Core Viewpoint - The company experienced sales fluctuations, leading to short-term pressure on net profit in the first quarter of 2025 [1][13]. Financial Performance - In 2024, the company achieved revenue of 202.2 billion yuan, a year-on-year increase of 16.7%, and a net profit attributable to shareholders of 12.7 billion yuan, up 80.8% year-on-year, with a non-recurring profit of 9.74 billion yuan, up 101.4% year-on-year [2][7][13]. - In the first quarter of 2025, the company reported revenue of 40.02 billion yuan, a decrease of 6.6% year-on-year and 33.2% quarter-on-quarter, with a net profit of 1.75 billion yuan, down 45.6% year-on-year and 22.7% quarter-on-quarter [2][7][13]. - The gross margin for Q1 2025 was 17.8%, down 2.2 percentage points year-on-year but up 1.3 percentage points quarter-on-quarter [2][7][13]. Sales and Volume - The company sold 257,000 vehicles in Q1 2025, a decrease of 6.7% year-on-year and 32.3% quarter-on-quarter, with overseas sales of 91,000 vehicles, down 2.0% year-on-year and 29.5% quarter-on-quarter [2][7][13]. - The sales of the Tank model in Q1 2025 were 42,000 units, down 14.6% year-on-year, accounting for 16.4% of total sales, a decrease of 1.5 percentage points year-on-year but an increase of 0.2 percentage points quarter-on-quarter [2][7][13]. Profitability and Cost Structure - The company maintained relatively stable per-vehicle profitability, with a per-vehicle revenue of 156,000 yuan in Q1 2025, unchanged year-on-year, and a net profit of 7,000 yuan per vehicle, down 500 yuan year-on-year but up 100 yuan quarter-on-quarter [4][11]. - The cost structure showed an increase in sales expenses due to new product marketing and direct sales system investments, while financial expenses decreased mainly due to exchange gains [4][11]. Strategic Outlook - The company is advancing its new energy strategy, with expectations for product and technology upgrades to drive sales growth [5][6]. - In April, the second-generation Xiaolong Max was officially launched, receiving 16,368 orders within 24 hours, and the new Gaoshan model also saw strong pre-sales [6]. - The company is focusing on hybrid, pure electric, and hydrogen energy technologies, with the launch of the Hi4-Z technology expected to broaden its customer base [6]. International Expansion - The company has over 1,400 overseas sales channels and more than 15 million global users, with ongoing efforts to enhance local operations in markets like Thailand and Brazil, which are expected to support continued sales growth [6].

| 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 ...