2025年，长城汽车迎来创立35周年。 从一家仅有60余人的小厂发展成为拥有8.2万名员工、年销量超百万辆的大型车企，如今的长城汽车拥有哈弗、魏牌、坦克、欧拉、长城炮、长城灵魂摩 托六大品牌矩阵，产品出口到170多个国家和地区，不仅在中国汽车产业升级中扮演着重要角色，也是中国汽车品牌崛起走向全球汽车市场中的中坚力 量。 今年8月份，长城汽车以35周年开放日的形式展示了其技术积淀、产业链整合能力以及"以可靠为底色"的发展理念。这场开放日不仅是对企业35年发展的 回顾，更直观展现了长城汽车从单一产品出口到"研产销服"全生态出海的转型成果。截至目前，长城汽车全球销售网络覆盖170多个国家和地区，海外销 售渠道超1400家，海外累计销量突破200万辆，2024年海外销量达45万辆，全球用户规模超1500万。在长城汽车的带动下，其配套的供应链企业也具备了 向国际车企供货的能力水平。 中国汽车出口正迅速发展，已成为全球第一大汽车出口国。作为最早一批发展出口业务的车企，长城汽车的产品如今在全球多个市场热销，其发展的"生 态出海"模式正成为逆全球化背景下中国制造突围的典型样本。 以全产业链韧性重塑全球化逻辑 长城汽车董事长魏 ...

Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company has shown a steady increase in sales, particularly in the WEY brand, which saw a significant year-on-year increase of 263.3% in July [2] - The introduction of new models and the activation of the Haval brand are expected to drive sales growth, with the Haval brand achieving a sales volume of 56,000 units in July, up 6.2% year-on-year [3] - The company is expanding its overseas sales, with July's overseas wholesale sales reaching 41,000 units, a year-on-year increase of 4.9% [3] Summary by Sections Sales Performance - In July, the company reported a wholesale sales volume of 104,000 units, a year-on-year increase of 14.3% and a month-on-month decrease of 5.7% [1] - Cumulative wholesale sales from January to July reached 674,000 units, up 3.6% year-on-year [1] Brand Performance - WEY brand sales in July were 10,000 units, with a remarkable year-on-year increase of 263.3% [2] - Haval brand sales were 56,000 units in July, with a year-on-year increase of 6.2% [3] - Tank brand sales were stable at 20,000 units in July, with a year-on-year increase of 7.2% [2] New Product Launches - The new Tank 500Hi4-T/Hi4-Z is set to begin pre-sales in August, with an expected launch in Q3 2025 [2] - The new Haval H9 is anticipated to debut by the end of the year, emphasizing off-road capabilities [3] Financial Forecast - Projected revenues for 2025-2027 are 226.78 billion, 261.70 billion, and 296.25 billion yuan respectively, with net profits expected to be 14.09 billion, 16.30 billion, and 18.24 billion yuan [4][19] - The report forecasts a PE ratio of 13, 11, and 10 for the years 2025, 2026, and 2027 respectively [4]

Core Viewpoint - The company reported its H1 2025 performance, which met expectations, with revenue of 92.367 billion yuan, a year-on-year increase of 1.03%, and a net profit of 6.337 billion yuan, a year-on-year decrease of 10.22% [2] Financial Performance - In H1 2025, the company achieved revenue of 92.367 billion yuan, up 1.03% year-on-year, and a net profit of 6.337 billion yuan, down 10.22% year-on-year. The second quarter saw revenue of 52.348 billion yuan, with a quarter-on-quarter increase of 7.8% and a year-on-year increase of 30.8%. The net profit for Q2 was 4.586 billion yuan, with a quarter-on-quarter increase of 19.1% and a year-on-year increase of 161.9% [2][6] Sales and Product Structure - The company reported a wholesale sales volume of 313,000 vehicles in Q2, with year-on-year increases of 10.07% and 21.87%. The sales breakdown by brand showed significant growth for the Wei brand, which increased by 106.4% year-on-year. The company also achieved a Q2 sales volume of 98,000 new energy vehicles, with a penetration rate of 31.3% [3] Strategic Focus - The company is committed to long-term strategies focusing on three main areas: smart technology, off-road capabilities, and global expansion. It is enhancing its smart technology with the Coffee Pilot system and has achieved recognition in global markets, ranking among the top 20 in China's global brand list for 2025 [4] Future Projections - The company maintains revenue forecasts of 219.5 billion yuan, 237.6 billion yuan, and 253.8 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 8.6%, 8.3%, and 6.8%. The net profit forecasts for the same years are 12.3 billion yuan, 13.9 billion yuan, and 14.4 billion yuan, with corresponding EPS of 1.43, 1.62, and 1.68 yuan [6]

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's revenue expectations for 2025, 2026, and 2027 are projected to be 219.5 billion, 237.6 billion, and 253.8 billion RMB, respectively, with year-on-year growth rates of +8.6%, +8.3%, and +6.8% [3] - The net profit attributable to the parent company for 2025, 2026, and 2027 is expected to be 12.3 billion, 13.9 billion, and 14.4 billion RMB, with year-on-year changes of -3.3%, +12.9%, and +3.7% [3] - The company is accelerating its focus on smart technology, globalization, and off-road capabilities, which supports the investment thesis [3] Financial Performance Summary - For H1 2025, the company achieved total revenue of 92.37 billion RMB, a year-on-year increase of 1.03%, and a net profit of 6.34 billion RMB, a decrease of 10.22% year-on-year [10] - In Q2 2025, the company reported revenue of 52.35 billion RMB, with a quarter-on-quarter increase of 7.8% and a year-on-year increase of 30.8% [10] - The wholesale sales volume in Q2 2025 reached 313,000 units, with a year-on-year increase of 10.07% [10] - The company’s new energy vehicle sales in Q2 2025 were 98,000 units, representing a year-on-year increase of 33.7% [10] Strategic Initiatives - The company is committed to long-term strategies focusing on smart technology, off-road capabilities, and ecological globalization [10] - The introduction of the Coffee Pilot intelligent driving system and the Coffee OS 3 smart space system reflects the company's advancements in smart technology [10] - The company has been recognized as one of the top 20 brands in China's globalization efforts for 2025 [10]

Core Insights - The Chinese automotive market has shown strong performance in the first half of 2025, with retail sales of narrow passenger cars reaching 10.901 million units, a year-on-year increase of 10.8% [1] - Domestic brands have captured a significant market share of 64%, indicating their dominance in the Chinese market [1] - BYD leads the sales chart with 2.146 million units sold, while Geely has seen a remarkable growth rate of 47% year-on-year [1][12] - New energy vehicle sales are on the rise, with companies like Leap Motor and XPeng showing significant growth [1][19] Group 1: Overall Market Performance - As of June 2025, the cumulative retail sales of narrow passenger cars in China reached 10.901 million units, reflecting a 10.8% increase compared to the previous year [1] - Domestic brands have increased their market share to 64%, solidifying their position in the market [1] - BYD has achieved a sales volume of 2.146 million units, maintaining its position as the top seller [12] - Geely's sales have surged by 47%, prompting the company to raise its annual sales target to 3 million units [1][12] Group 2: Performance of New Energy and Emerging Brands - Leap Motor has emerged as a leader among new energy vehicle manufacturers, with monthly sales nearing 50,000 units [1] - XPeng has also shown impressive growth, selling more vehicles in the first half of 2025 than in the entire previous year [1] - The new energy vehicle segment is experiencing rapid growth, with companies like BYD and Geely leading the charge [12][19] Group 3: Traditional Automakers' Performance - Some traditional automakers are showing signs of recovery, with brands like FAW-Volkswagen and SAIC Volkswagen reporting positive year-on-year growth [1][9] - FAW Toyota has seen a significant increase of 16% in sales, indicating a rebound in the joint venture segment [1][9] - However, brands like GAC are struggling, with a decline in sales, highlighting the challenges faced by traditional automakers [1][9] Group 4: Export Performance - SAIC has become a leader in overseas sales, with 494,000 units sold, accounting for nearly 25% of its total sales [10] - Changan has also made strides in international markets, with overseas sales exceeding 300,000 units, a growth of over 45% [10] - GAC has reported a 45.6% increase in overseas sales, completing 55% of its annual export target [10]

Core Viewpoint - Liu Yanzhao has been promoted to Vice President of Great Wall Motors, overseeing the company's communication platform, while stepping down from his roles as General Manager of the Wey and Tank brands [1][4]. Group 1: Management Changes - Liu Yanzhao previously managed the Wey and Tank brands, responsible for their operational management [4]. - Following a restructuring at the end of 2022, Liu Yanzhao was appointed to oversee both brands under a dual-brand operation model [4]. - The communication platform Liu now leads was established at the end of 2023, alongside other platforms for product management, digital intelligence, user operations, sales services, terminal operations, and new media live streaming [4]. Group 2: Organizational Structure - Great Wall Motors has adopted an organizational structure inspired by internet companies, featuring a "strong backend - large middle platform - small frontend" model [4]. - The middle platform aims to optimize resources and unify marketing strategies across brands, serving as a standard guide for management practices [4]. Group 3: Marketing Strategy - Prior to the establishment of the middle platform, Great Wall Motors relied on individual brand teams, which lacked synergy and led to disorganized personnel allocation [5]. - The recent appointment of new general managers for the Wey and Tank brands indicates a shift towards a more cohesive marketing strategy [5]. Group 4: Sales Performance - In the first half of the year, Great Wall Motors reported a slight increase in sales, with a total of approximately 569,000 vehicles sold, marking a year-on-year growth of 1.84% [6]. - However, the performance of the Ora brand was notably poor, with sales dropping by 56.19% year-on-year, while the Tank brand also experienced a decline of 10.67% [6].

Core Viewpoint - The company reported a significant increase in vehicle sales for June and the first half of 2025, driven by strong performance in key brands and a focus on new energy vehicles [1][2][3][4]. Group 1: Sales Performance - In June, the company's total vehicle sales reached 111,000 units, representing a year-on-year increase of 12.9% and a month-on-month increase of 8.3% [1][2]. - For the first half of 2025, total vehicle sales amounted to 570,000 units, showing a year-on-year growth of 1.8% [2]. - The sales breakdown for key brands in H1 2025 includes Haval at 321,000 units (+7.2%), Wey at 34,000 units (+73.6%), Ora at 14,000 units (-56.2%), and Tank at 104,000 units (-10.7%) [2]. Group 2: New Energy Vehicles - The company sold 36,000 new energy vehicles in June, marking a year-on-year increase of 39.4% and a month-on-month increase of 11.5% [3]. - Cumulative sales of new energy vehicles for the first half of 2025 reached 160,000 units, reflecting a year-on-year growth of 21.2% [3]. - New energy vehicles accounted for 28.2% of total sales in H1 2025, an increase of 4.5 percentage points year-on-year [3]. Group 3: International Expansion - In June, overseas sales reached 40,000 units, a year-on-year increase of 5.2% and a month-on-month increase of 16.0% [3]. - Cumulative overseas sales for the first half of 2025 were 198,000 units, showing a slight decline of 1.9% year-on-year [3]. - The company plans to launch its Brazilian factory in H2 2025, initially producing three models with a capacity of 50,000 units, which will eventually increase to 100,000 units [3]. Group 4: Financial Projections - Revenue projections for 2025, 2026, and 2027 are 242.7 billion, 281.2 billion, and 310.7 billion yuan, respectively, with year-on-year growth rates of 20%, 16%, and 11% [4]. - Net profit attributable to the parent company is expected to be 14.1 billion, 16.4 billion, and 18.4 billion yuan for the same years, with growth rates of 11%, 16%, and 12% [4]. - The projected EPS for 2025, 2026, and 2027 is 1.65, 1.92, and 2.15 yuan per share, with a CAGR of 13% [4].

Core Viewpoint - The company shows strong sales performance in June 2025, with notable growth in specific brands and a positive outlook for new product launches and international expansion [1][2][3][4]. Group 1: Sales Performance - In June 2025, the company achieved wholesale sales of 111,000 units, representing a year-on-year increase of 12.9% and a month-on-month increase of 8.3% [1]. - The cumulative wholesale sales for the first half of 2025 reached 570,000 units, reflecting a year-on-year growth of 1.8% [1]. - Specific brand performances include: - Haval: 62,000 units sold in June, up 30.7% year-on-year and 8.2% month-on-month; cumulative sales of 321,000 units, up 7.2% year-on-year [1][3]. - Wey: 10,000 units sold in June, up 247.0% year-on-year and 65.5% month-on-month; cumulative sales of 34,000 units, up 73.6% year-on-year [1][2]. - Pickup trucks: 13,000 units sold in June, down 13.4% year-on-year and 14.8% month-on-month; cumulative sales of 96,000 units, up 4.7% year-on-year [1]. - Ora: 3,000 units sold in June, down 45.6% year-on-year and up 67.4% month-on-month; cumulative sales of 14,000 units, down 56.2% year-on-year [1]. - Tank: 22,000 units sold in June, down 17.2% year-on-year and up 3.2% month-on-month; cumulative sales of 104,000 units, down 10.7% year-on-year [1]. Group 2: New Product Launches - The company plans to launch new models for the Wey brand starting in Q3 2025, including a new SUV featuring advanced technology and a high-performance battery system [2]. - Haval is set to release a mid-cycle facelift of the Big Dog Hi4 version in July 2025, along with a new flagship model, the Menglong PLUS, expected in the second half of 2025 [3]. - The new models aim to enhance the product matrix and strengthen the brand's positioning in the off-road segment, potentially driving overall sales growth [3]. Group 3: International Expansion - The company's overseas wholesale sales reached 40,000 units in June, up 5.2% year-on-year and 16.0% month-on-month; cumulative sales for the first half of 2025 were 198,000 units, down 1.9% year-on-year [4]. - The company is expanding its global footprint with new product launches in Thailand and Mexico, and plans to enhance its presence in the Middle East, Africa, and Latin America [4]. - The Brazilian factory is undergoing upgrades and is expected to commence production in 2025, further supporting the company's international strategy [4].

Investment Rating - The report maintains a "Recommended" rating for the company [6][8]. Core Views - The company has shown strong sales growth, particularly in the WEY brand, with a significant year-on-year increase of 247.0% in June [4]. - The introduction of new models and the enhancement of existing ones are expected to drive sales further, particularly with the upcoming SUV and plug-in hybrid vehicles [4]. - The company is actively expanding its global presence, with overseas sales showing a year-on-year increase of 5.2% in June [5]. - The financial forecasts indicate a steady growth in revenue and net profit from 2025 to 2027, with projected revenues of 226.78 billion, 261.70 billion, and 296.25 billion yuan respectively [6][7]. Summary by Sections Sales Performance - In June 2025, the company reported a wholesale volume of 111,000 vehicles, a year-on-year increase of 12.9% and a month-on-month increase of 8.3% [3]. - The Haval brand sold 62,000 vehicles in June, up 30.7% year-on-year, while the WEY brand saw a remarkable increase of 247.0% [3][4]. Product Development - The company is set to launch new models, including a new SUV equipped with advanced technology and a high-capacity battery, enhancing its product lineup [4]. - The Haval brand is also preparing for the launch of a mid-term facelift model and a new flagship model, which are expected to boost overall sales [5]. Global Expansion - The company is making strides in its global strategy, with plans to launch models in markets such as Thailand and Mexico, and to enhance its presence in the Middle East, Africa, and Latin America [5]. - The overseas wholesale volume for the first half of 2025 was 198,000 vehicles, reflecting a slight decline of 1.9% year-on-year [5]. Financial Projections - The company forecasts revenues of 226.78 billion yuan for 2025, with a net profit of 14.09 billion yuan, reflecting a growth rate of 11.0% [6][7]. - The projected earnings per share for 2025 is 1.65 yuan, with a price-to-earnings ratio of 13 times [7].

Investment Rating - The report assigns an "Outperform" rating to Great Wall Motor, expecting a relative return exceeding 10% over the next 12-18 months [20]. Core Viewpoints - Great Wall Motor emphasizes a long-term strategy focused on building a high-value vehicle portfolio for global expansion, prioritizing product and service reliability over rapid growth [2][7]. - The company aims to deepen its multi-powertrain platform strategy, promoting "one vehicle, multiple powertrains" to cater to diverse market needs, especially in regions with limited electricity infrastructure [2][8]. - In 2024, Great Wall anticipates vehicle sales of 1.23 million units, a 0.4% year-on-year increase, with revenue projected at RMB 202.2 billion, reflecting a 16.7% growth, and net profit expected to reach RMB 12.69 billion, marking an 80.8% increase [2][7]. - The company's globalization strategy focuses on "ecological overseas expansion," with over 1,400 overseas sales channels and cumulative exports surpassing 1.9 million units, targeting over one million units in overseas sales by 2030 [2][8]. Summary by Sections Company Strategy - Great Wall Motor reaffirms its commitment to long-termism, aiming for high-quality market share and product reliability, even at the cost of slower growth [2][7]. - The company plans to launch several key models in 2025, including the Tank SUV for urban markets, alongside expanding its product matrix with WEY, Haval, ORA, and pickup series [2][8]. Performance Metrics - In 2024, Great Wall expects to achieve vehicle sales of 1.23 million units, a slight increase of 0.4% year-on-year, with revenue projected at RMB 202.2 billion, up 16.7%, and net profit anticipated at RMB 12.69 billion, an increase of 80.8% [2][7]. Brand Development - WEY, as a key brand in Great Wall's premium strategy, has shown significant growth, with May sales reaching 6,161 units, a 115.3% year-on-year increase, and cumulative deliveries of 24,297 units in the first five months, up 44% [3][9]. - The brand is enhancing its product and design competitiveness through increased R&D and marketing investments, and is expected to drive growth through product diversification and ecological globalization [3][10].