证券研究报告 | 浙商早知道 报告日期：2025 年 09 月 02 日 浙商早知道 2025 年 09 月 02 日 ：王禾 执业证书编号：S1230512110001 ：021-80105901 ：wanghe@stocke.com.cn 市场总览 资金：9 月 1 日全 A 总成交额为 27776 亿元，南下资金净流入 119.42 亿港元。 重要推荐 【浙商汽车 刘巍/白浪】长城汽车（601633）公司深度：聚焦产品优势，开拓"高端+海外"差异化新赛道 ——20250831 http://www.stocke.com.cn 1/3 请务必阅读正文之后的免责条款部分 大势：9 月 1 日上证指数上涨 0.46%，沪深 300 上涨 0.6%，科创 50 上涨 1.18%，中证 1000 上涨 0.84%，创业板指 上涨 2.29%，恒生指数上涨 2.15%。 行业：9 月 1 日表现最好的行业分别是通信（+5.22%)、综合（+4.27%)、有色金属（+3.46%)、医药生物（+2.79%)、 电子（+1.42%)，表现最差的行业分别是非银金融（-1.28%)、银行（-1.03%)、家用电器（-0.54 ...

Core Viewpoint - Great Wall Motors has a clear product positioning, focusing on Haval SUVs, rugged off-road vehicles, and high-end new energy segments to create a differentiated competitive advantage [1] Group 1: Product Strategy - The company leverages plug-in hybrid technology to enhance brand building, with Hi4/Hi4-T systems emphasizing high cost-performance four-wheel drive hybrid systems to highlight product individuality [1] - The Tank 300 is projected to be the best-selling rugged off-road model in China for 2024, with sales expected to reach 74,000 units, capturing a significant share of this niche market [1] Group 2: Market Expansion - Great Wall Motors aims to expand into high-margin overseas automotive markets, enhancing overall profitability through strong domestic product capabilities [1] - The rugged off-road vehicle segment is anticipated to grow further as more models are introduced, with the Tank series utilizing Hi4-T and Hi4-Z hybrid systems to strengthen its competitive edge and establish a high-end rugged off-road brand [1] Group 3: Investment Rating - The initial coverage of Great Wall Motors has been rated as "Buy" [1]

Core Insights - The company focuses on clear product positioning, emphasizing Haval SUVs, rugged off-road vehicles, and high-end new energy segments to create a differentiated competitive advantage [1] - The integration of hybrid technology, particularly the Hi4/Hi4-T systems, enhances brand building and offers high cost-performance four-wheel drive solutions [2] - The company aims to leverage strong domestic product capabilities to expand into high-margin overseas automotive markets, thereby improving overall profitability [2] Financial Performance - In Q1 2025, the company reported a revenue of 40.019 billion yuan, a year-on-year decrease of 6.63%, and a net profit attributable to shareholders of 1.751 billion yuan, down 45.60% [2] - The gross margin for Q1 2025 was 17.84%, with a net profit margin of 4.38%, primarily due to a product upgrade cycle and increased investment in direct sales system development [2] - The company projects revenues of 242.71 billion, 282.58 billion, and 345.81 billion yuan for 2025-2027, with year-on-year growth rates of 20.0%, 16.4%, and 22.4% respectively [4] Market Positioning - The Tank model focuses on the rugged off-road niche, with the Tank 300 projected to be the top-selling domestic rugged off-road vehicle in 2024, achieving sales of 74,000 units [3] - The introduction of Hi4-T and Hi4-Z hybrid systems is expected to enhance the competitive edge of Tank models in the high-end off-road market [3] Strategic Outlook - The company emphasizes a "long-termism" approach in its global layout, integrating production, research, and sales to support high-quality overseas development [2] - The rapid growth in automotive exports and high-margin overseas markets is identified as a core driver for the company's performance growth [2]

Core Viewpoint - The incident involving a traffic dispute between two drivers escalated due to the misuse of an administrative enforcement certificate, leading to public concern and an official investigation by the local government [1][4]. Summary by Sections Incident Overview - On July 22, 2025, a traffic dispute occurred between Li and Hou due to a narrow road situation, where Hou displayed an administrative enforcement certificate to intimidate Li [2]. Investigation Details - The investigation involved various methods such as interviews, reviewing police records, and examining video footage to address public concerns [3]. Identity and Certificate of the Female Driver - Hou, a 28-year-old employee of a private company, used her husband's administrative enforcement certificate to intimidate Li, which led to negative social repercussions [4]. - The certificate was improperly stored in Hou's vehicle, leading to its misuse, and her husband is under investigation for violating management regulations [4]. Personal Information Disclosure - Li, a 33-year-old individual, was identified, and it was confirmed that his personal information was disclosed by Hou's father, who recognized him during the dispute [5][6]. - There was no evidence of police tools being used to access Li's personal information, and no records of such queries were found [6]. Police Response to Li's Report - Li reported the incident to the police on July 24, but the officers deemed it a minor dispute and suggested he resolve it amicably [7]. Police Actions Regarding Video Deletion - On July 31, police accompanied Hou and her father to request Li to delete the video he posted online, but Li refused to comply [8]. Police Conduct During the Incident - The police maintained proper procedures during their interactions, although some communication could have been more precise [9]. Media Interaction Issues - A police officer mishandled a media inquiry, leading to internal reprimands for not following proper communication protocols [10]. Future Actions - The local government acknowledged the incident as a minor dispute that escalated due to poor handling and plans to improve management and response to public concerns [11].

Core Viewpoint - The incident involving a traffic dispute between two drivers escalated due to the improper use of an administrative enforcement certificate, leading to public concern and an official investigation [1][4][11] Group 1: Incident Overview - On July 22, 2025, a traffic dispute occurred between Li and Hou over a narrow village road, where Hou displayed an "administrative enforcement" certificate to intimidate Li [2][4] - Li uploaded the incident video online on July 31 after receiving unsatisfactory responses from authorities [2] Group 2: Investigation Findings - The investigation confirmed that Hou is a 28-year-old employee of a private company and not a public official; the certificate was improperly kept by her husband, leading to its misuse [4] - Li's personal information was revealed during the dispute, but it was found that there was no illegal access to his information through police systems [5] Group 3: Police Response - Li reported the incident to the police on July 24, but the officers deemed it a minor dispute and suggested mediation, which Li accepted [6][7] - Police later attempted to mediate between Li and Hou, but Li refused to delete the video or apologize [8][9] Group 4: Institutional Response - The police department acknowledged procedural shortcomings in handling the incident and has committed to improving management and response to public concerns [10][11]

Core Viewpoint - The incident involving a traffic dispute between two drivers escalated due to the improper use of an administrative enforcement certificate, leading to public concern and an investigation by local authorities [1][4][11]. Summary by Sections Incident Overview - On July 22, 2025, a traffic dispute occurred between a white Haval SUV driven by Li and a black Mercedes SUV driven by Hou over a narrow village road. Li refused to yield to Hou's unreasonable demands, prompting Hou to display an "administrative enforcement" certificate [2]. Investigation Findings - The investigation involved interviews, reviewing police records, and examining video evidence to address public concerns and Li's allegations [3]. Identity and Certificate of Hou - Hou, a 28-year-old employee of a private company, displayed a personal administrative enforcement certificate belonging to her husband, which was intended to intimidate Li. This misuse of the certificate has led to negative social repercussions, and an investigation is ongoing [4]. - The Mercedes was a second-hand purchase made in January 2025 for 178,000 yuan, with a down payment of 100,000 yuan and a loan of 78,000 yuan [4]. Personal Information Disclosure - Li, a 33-year-old individual, was identified as having no prior acquaintance with Hou, but a family connection existed through Hou's father, who recognized Li and disclosed his personal information during the dispute [5]. - Investigations confirmed that neither Hou nor her father had access to police databases, ruling out any illegal access to Li's personal information [6]. Police Response to Li's Report - On July 24, Li reported the incident to the police, expressing concerns about threats to his safety. The police determined it was a civil dispute and advised Li to resolve it amicably [7]. Police Actions Regarding Video Deletion - On July 31, Hou and her family reported that their vehicle information was leaked online, leading to a police visit to Li's home to request the deletion of the video he posted. Li refused to comply with the request [8]. Police Communication Issues - The police maintained proper procedures during their investigation, but there were issues with the clarity of communication when contacting Li [9]. Media Interaction - A police officer mishandled a media inquiry, leading to internal criticism and a directive for improvement in communication protocols [10]. Future Actions - The incident highlights the need for stricter management of personnel and better responsiveness to public concerns. The local government plans to implement comprehensive reforms and address any misconduct identified during the investigation [11].

Incident Overview - The incident began on July 22, 2025, when a dispute occurred between two drivers, Li and Hou, over a narrow village road in Fangchenggang [1] - Li recorded the encounter and later uploaded the video online on July 31, which sparked widespread public attention [1] Investigation Findings - Hou, the female driver of the black Mercedes, is a 28-year-old employee of a private company and not a public official [2] - The document shown by Hou was a personal administrative law enforcement certificate belonging to her husband, which was used to intimidate Li [2] - The use of the certificate was deemed improper, leading to an investigation into the husband for violating document management regulations [2] Personal Information Concerns - Li's personal information was allegedly disclosed during the incident, but investigations confirmed that neither Hou nor her father had access to any police systems to obtain such information [3] - There were no records of any queries made about Li or his family in police databases since July 2025 [3] Police Response - Li reported the incident to the local police on July 24, but the officers deemed it a minor dispute and suggested mediation [4] - On July 31, police attempted to mediate between Li and Hou after receiving complaints about Li's video, but Li refused to delete the video or apologize [4][5] Communication Issues - The police's communication with Li was found to be lacking in professionalism, leading to internal criticism and a call for improvement in handling such cases [5][6] Future Actions - The local government acknowledged the incident as a reflection of inadequate management and response to public concerns, promising to implement corrective measures and improve the handling of similar disputes in the future [7]

Incident Overview - The incident began on July 22, 2025, when a dispute occurred between two drivers, Li and Hou, over a narrow village road in Fangchenggang, leading to Hou displaying an "administrative law enforcement" certificate to intimidate Li [1] - Li later uploaded the video of the incident to the internet on July 31, which garnered significant public attention [1] Investigation Findings - The investigation revealed that Hou, a 28-year-old employee of a private company, was not a public official and used her husband's administrative law enforcement certificate to intimidate Li [2] - The certificate was improperly stored in Hou's vehicle, leading to its misuse, and her husband is under investigation for violating document management regulations [2] - Hou's vehicle, a second-hand Mercedes purchased for 178,000 yuan, was not a display of wealth as it was financed through a loan [3] Personal Information Leak Concerns - Li, a 33-year-old individual, was misled into thinking his personal information was leaked when Hou's father recognized him during the dispute, leading to the mention of Li's family address [4] - Investigations confirmed that neither Hou nor her father had access to any official tools to query personal information, and there were no records of such queries in the police system [4] Police Response and Procedures - After Li reported the incident to the police on July 24, the officers determined it was a minor dispute and suggested mediation, which Li accepted [5][6] - On July 31, police attempted to mediate between Li and Hou after Hou reported her vehicle's information was leaked online, but Li refused to delete the video or apologize [6] - The police's handling of the situation was found to be compliant with regulations, although there were criticisms regarding the clarity of communication during the phone call with Li [7] Future Actions - The incident highlighted deficiencies in managing public officials and responding to public concerns, prompting the local government to commit to improving management practices and addressing public grievances more effectively [9]

Core Viewpoint - In 2024, Great Wall Motors achieved record highs in revenue and net profit, but domestic sales declined by 14.8% [2][4]. Financial Performance - Great Wall Motors reported a revenue of 202.195 billion yuan, a year-on-year increase of 16.73%, and a net profit of 12.69 billion yuan, up 80.7% [2][4]. - The company's gross margin reached 19.51%, an increase of 1.36 percentage points from the previous year [2][4]. - The average revenue per vehicle increased by 23,000 yuan to 163,800 yuan, marking a record high [2][4]. Sales Performance - Total sales for Great Wall Motors reached 1.2345 million units, a slight increase of 0.37% year-on-year [2][4]. - Domestic sales fell to 780,000 units, a decline of 14.8%, with SUV and pickup sales also decreasing [9][10]. - In contrast, competitors like BYD and Geely saw significant increases in domestic sales, with BYD up 38.6% and Geely up 25% [9][10]. Overseas Expansion - Overseas sales grew to 454,000 units, accounting for 36.8% of total sales, with a year-on-year increase of 44.61% [4][7]. - Revenue from overseas markets reached 80.3 billion yuan, a 51.1% increase, making up 39.7% of total revenue [4][7]. - Russia emerged as the largest overseas market, with sales of 220,000 units, contributing significantly to profitability [4][7]. Product Strategy - The Haval brand contributed the most to sales, with 707,000 units sold, but its revenue contribution was lower than expected [5][6]. - The Tank SUV and Wey brand electric vehicles significantly boosted profits, with Tank SUVs accounting for 28% of profit contribution despite lower sales [6][7]. - Great Wall Motors has focused on high-margin models, leading to an increase in average revenue per vehicle [5][6]. Challenges and Concerns - Three of Great Wall Motors' five brands saw a decline in sales, raising concerns about its market position [9][10]. - The company faces challenges in maintaining profitability amid declining domestic sales and increasing competition [10][11]. - Future uncertainties in the Russian market due to potential tariff changes could impact overseas sales [11][12]. Strategic Initiatives - Great Wall Motors plans to accelerate international expansion and enhance its electric vehicle offerings [12][13]. - The company aims to establish a comprehensive market presence in various regions, including Europe and Southeast Asia [12][13]. - A focus on developing self-research capabilities in smart driving and intelligent services is also part of the strategy [12][13].