Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][7]. Core Views - The report highlights that the company's performance in 2024 is expected to be robust, driven by product structure optimization and growth in exports [7]. - The company achieved a revenue of 202.2 billion yuan in 2024, representing a year-on-year increase of 16.7%, with a net profit of 12.7 billion yuan, up 80.8% year-on-year [7]. - The report emphasizes the company's strong sales performance, with a total of 1.235 million vehicles delivered in 2024, a slight increase of 0.4% year-on-year [7]. - The company is focusing on international expansion, achieving record-high export sales of 454,000 vehicles in 2024, a 44.6% increase year-on-year [7]. - Continuous investment in smart technology is noted, with R&D spending exceeding 10 billion yuan for three consecutive years, enhancing product offerings and driving sales growth [7]. Financial Data and Forecast - The company’s projected revenues for 2025, 2026, and 2027 are approximately 239.5 billion yuan, 268.9 billion yuan, and 293.8 billion yuan, respectively [6][10]. - The estimated net profits for the same years are around 16 billion yuan, 17.7 billion yuan, and 20.1 billion yuan, respectively [6][10]. - The report forecasts an EPS of 1.86 yuan for 2025, increasing to 2.34 yuan by 2027 [6][10]. - The gross margin is expected to improve slightly, reaching 20.0% by 2026 and maintaining that level through 2027 [6][10].

民营车企三强之一的长城汽车（601633）（601633.SH、02333.HK）年报出炉。 日前，长城汽车发布2024年年报，报告期，公司营业收入突破了2000亿元大关，达2021.95亿元，同比 增长16.73%；实现归母净利润126.92亿元，同比增长80.73%，归母净利润的增幅高于营业收入的增幅。 长江商报记者注意到，盈利能力的大幅提升，背后是毛利率的提升。2024年，长城汽车的毛利率为 19.51%，创八年新高。 同时，长城汽车的出口表现亮眼，海外销售45.41万辆，同比增44.61%。 3月28日晚间，长城汽车披露了其史上最好的财报。 长城汽车的2024年年报显示，报告期，公司营业收入首次突破2000亿元大关，达2021.95亿元，同比增 长16.73%。归母净利润为126.92亿元，同比增长80.73%，净利润的增幅高于营业收入的增幅。 长江商报记者注意到，长城汽车的归母净利润和营收一同创下公司在A股上市后的历史新高。 2024年，长城汽车国内产品结构进一步优化，售价较高的坦克和魏牌，销量增长超其他品牌产品。数据 显示，坦克品牌销量23.2万辆，同比增长43%，占长城总体销量的18.8%；平均 ...