证券研究报告 公司研究 / 公司点评 2026 年 01 月 06 日 继续推进高端化+全球化，2026 年目标 180 万辆 ——长城汽车（601633.SH）公司销量点评 报告原因： 投资要点： | | 财务数据及盈利预测 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 联系人 | 报告期 | 2023 | 2024 | 2025E | 2026E | 2027E | | | 营业总收入（百万元） | 173,212 | 202,195 | 220,353 | 250,210 | 295,824 | | 徐姝婧 | 同比增长率（%） | 26.1% | 16.7% | 9.0% | 13.6% | 18.2% | | S0820124090004 | 归母净利润（百万元） | 7,022 | 12,692 | 12,073 | 14,289 | 17,266 | | 021-32229888-25517 | 同比增长（%） | -15.1% | 80.8% | -4.9% | 18.4% | 20.8% | | xushujing@ajz ...

长安汽车在 2025 年的销售表现如何？ 2025 年，长安汽车的整体销售表现非常出色。12 月份，公司共销售新车 12.4 万辆，其中海外销量突破了 5.7 万台，同比增长 39.05%。全年累计销售 新车 132.37 万辆，同比增长 7.33%，再创历史新高。新能源车型的销量达到 40.37 万台，同比增长 25.44%，刷新了公司的记录。海外累计销量达 50.61 万辆，同比增长 11.68%。 长城汽车 20260105 摘要 长安汽车 2025 年销量创新高，总销量达 284 万辆，同比增长 7.33%，新能源车型销量 40.37 万台，同比增长 25.44%，海外累计销 量 50.61 万辆，同比增长 11.68%。 2026 年长安汽车海外市场目标为 60 万辆，将推出坦克 700 等新品， 并逐步进入欧亚市场，同时在墨西哥、巴西、南非和澳大利亚等市场全 面铺开佛品牌产品，强化欧拉品牌在主流市场的出海力度。 长安汽车国内市场高端化战略围绕魏牌新能源和坦克 SUV 展开，魏牌定 位 20 万以上市场，坦克 SUV 专注于越野性能与豪华配置，通过丰富产 品线和强化渠道建设，实现国内外市场业绩增长。 ...

乘用车销售4545423辆 乘用车及皮卡海外销售1049601辆 同比增长145% 12月销售420398辆 乘用车销售414784辆 乘用车及皮卡海外销售132837辆 《 中国汽车市车企 》 《 中国汽车市场品牌 》《 全球新能源市场》 《 销量冠军 》 《 销量冠军 》 《 销量冠军 》 时序已至2026，在"十五五"高质量发展新征程的宏大叙事下，十大自主汽车集团的2025年度收官战报陆续揭晓。身处多项政策调整前夕，尽管波动不 断，但12月的汽车市场依旧交出了令人满意的答卷，呈现强劲的冲刺劲头。在新能源汽车、出口等核心销量增长点驱动下，多家汽车大集团顺利达成2025 年度销量目标，为新征程奠定坚实基础。 比亚迪：蝉联三冠 海外年销首破100万辆 2025年比亚迪销售 2025年12月，比亚迪销售420398辆，乘用车销售414784辆。具体各子品牌，比亚迪王朝|海洋销售344854辆，腾势品牌销量18139辆，方程豹品牌销量 50868辆，仰望品牌销售923辆。 海外销量继续上扬，2025年12月乘用车及皮卡海外销售132837辆。当月，比亚迪在多个海外市场实现突破性进展，不仅顺利进入伊拉克市场，推出 ...

长江商报记者注意到，2025年前11个月，长城汽车的销量为119.97万辆，同比增长9.26%；2025年前三 季度，归母净利润为86.35亿元，同比下降16.97%。 就目前来看，180万辆的销量目标压力不小。 长江商报消息 ●长江商报记者 潘瑞冬 长城汽车（601633.SH、02333.HK）推2025年员工持股计划。 12月24日晚间，长城汽车公告，公司2025年第五次临时股东会通过《长城汽车股份有限公司2025年员工 持股计划（草案）》。根据草案，长城汽车此次员工持股计划的设立规模不超过8000万元，覆盖董事、 高级管理人员及其他核心人员等在内的不超过50人。 业绩考核方面，2026年目标为销量不低于180万辆、净利润不低于100亿元。 覆盖不超50名核心人员 根据公告，长城汽车本次员工持股计划参与对象包括公司董事（不含独立董事）、高级管理人员及其他 对公司整体业绩和长期战略实现有重要作用的核心人员，其中董事、高级管理人员3人，其他核心人员 不超过47人。 长江商报记者注意到，此次员工持股计划的设立规模不超过8000万元，由公司激励基金与员工合法薪酬 等共同出资，但未披露两者的固定配比，也未明确本次 ...

长江商报消息 ●长江商报记者 潘瑞冬 业绩考核方面，持股计划设置了公司与个人双重考核机制。公司层面考核年度为2026年和2027年，以销 售量和净利润为核心指标，权重各占50%。2026年目标为销量不低于180万辆、净利润不低于100亿元； 2027年目标为销量不低于216万辆、净利润不低于150亿元。 业绩目标达成率≥100%时，公司层面解锁比例为100%；80%≤达成率<100%时，解锁比例按实际达成率 确定；低于80%则无法解锁。个人层面根据年度绩效评价结果确定解锁比例，最高100%，最低0%。<> 长城汽车（601633.SH、02333.HK）推2025年员工持股计划。 12月24日晚间，长城汽车公告，公司2025年第五次临时股东会通过《长城汽车股份有限公司2025年员工 持股计划（草案）》。根据草案，长城汽车此次员工持股计划的设立规模不超过8000万元，覆盖董事、 高级管理人员及其他核心人员等在内的不超过50人。 业绩考核方面，2026年目标为销量不低于180万辆、净利润不低于100亿元。 长江商报记者注意到，2025年前11个月，长城汽车的销量为119.97万辆，同比增长9.26%；2025年前 ...

每日经济新闻今年 10 月报道称，长城智选直营店调整销售车型，展厅内仅售魏牌旗下车型，坦克 700 已撤出。 此外，长城智选也更名为"魏牌新能源直营"。 值得注意的是，冯复之的微博账号在 12 月 9 日还转发了魏牌的宣传内容。 从长城汽车 2025 年 11 月产销快报来看，魏牌 11 月销量 12763 辆，同比增长 81.14%。 IT之家注意到，魏牌自 2016 年起，九年更换了八位 CEO，冯复之于今年 5 月 20 日在魏牌蓝山焕新版发布会上 以魏牌 CEO 的身份首秀。 报道提到，冯复之 2023 年底加入长城，入职后主导长城直营渠道"长城智选"的建设。其职业生涯早期先后在索 尼、苹果、三星、小米、一加手机工作。2016 年 9 月，他加入理想汽车任零售总监，主要负责零售团队的组建与 战略规划。2020 年 8 月，冯复之从理想离职，之后短暂在小鹏汽车、牛创新能源从事销售工作。2021 年 8 月， 他出任超境汽车的联合创始人兼销售副总裁。2022 年 1 月，他还曾创立"云卖车"平台轻麦车。 IT之家 12 月 11 日消息，据晚点 Auto 今日报道，长城魏牌 CEO 冯复之（内部花名"合一 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][10] Core Views - The company is expected to experience a fundamental turning point with accelerated new product launches, expansion into export markets, and a transition towards intelligent driving technology [8][10] - The company reported a revenue of 153.58 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 8.0%, while the net profit attributable to shareholders was 8.64 billion yuan, down 17.2% year-on-year [5][10] - The company achieved a Q3 revenue of 61.25 billion yuan, up 20.5% year-on-year and 17.1% quarter-on-quarter, with a net profit of 2.30 billion yuan, down 31.4% year-on-year and 49.9% quarter-on-quarter [7][10] Summary by Sections Financial Performance - For 2023A, the company is projected to have a revenue of 173.21 billion yuan, with a growth rate of 26% year-on-year. By 2027E, revenue is expected to reach 362.20 billion yuan, with a growth rate of 21% [3][10] - The net profit attributable to shareholders is forecasted to be 7.02 billion yuan for 2023A, increasing to 19.36 billion yuan by 2027E, with a growth rate of 16% [3][10] - The earnings per share (EPS) is expected to rise from 0.83 yuan in 2023A to 2.26 yuan in 2027E [3][10] Sales and Market Expansion - The company sold 923,000 vehicles in the first three quarters of 2025, with 334,000 units sold overseas [5][10] - In Q3 2025, the company sold 353,000 vehicles, a year-on-year increase of 20.2%, including 118,000 new energy vehicles [7][10] - The company is focusing on new models from its Tank and Wey brands, with significant sales contributions expected from these new launches [6][9] Future Outlook - The company plans to launch multiple new models across its four major brands in Q4 2025, which is anticipated to drive sales growth [9][10] - The expansion into non-Russian markets such as Latin America, the Middle East, and ASEAN is showing positive results, with a 25.4% increase in sales in these regions [9][10] - The company is also advancing its intelligent driving technology, with new models expected to enhance its market position [9][10]

Core Insights - The company is transitioning to a fully direct sales model for its Wei brand, phasing out the previous dealership model and rebranding existing stores to "Wei Brand New Energy" [1][5] - The shift aims to enhance brand identity and streamline operations, positioning Wei as the closest brand to new energy vehicle manufacturers within the Great Wall Automotive system [1][5] - The direct sales strategy is part of a broader trend among automotive companies to adopt dual sales models, balancing direct sales with traditional dealership networks [2][3] Group 1: Direct Sales Model - Great Wall Automotive has decided to fully embrace a direct sales model, moving away from the dual sales approach that included traditional dealerships [2][3] - The transition to direct sales is intended to improve customer experience and brand image, with a focus on connecting directly with consumers [5][6] - The company plans to expand its direct sales outlets significantly, targeting second and third-tier cities to capture new market segments [6] Group 2: Brand and Market Strategy - The Wei brand will become the sole focus of the direct sales channel, with the Tank brand being withdrawn from this model [1][5] - The company has reported significant sales growth for the Wei brand, with a 63% year-on-year increase in September deliveries and a 96% increase in cumulative deliveries from January to September [6] - The strategic shift aims to position Wei in competitive markets against emerging players, while also addressing the high costs associated with direct sales operations [6][7] Group 3: Challenges and Organizational Changes - The dual sales model presents challenges in maintaining consistent pricing between direct sales and dealership networks, which can lead to internal competition [3] - Transitioning to a fully direct sales model requires significant changes in organizational processes, decision-making, and corporate culture, which poses a greater challenge for traditional automakers [7]

Core Insights - The article discusses the transition of Great Wall Motors' Wei brand to a fully direct sales model, phasing out the existing dealership system and rebranding "长城智选" stores to "魏牌新能源" [2][8] - This shift aims to enhance brand identity and streamline operations, positioning Wei as the closest brand to new energy vehicle startups within Great Wall's ecosystem [2][8] Group 1: Direct Sales Model Implementation - Great Wall Motors will fully adopt a direct sales model for the Wei brand by the end of October, terminating the existing dealership model [2] - The transition includes the complete withdrawal of the Tank brand from the Wei sales channel, allowing stores to focus solely on Wei products [2][8] - The direct sales strategy is part of a broader initiative to improve customer experience and brand positioning, as articulated by company executives [7][8] Group 2: Market Strategy and Expansion - The Wei brand is expanding its direct sales presence, with plans to increase the number of direct sales stores to 500 across over 300 cities, focusing on second and third-tier markets [9] - In September, Wei delivered 11,000 vehicles, marking a 63% year-on-year increase, and a total of 64,000 vehicles delivered from January to September, representing a 96% growth [9] - The strategic shift aims to capture market share in areas where competitors like Li Auto and Aito have not yet solidified their presence [9] Group 3: Challenges and Financial Implications - The transition to a direct sales model has led to increased sales expenses, which rose by 63.31% to 5.036 billion yuan in the first half of 2025, while net profit decreased by 36.39% [9][10] - The direct-to-consumer (DTC) model requires a significant organizational transformation, which poses challenges for traditional automakers compared to simply establishing direct sales outlets [10]

Core Insights - Great Wall Motors is transitioning to a fully direct sales model for its Wei brand, phasing out the existing dealer network and rebranding "长城智选" stores to "魏牌新能源" [2][3] - The shift aims to enhance brand identity and streamline operations, positioning Wei as the closest brand to new energy vehicle startups within Great Wall's ecosystem [2][8] - The company plans to expand its direct sales presence significantly, targeting second and third-tier cities to capture new market segments [9] Group 1: Direct Sales Model Transition - Great Wall Motors will completely adopt a direct sales model for the Wei brand by the end of October, ending the dealer model [2] - The transition is part of a broader strategy initiated in April last year, which aimed to reduce inventory pressure on dealers by shifting high-end models to direct sales [4][6] - The direct sales model is expected to improve customer experience and brand image, as articulated by company executives [8] Group 2: Market Expansion and Performance - As of May, Great Wall has established over 430 user centers across 110 cities for Wei brand sales and services, with plans to expand to 500 stores covering over 300 cities [9] - Wei brand's sales performance has been strong, with a 63% year-on-year increase in September, delivering 11,000 vehicles [9] - The direct sales model has led to a significant rise in sales expenses, with a 63.31% increase to 5.036 billion yuan in the first half of 2025, while net profit decreased by 36.39% [9] Group 3: Challenges and Strategic Implications - The dual sales model previously employed posed challenges in price control between direct sales and dealer networks, leading to potential internal competition [5][6] - The transition to a fully direct sales model aims to eliminate pricing conflicts and enhance market penetration [7] - The shift to a direct-to-consumer (DTC) approach requires a fundamental transformation in organizational processes and corporate culture, which is more complex than merely establishing direct sales outlets [10]