升后降。 年初以来影响市场有两大变量，一是DeepSeek改写科技叙事，二是特朗普就任后关税政策频繁变化， 前者成为A股春季行情催化，后者导致4月市场波动，近期维稳资金入市、关税预期反复，市场企稳修复。本篇报告重点梳理年初以来股市资金面线索， 从整体层面上交易情绪先升后降，2-3月上涨过程中A股日成交额一度重回2万亿元以上，调整之后市场交易情绪有所降温，近期阶段回落至日成交万亿元 左右。 资料来源：Wind，中金公司研究部 图表：3月中下旬以来市场交投情绪边际降温，单日两市成交额一度回落至万亿元以下 图表：2025年至今A股资金面相对紧平衡 资料来源：Wind，朝阳永续，中金公司研究部 "国家队"明显净买入、融资余额波动、资金南下港股是年初以来A股资金面的突出特征。 去年924之后，市场资金面更为活跃，公募、私募等机构资金对 A股的主导作用边际下降，个人投资者对市场影响加大。在2-3月DeepSeek引发的上涨行情中，融资资金大幅流入A股成为主要的增量资金之一；国内资金 大量南下港股（尤其是公募 ...