Company and Industry Summary Company Overview - The company is focused on maintaining competitive pricing strategies to capture market share, aiming for a 70% market competitiveness throughout the year, similar to the previous year [1] Product Updates - The company plans to enhance its product offerings, particularly in the hybrid system, by fully adopting the second-generation hi4 hybrid system, which is expected to improve fuel economy while maintaining performance [2] - The new product line, including the "Dog" series, will retain off-road capabilities while introducing more personalized features and options, such as selectable rear differential locks on certain models [2][6] Sales Performance - The sales environment has been challenging, with the 500Z model showing promising initial sales despite overall market constraints [4] - The company anticipates that the 500Z will have good sales elasticity moving forward, despite current market pressures [4] - The average daily order for the Blue Mountain model is around 150 units, indicating a stable demand [7] Industry Insights - The overall automotive industry is facing significant competitive pressure, making it difficult to see substantial improvements in gross margins. The margins are expected to remain stable, with limited upward movement [8][9] - The penetration rate of domestic brands is increasing, which may lead to shifts in market dynamics and sales volume [9][10] Channel Development - The company has expanded its direct sales channels to over 400 stores, although the pace of expansion has slowed in the second quarter [16] - Sales expenses related to the direct sales channel have increased, with a reported growth of approximately 700 million yuan year-on-year due to store construction and operations [17] Future Outlook - The company is optimistic about the upcoming months, with new product launches planned for June and continued growth expected in the second quarter [21] - The introduction of new products in the high-end market is anticipated to enhance sales volume and overall profitability [22] - The company expects a gradual improvement in sales performance throughout the third and fourth quarters, following a challenging first quarter [22]

Group 1 - The automotive market is experiencing a price war during the "May Day" holiday, with various car manufacturers offering significant discounts and promotions to attract buyers [1][5] - Different car companies are employing various strategies for price reductions, including "one price" discounts, substantial reductions from pre-sale prices, and promotional offers such as zero-interest loans [2][3] - Tesla has introduced a "5-year zero interest" financing option for its Model Y, which has reportedly increased customer traffic to its stores [2][4] Group 2 - Despite the aggressive pricing strategies, the effectiveness of these price cuts in boosting sales is diminishing, with a report indicating that the net stimulation effect of the price war is only 3.6% [5] - Local government initiatives are also playing a role in promoting car sales, with subsidies for trade-ins and replacements being offered [5] - The sales of new energy vehicles (NEVs) have been rising, with several new energy brands reporting significant year-on-year growth in deliveries [9]

"五一"假期，汽车市场的价格战步入了今年以来的小高峰。 "'五一'买车我们现在送冰柜，52L的车载家庭大冰柜免费送，还有5年的NOA（领航辅助驾驶）免费用，4000元的补贴，5年0息的贷款……总共买车能省4.4万 元，这还没算以旧换新的补贴。"一位销售人员指着乐道L60表示。 据记者"五一"假期线下实地走访，多家车企均在小长假期间升级了购车优惠，将今年汽车市场的价格竞争推向了新的高度。而不同车企的降价方式不同，有用"一 口价"方式降价的，有新车售价大幅低于预售价的，也有用权益赠送、0息贷款等方式变相降价的，"花式降价"成为今年小长假车市的关键词。 车企"花式降价"促销量 在特斯拉深业上城体验店门口，焕新Model Y"5年0息"的牌子放在最显眼处。特斯拉工作人员向记者表示，这是第一次全系推出"5年0息"活动，"五一"期间买车， 首付7.99万元月供可以低至3060元，活动持续到6月底。上述工作人员表示："新款车（焕新Model Y）的优惠出来之后对客流量有拉动，最近门店客流量有明显提 升。" 和特斯拉通过"5年0息"的方式变相降价不同，奔驰旗下的smart品牌选择"一口价"方式直接降价，被一些网友称为"不到1 ...

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]

| 黄细里 | Ekste | | --- | --- | | 刘力宇 | | | 煮路 | | | 郭雨蒙 | | | 孙仁昊 | De se o | | 赖闊旭 | יות משפחים | | | | | 投资要点 | | --- | 公告要点： 公司公布2025Q1业绩。2025Q1公司实现营收400.19亿元，同环比-6.6%/-33.2%，实现归母净利 润17.51亿元，同环比-45.7%/-22.7%，归母净利润同比下降主要系：1）产品周期波动导致季度 销量下降；2）销售费用同比增长；3）俄罗斯报废税返还因新车认证后延所致。盈利能力方 面，公司Q1毛利率为17.84%，同环比分别-2.2/+1.3pct，受俄罗斯报废税后延约影响。费用率方 面，Q1公司销售费用为22.96亿元，同环比分别+34.6%/+44.6%，主要系：1）直营体系加速投 入的影响；2）新车型上市和预热的影响，如高山、坦克300、二代枭龙max等。 魏品牌放量，出海持续推进： 销量结构上，长城汽车Q1批发销量25.68万辆，同环比分别-6.7%/-32.3%。分品牌来看，哈弗/ 魏 牌 / 坦 克 / 欧 拉 / 皮 卡 销 ...

Investment Rating - The investment rating for Great Wall Motors is "Buy" (maintained) [1] Core Views - The report highlights that Great Wall Motors is facing short-term pressure on performance due to product cycle fluctuations, despite ongoing globalization efforts [1] - The company reported a Q1 2025 revenue of 40.019 billion yuan, a decrease of 6.6% quarter-on-quarter and 33.2% year-on-year, with a net profit attributable to shareholders of 1.751 billion yuan, down 45.7% quarter-on-quarter and 22.7% year-on-year [1] - The report notes that the decline in net profit is primarily due to product cycle fluctuations leading to decreased quarterly sales, increased sales expenses, and delays in new car certifications affecting tax refunds in Russia [1] - Great Wall Motors' Q1 gross margin was 17.84%, with sales expenses rising to 2.296 billion yuan, reflecting a significant increase due to accelerated investments in direct sales and new model launches [1] - The report emphasizes the growth of the Wey brand and ongoing international expansion, with total wholesale sales of 256,800 units in Q1, a year-on-year decrease of 6.7% [1] - The company plans to launch multiple new models in 2025, enhancing its product matrix across various brands [1] - Revenue forecasts for 2025, 2026, and 2027 have been adjusted to 219.515 billion yuan, 237.623 billion yuan, and 253.828 billion yuan respectively, reflecting a year-on-year growth of 8.57%, 8.25%, and 6.82% [1] - Net profit forecasts for the same years have been revised to 12.270 billion yuan, 13.854 billion yuan, and 14.366 billion yuan, indicating a year-on-year decrease of 3.33% in 2025, followed by increases in subsequent years [1] Financial Summary - The total revenue for 2023 is projected at 173.212 billion yuan, with a year-on-year growth of 26.12% [1] - The diluted EPS for 2025 is estimated at 1.43 yuan, with a P/E ratio of 18.44 [1] - The report indicates that the company’s sales and R&D investments are increasing, which has led to a downward adjustment in profit expectations [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing short-term pressure on performance due to product cycle fluctuations, despite ongoing globalization efforts [1] - The company reported a Q1 2025 revenue of 40.02 billion yuan, a decrease of 6.6% quarter-on-quarter and 33.2% year-on-year, with a net profit attributable to shareholders of 1.751 billion yuan, down 45.7% quarter-on-quarter and 22.7% year-on-year [1] - The company plans to launch multiple new models in 2025, enhancing its product matrix [1] - The forecast for 2025-2027 has been adjusted downwards for both revenue and net profit due to increased competition in the industry [1] Financial Summary - Total revenue forecast for 2025 is 219.515 billion yuan, with a year-on-year growth of 8.57% [1] - Net profit attributable to shareholders for 2025 is projected at 12.270 billion yuan, reflecting a decrease of 3.33% year-on-year [1] - The earnings per share (EPS) for 2025 is estimated at 1.43 yuan, with a price-to-earnings (P/E) ratio of 18.44 [1]