上 市 公 司 2025 年 09 月 03 日 长城汽车 (601633) ——强势新车周期即将开启，后续增长可期 报告原因：有业绩公布需要点评 买入（维持） 邵翼 A0230524120001 shaoyi@swsresearch.com | 市场数据： | 2025 年 09 月 02 日 | | --- | --- | | 收盘价（元） | 26.28 | | 一年内最高/最低（元） | 33.34/20.60 | | 市净率 | 2.7 | | 股息率%（分红/股价） | 1.71 | | 流通 A 股市值（百万元） | 163,179 | | 上证指数/深证成指 | 3,858.13/12,553.84 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 9.83 | | 资产负债率% | 61.98 | | 总股本/流通 A 股（百万） | 8,559/6,209 | | 流通 B 股/H 股（百万） | -/2,319 | 一年内股价与大盘对比走势： 09-02 10-02 11 ...

Group 1 - The core viewpoint of the article highlights the sales growth driven by new and updated vehicle models, with total sales reaching 313,000 units in Q2, representing a 21.87% increase quarter-on-quarter [1] - Haval brand sales reached 176,800 units, an increase of 32,200 units, primarily due to the launch of the Menglong fuel version and the new Xiaolong [1] - Tank brand sales were 61,700 units, up by 19,700 units, driven by the introduction of the new Tank 300 and accelerated overseas expansion [1] - Weipai sales totaled 21,200 units, an increase of 7,800 units, supported by the launch of the Gaoshan series and a recovery in sales of the Lanshan model in Q2 [1] Group 2 - The company received approximately 2.5 billion yuan in Q2 from the previously unaccounted Russian scrappage tax refund, with expectations for this to normalize into quarterly receipts [2] - Looking ahead, the Weipai Lanshan will undergo product upgrades, while the Gaoshan 7 launch is expected to boost monthly sales of the Gaoshan series to over 10,000 units [2] - The Tank 400, 500, and 700 intelligent driving versions, along with the Hi4-Z version, will significantly expand the target user base [2] - Ora plans to launch two new models, including a compact hatchback and an A-class SUV, while new and updated Haval models are also anticipated [2]