7月10日，中国汽车工业协会发布产销数据。上半年，国内汽车产销量均超过1500万辆，同比均实现 10%以上较高增长。其中，新能源汽车新车销量达到汽车新车总销量的44.3%。 从主要车企销售数据看，比亚迪（002594）、上汽集团（600104）、吉利汽车、长安汽车（000625）、 奇瑞集团销量均突破百万辆，其中比亚迪、上汽集团两家车企销售突破200万辆，长城汽车（601633） 销量仅为56.98万辆，排名垫底。 从增速看，吉利汽车增速最高，同比增长47%，而长城汽车仅增长1.81%，增速显著低于全国平均水 平。 长城汽车欧拉品牌上半年销量腰斩，坦克品牌销量为10.37万台，同比下降10.67%，相较于去年同期 99%的同比增速大幅下滑。 坦克是长城的主力品牌，整体定价高，盈利能力强，是长城的冲击高端的主要品牌之一。 作为定位越野的品牌，近年来竞争激烈，之前有北汽旗下的越野品牌，之后又有方程豹系列。比亚迪旗 下方程豹品牌依托DMO超级混动越野平台，推出豹5、豹8等车型，凭借性价比优势快速抢占市场。从 销量来看，方程豹上半年累计销售60746台，同比增长2.0%，显然抢走了长城的越野市场。 虽然销量增长乏力， ...

Core Viewpoint - The announcement from Great Wall Motors provides detailed production and sales figures for June 2025, highlighting both monthly and year-to-date performance across various brands [2][3]. Production and Sales Summary - Total sales for June 2025 reached 110,690 units, representing a 12.86% increase compared to June 2024's 98,080 units [3]. - Year-to-date sales for 2025 stand at 569,789 units, a slight increase of 1.81% from 559,669 units in the same period of 2024 [3]. Brand Performance - **Haval Brand**: - June sales were 62,396 units, up 30.73% from 47,729 units in June 2024 [3]. - Year-to-date sales reached 321,427 units, a 7.24% increase from 299,738 units [3]. - **WEY Brand**: - June sales surged to 10,197 units, a remarkable increase of 246.95% from 2,939 units in June 2024 [3]. - Year-to-date sales totaled 34,494 units, up 73.62% from 19,867 units [3]. - **Great Wall Pickup**: - June sales were 13,213 units, down 13.36% from 15,251 units in June 2024 [3]. - Year-to-date sales reached 96,228 units, a 4.69% increase from 91,916 units [3]. - **Ora Brand**: - June sales fell to 3,283 units, a decrease of 45.55% from 6,029 units in June 2024 [3]. - Year-to-date sales were 13,908 units, down 56.19% from 31,749 units [3]. - **Tank Brand**: - June sales were 21,571 units, down 17.22% from 26,059 units in June 2024 [3]. - Year-to-date sales totaled 103,660 units, a decrease of 10.67% from 116,038 units [3]. - **Others**: - June sales for other models were 30 units, down 58.90% from 73 units in June 2024 [3]. - Year-to-date sales were 72 units, down 80.06% from 361 units [3].

证券代码：601633 证券简称：长城汽车 公告编号：2025-073 转债代码：113049 转债简称：长汽转债 长城汽车股份有限公司 2025 年 6 月产销快报 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 本公告乃由长城汽车股份有限公司（「本公司」）自愿刊发。 本公司董事会谨此宣布，本公司于2025年6月产销量详细如下(单位:台)： | 车型 | | | 销量 | | | | | | 产量 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 月度同比 | | | 年度同比 | | | 月度同比 | | | 年度同比 | | | | | 本月 | 去年同期 | 增减(%) | 本年累计 | 去年同期 | 增减(%) | 本月 | 去年同期 | 增减(%) | 本年累计 | 去年同期 | 增减(%) | | 哈弗品牌 | 62,396 | 47,729 | 30.73 | 321,427 | ...

在新能源 "全线飘红" 的表象下，一场围绕市场份额的激烈角 逐正悄然改变格局——新势力头部阵营洗牌、传统车企加速转 型，行业进入深度调整期。 作者：周菊 封图：图虫创意 近日，国内各新能源汽车生产企业陆续公布5月销量数据。在"五一"小长假等因素的带动下，几乎所有车企都实现了销量增长。据乘联会初步推算，5 月新能源零售预计可达98万辆，同比增长22%，新能源汽车渗透率维持在52.9%左右。 在新能源 "全线飘红" 的表象下，一场围绕市场份额的激烈角逐正悄然改变格局 —— 新势力头部阵营洗牌、传统 车 企加速转型，行业进入深度调整 期。 | 序号 | 新势力车企 | 5月销量(万辆) | 同比 | 1-5月销量(万辆) | 同比 | | --- | --- | --- | --- | --- | --- | | 1 | 零跑汽车 | 4.5 | 148% | 17.4 | 161% | | വ | 理想汽车 | 4.1 | 17% | 16.7 | 19% | | 3 | 赛力斯问界 | 3.7 | 35% | - | - | | 4 | 小鹏汽车 | 3.4 | 230% | 16.3 | 293% | | 5 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company experienced a recovery in May sales, with a year-on-year increase of 11.78%, selling 102,200 vehicles [6][7] - The sales of new energy vehicles reached 32,600 units in May, up 32.41% year-on-year, while sales of models priced above 200,000 yuan increased by 24.67% [7] - The company is expanding its overseas sales, with May overseas sales at 34,500 units, accounting for 33.78% of total monthly sales [8] - New product launches are expected to support continued sales growth, with several new models introduced in April and May [8] Summary by Sections Basic Data - Latest closing price: 22.46 yuan - 12-month A-share price range: 21.83-32.03 yuan - Total shares: 8,559.53 million - Circulating market value: 191.54 billion yuan [2] Sales Performance - May sales reached 102,200 units, with a cumulative total of 459,100 units from January to May, showing a slight year-on-year decrease of 0.54% [6] - Breakdown of May sales by brand: Haval brand sold 57,700 units (+22.58% YoY), WEY brand sold 6,200 units (+115.27% YoY), and Ora brand sold 2,000 units (-67.34% YoY) [7] Financial Forecast - Expected net profits for 2025-2027 are projected at 14.315 billion, 16.584 billion, and 18.762 billion yuan, respectively, with year-on-year growth rates of 12.8%, 15.9%, and 13.1% [9] - Revenue forecasts for 2025-2027 are 234.06 billion, 264.54 billion, and 294.23 billion yuan, with growth rates of 15.8%, 13.0%, and 11.2% [11]

Core Viewpoint - The announcement from Great Wall Motors provides detailed sales and production figures for May 2025, highlighting both monthly and year-to-date performance across various brands [2][3]. Group 1: Sales Performance - The total sales volume for May 2025 reached 102,231 units, representing an 11.78% increase compared to the same month last year [3]. - Year-to-date sales volume stands at 459,099 units, showing a slight decrease of 0.54% compared to the previous year [3]. Group 2: Brand-Specific Performance - Haval brand sold 57,693 units in May 2025, a 22.58% increase year-on-year, with a cumulative total of 259,031 units, up 2.79% [3]. - WEY brand experienced significant growth, with sales of 6,161 units in May, marking a 115.27% increase year-on-year, and a cumulative total of 24,297 units, up 43.53% [3]. - Great Wall Pickup recorded sales of 15,510 units in May, a 2.71% increase year-on-year, with a total of 83,015 units year-to-date, up 8.28% [3]. - Ora brand faced a decline, selling only 1,961 units in May, down 67.34% year-on-year, with a cumulative total of 10,625 units, down 58.69% [3]. - Tank brand sold 20,900 units in May, a 2.82% increase year-on-year, but year-to-date sales decreased by 8.77% to 82,089 units [3]. Group 3: Production Performance - The total production volume for May 2025 was 101,888 units, reflecting a 7.91% increase compared to the same month last year [3]. - Year-to-date production volume is reported at 462,564 units, showing a marginal decrease of 0.07% compared to the previous year [3].

本公司董事会谨此宣布，本公司于2025年5月产销量详细如下(单位:台)： | 车型 | | | 销量 | | | | | | 产量 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 月度同比 | | | 年度同比 | | | | 月度同比 | | 年度同比 | | | | | 本月 | 去年同期 | 增减(%) | 本年累计 | 去年同期 | 增减(%) | 本月 | 去年同期 | 增减(%) | 本年累计 | 去年同期 | 增减(%) | | 哈弗品牌 | 57,693 | 47,066 | 22.58 | 259,031 | 252,009 | 2.79 | 56,298 | 52,966 | 6.29 | 260,094 | 255,931 | 1.63 | | WEY品牌 | 6,161 | 2,862 | 115.27 | 24,297 | 16,928 | 43.53 | 6,919 | 3,654 | 89.35 | 25,187 | 18,234 | 38.13 ...

本公告乃由长城汽车股份有限公司（「本公司」）自愿刊发。 本公司董事会谨此宣布，本公司于2025年4月产销量详细如下(单位:台)： | 车型 | | | 销量 | | | | | | 产量 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 月度同比 | | | 年度同比 | | | | 月度同比 | | 年度同比 | | | | | 本月 | 去年同期 | 增减(%) | 本年累计 | 去年同期 | 增减(%) | 本月 | 去年同期 | 增减(%) | 本年累计 | 去年同期 | 增减(%) | | 哈弗品牌 | 56,748 | 47,054 | 20.60 | 201,338 | 204,943 | -1.76 | 56,952 | 51,913 | 9.71 | 203,796 | 202,965 | 0.41 | | WEY品牌 | 4,811 | 4,458 | 7.92 | 18,136 | 14,066 | 28.94 | 4,923 | 4,933 | -0.2 ...

Investment Rating - The report maintains a "Buy-A" rating for the company [6] Core Views - The company experienced a temporary performance pressure in Q1 2025, with revenue of 40 billion yuan, down 7% year-on-year and 33% quarter-on-quarter, and a net profit of 1.75 billion yuan, down 46% year-on-year and 23% quarter-on-quarter [1] - The company is expected to enter a growth phase as new product cycles begin, with potential for a sales upturn driven by refined product offerings and direct sales channel expansion [4] - The company has significant export potential and a diverse product lineup, which is anticipated to enhance profitability as new models are introduced [4] Revenue Summary - In Q1 2025, total sales were 275,000 units, a decrease of 7% year-on-year, with export sales at 91,000 units, down 2% year-on-year [2] - The average selling price (ASP) per vehicle was 156,000 yuan, remaining stable year-on-year but down 3,000 yuan quarter-on-quarter [2] Profit Summary - The comprehensive gross margin for Q1 2025 was 17.8%, a decrease of 1.5 percentage points year-on-year, attributed to reduced scale effects and increased terminal discounts [3] - Sales expenses increased to 2.3 billion yuan, up approximately 900 million yuan year-on-year, primarily due to investments in direct sales and marketing for new vehicle launches [3] - Non-recurring gains and losses were 280 million yuan, down 900 million yuan year-on-year, mainly due to delayed confirmation of scrap tax refunds [3] Outlook Summary - The mainstream market for new vehicles is expected to see a sales upturn, with successful initial results from new models like the Menglong and New Blue Mountain [4] - The Hi4Z technology is anticipated to significantly enhance the Tank brand's market penetration and profitability [4] - The company is well-positioned for growth with a comprehensive product range and strong technical reserves, particularly in the export market [4] Investment Recommendations - The report forecasts net profits of 14.03 billion yuan, 17.40 billion yuan, and 20.96 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 14.1, 11.4, and 9.5 times [5] - A target price of 32.79 yuan per share is set for the next six months based on a 20 times PE for 2025 [5]