花旗发布研报称，将长汽目标价(02333)由23.7港元下调至18.9港元，维持"买入"评级。长城汽车 （601633）日前发布业绩快报，预料去年度纯利达99.12亿元人民币，同比下跌21.7%，逊于投资者预 期，主要由于期内毛利率同比下降1个百分点至18.5%;与直销模式及新产品推广相关的费用增加;约10亿 元人民币的俄罗斯废旧车辆税项退税延迟入账;以及年终奖金增加的影响。 长汽预期去年全年收入将同比增长10.2%至2,227.9亿元人民币，符合预期，产品整体平均售价为16.83万 元人民币。管理层将今年销售目标定为180万辆，其中海外销售目标为60万辆，相信增长将来自中南美 洲、中东、欧洲及右行市场。 ...

智通财经APP获悉，花旗发布研报称，将长汽目标价(02333)由23.7港元下调至18.9港元，维持"买入"评 级。长城汽车日前发布业绩快报，预料去年度纯利达99.12亿元人民币，同比下跌21.7%，逊于投资者预 期，主要由于期内毛利率同比下降1个百分点至18.5%; 与直销模式及新产品推广相关的费用增加; 约10 亿元人民币的俄罗斯废旧车辆税项退税延迟入账; 以及年终奖金增加的影响。 长汽预期去年全年收入将同比增长10.2%至2,227.9亿元人民币，符合预期，产品整体平均售价为16.83万 元人民币。管理层将今年销售目标定为180万辆，其中海外销售目标为60万辆，相信增长将来自中南美 洲、中东、欧洲及右行市场。 ...

Core Viewpoint - Great Wall Motors reported a significant decline in net profit by 45.60% in Q1 2025, attributed to a product upgrade cycle, decreased sales, and increased investment in direct sales system development [1][2][3] Financial Performance - Total revenue for Q1 2025 reached 40.019 billion yuan, a decrease of 6.63% year-on-year [2][5] - Net profit attributable to shareholders was 1.751 billion yuan, down 45.60% compared to the previous year [1][2] - Earnings per share fell to 0.21 yuan, a decline of 44.74% from 0.38 yuan in the same period last year [2][5] - The net cash flow from operating activities was -8.980 billion yuan, worsening from -2.634 billion yuan in the previous year [1][2] Asset and Equity Position - As of the end of Q1 2025, total assets amounted to 2125.47 billion yuan, a decrease of 2.38% from the end of 2024 [2][5] - Shareholders' equity increased by 4.66% to 826.62 billion yuan compared to the beginning of the year, indicating an improvement in the company's equity structure [2][3] Debt Management - The total liabilities at the end of the reporting period were 1298.85 billion yuan, down from 1387.26 billion yuan at the beginning of the year, reflecting effective debt control measures [3]