销量倍增的魏牌，进入新旧渠道融合、团队整合的深水区。 01 魏牌变动 处在规模扩张与体系能力建设关键节点上的魏牌，核心管理层发生变动。我们独家了解到，魏牌商业总经理陈佳在近期 离职。 陈佳加入长城汽车的时间并不长，能搜索到公开露面的次数很少。比较正式的一次是在今年 4 月的上海车展上，陈佳与 长城汽车副总裁冯复之、 魏牌执行副总经理谭健一起接受专访。 今年 5 月底，曾一手搭建了长城汽车直营体系的冯复之宣布担任魏牌 CEO，他是陈佳的直属上级。有接近魏牌的负责人 告诉我们，陈佳与冯复之曾关系密切。 魏牌的定位是长城的 "新势力"，广泛招收了曾在新势力历练过的人才。陈佳曾在高合汽车任职，担任整合营销运营副总 裁兼销售公司总经理。他的职责是帮助魏牌解决一些营销体系建设上的关键问题，比如弥合直营门店、经销商之间的商 业和服务标准，提升直营渠道的数字化运营能力等。 2025 年前七个月，魏牌以 96.8% 的同比增速，问鼎长城旗下五个品牌的增长榜首。今年 6 月、7 月，魏牌连续月销过万 辆，比上年同期翻了三倍多。 ▍左起谭健、冯复之、陈佳 支撑魏牌销量增长的基础是两点，产品、渠道。高山、蓝山两款车型都在近期推出了新 ...

Market Overview - The current customer traffic in the store is approximately 5 to 6 groups daily, increasing to around 10 groups on weekends, with nearly half of the customers interested in the Wei brand Blue Mountain model [2] - The popularity of the Blue Mountain model has decreased since its launch a year ago, but customer traffic has started to grow again after the manufacturer began promotional activities in mid-month [2] Sales Insights - The best-selling configuration is the four-wheel drive Max version, which accounts for nearly 100% of sales, while the Ultra version is less popular due to its higher price despite similar features [3] - The most popular colors are Canglang Qing and Lijiang Blue, with no waiting time for delivery, while the least popular color is Liuguang Jin, which has not sold at all [3] - The final price for the Max version, after subsidies, is slightly over 250,000 yuan, with no cash discounts currently available [3][5] Financial Offers - A financial quote indicates that the total cost for the Blue Mountain Max version with financing is approximately 100,100 yuan, with a monthly payment of 3,665 yuan [6] - Current offers include a 30,000 yuan trade-in subsidy and complimentary insurance until the end of July, with uncertainty about future policies [5][7] Customer Preferences - Customers typically compare the Blue Mountain with competitors like Li Xiang L8 and Wenjie M7, with increasing mentions of the upcoming Galaxy M9 [8] - A notable customer, referred to as "Wu Ge," demonstrated extensive knowledge about the vehicle and expressed concerns about brand perception and competition, ultimately deciding to purchase the vehicle outright [10] Customer Feedback - Common complaints from customers include dissatisfaction with the vehicle's front design and frequent changes in offered benefits [11] - Employees of China's top 500 companies can receive an additional 3,000 yuan discount when purchasing the vehicle [12]

Group 1 - Wahaha Group's founder, Zong Qinghou, passed away 17 months ago, and a property dispute involving the Zong family is set for a hearing in Hong Kong on August 1, 2025, with a decision expected to be announced [2] - The well-known renovation company, Liang Jia Ju, announced its sudden closure due to long-term losses and insolvency, with reports suggesting the founder, Zeng Yuzhou, has died [3] - Faraday Future's new MPV model, FX Super One, was launched but faced accusations of design plagiarism from Great Wall Motors, leading to the removal of certain descriptions from its website [5] Group 2 - Zeekr denied reports of selling "0 km used cars," clarifying that the vehicles in question were display cars and had never been registered [8] - The market has seen a surge in second-hand sales of Xiaomi YU7 cars shortly after their delivery, coinciding with proposed regulations from the Ministry of Industry and Information Technology to restrict second-hand sales within six months of new car registration [9][22] - Nvidia's CEO, Jensen Huang, expressed confidence in China's innovation capabilities, particularly praising DeepSeek's R1 model for its innovative approach to AI [10] Group 3 - Chery's chairman, Yin Tongyue, emphasized the company's opposition to price wars and the importance of maintaining supplier payment schedules during an internal meeting [10] - Nvidia's market capitalization recently surpassed $4 trillion, exceeding that of Microsoft and the combined market cap of Meta and Alphabet [10] - Tesla's first "Supercharger Diner" opened for trial operations, featuring a retro design and unique dining experiences [13] Group 4 - Nvidia has informed Chinese clients that its H20 AI chip inventory is limited and there are no plans to resume production [15] - Meta's Superintelligence Labs has recruited 44 top talents, with half from China and 40% previously employed at OpenAI, indicating aggressive hiring strategies [15] - The Russian government is enforcing measures against Google for failing to comply with court rulings, resulting in fines totaling approximately $347 million [17] Group 5 - The new luxury car tax policy has led to a rush in sales at Porsche and other luxury car dealerships ahead of its implementation [17] - Bullish, a cryptocurrency exchange, has filed for an IPO on the New York Stock Exchange, marking a significant event in the crypto industry [18] - Chuan Hydrogen Technology completed a funding round exceeding $200 million, aimed at product development and ecosystem construction [19]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In June 2025, the company achieved a total sales volume of 111,000 vehicles, representing a year-on-year increase of 12.9% and a month-on-month increase of 8.3%. Among these, export sales accounted for 40,000 vehicles, making up 36.2% of total sales, while new energy vehicle sales reached 36,000 units, with a share of 37.3% in new energy passenger vehicles [2][9]. - The company is accelerating its global expansion and is committed to transitioning to new energy, with a continuous new vehicle cycle expected to drive improvements in sales and performance. Long-term, the company's four major expansion strategies are expected to open up long-term growth potential in sales, while the shift towards intelligence is set to enhance profitability across the entire industry chain [2][9]. Summary by Sections Sales Performance - In June 2025, the company sold 110,690 vehicles, with domestic sales of 71,000 units (up 17.8% year-on-year) and new energy sales of 36,000 units (up 39.4% year-on-year). Cumulatively, from January to June 2025, total sales reached 570,000 vehicles, a year-on-year increase of 1.8% [9]. - By brand, Haval sold 62,396 units (up 30.7% year-on-year), Tank sold 21,571 units (down 17.2% year-on-year), WEY sold 10,197 units (up 247.0% year-on-year), Ora sold 3,283 units (down 45.5% year-on-year), and Great Wall Pickup sold 13,213 units (down 13.4% year-on-year) [9]. Global Expansion - The company has implemented the "ONE GWM" strategy to accelerate its overseas expansion, covering over 170 countries and regions with more than 1,400 overseas sales channels. It has established three complete vehicle production bases in Thailand and Brazil, and several KD factories in Ecuador and Pakistan, which are expected to drive future sales growth [9]. Technological Advancements - In the context of the intelligent era, the company is actively promoting the development of intelligent sales and models, strengthening its technological advantages in areas such as algorithms, data, and computing power. This is expected to enhance its capabilities in intelligence continuously [9]. Financial Projections - The company forecasts net profits attributable to shareholders for 2025, 2026, and 2027 to be 141.6 billion, 172.7 billion, and 213.9 billion respectively, with corresponding A-share PE ratios of 13.0X, 10.6X, and 8.6X [9].

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].

Investment Rating - The industry investment rating is "Overweight" [3][20]. Core Insights - The report highlights significant developments in the robotics sector, particularly in simulation training and sensor technology, indicating a potential increase in industry value density [4][5]. - Great Wall Motors is undergoing a transformation with improved sales performance and a shift towards a scale-oriented pricing strategy, suggesting a strong outlook for net profit in 2024 [4][7][10]. - The report recommends focusing on domestic leading manufacturers and companies with strong performance growth and overseas expansion capabilities in the automotive and robotics sectors [4][10]. Summary by Sections Robotics Exhibition - The robotics exhibition in Hangzhou showcased limited participation from whole machine manufacturers but highlighted advancements in simulation training and sensor technologies [4][5]. - Companies focusing on simulation training data services are emerging, with a business model centered on customized data fees, similar to the approach of Giant Technology using the Omniverse platform [5]. - The glass micro-melting process for torque sensors shows potential to replace traditional six-dimensional sensors, with expected prices in the hundreds of yuan range [6]. Great Wall Motors Update - Great Wall Motors has seen a significant increase in sales for key models, with the Haval brand's new model deliveries reaching 8,000 units in May [7][10]. - The company is shifting its pricing strategy towards high cost-performance, exemplified by the new Ora model priced at 89,800 yuan [7]. - The report anticipates significant advancements in intelligent driving features across various models, enhancing the overall product experience [8][10]. Investment Recommendations - The report suggests investing in leading domestic manufacturers such as BYD, Geely, and XPeng, as well as companies involved in intelligent driving trends [4]. - It also recommends focusing on state-owned enterprise consolidations and component manufacturers with strong growth potential [4][10].

Group 1 - The second-generation Xiaolong MAX achieved 8,000 sales in May with an average daily order of over 200 [1] - The Gaoshan model is expected to sell over 5,000 units in June, while the Lanshan has an average daily order of 150 [1] - The Menglong fuel version has an average daily order of 100 [1] Group 2 - New models include the 2025 Ora Good Cat and the Tank 500 Hi4-Z Intelligent Driving version in June, with Tank 400, 500, 700, and Haval Big Dog/Second Generation Big Dog facelifts expected in the third quarter [1] - Exports turned positive year-on-year in May, with expectations for year-on-year growth in Q3; the Australian market saw around 5,000 units in May, and the Russian market is expected to improve marginally in June [1] Group 3 - The increase in costs due to the construction of direct sales stores is expected to decline, and sales assessments will be strengthened in the future [1] - The company aims to promote the integration of Ora and Haval's new energy vehicles [1]

Financial Performance - In Q1 2025, the company achieved revenue of 40.02 billion yuan, a year-on-year decrease of 6.6% [1][2] - The net profit attributable to shareholders was 1.75 billion yuan, down 45.6% year-on-year [1][2] - The non-recurring net profit was 1.47 billion yuan, a decline of 27.4% year-on-year [1] - The gross margin for Q1 2025 was 17.8%, a decrease of 2.2 percentage points year-on-year [2] - The net profit margin stood at 4.4%, down 3.2 percentage points year-on-year [2] Sales Performance - The company sold 257,000 vehicles in Q1 2025, with 91,000 units sold overseas [1][2] - Sales of new energy vehicles reached 63,000 units, an increase of 5.7% year-on-year [1] Product Cycle and Market Strategy - The company is entering a new product cycle with multiple new models set to launch starting in March 2025, which is expected to improve sales momentum [3] - The company plans to introduce new models under its five major brands, including Haval, Wey, Tank, Ora, and pickup trucks [3] - The introduction of affordable intelligent driving features in models priced below 200,000 yuan is anticipated to enhance market competitiveness [3] Profit Forecast - The revenue projections for 2025, 2026, and 2027 are adjusted to 226.86 billion yuan, 256.58 billion yuan, and 283.78 billion yuan, respectively, with year-on-year growth rates of 12.2%, 13.1%, and 10.6% [4] - The net profit forecasts for the same years are 13.64 billion yuan, 15.72 billion yuan, and 17.62 billion yuan, with year-on-year growth rates of 7.5%, 15.2%, and 12.1% [4] - The corresponding price-to-earnings ratios are projected to be 14.5X, 12.6X, and 11.3X [4]

| 黄细里 | Ekste | | --- | --- | | 刘力宇 | | | 煮路 | | | 郭雨蒙 | | | 孙仁昊 | De se o | | 赖闊旭 | יות משפחים | | | | | 投资要点 | | --- | 公告要点： 公司公布2025Q1业绩。2025Q1公司实现营收400.19亿元，同环比-6.6%/-33.2%，实现归母净利 润17.51亿元，同环比-45.7%/-22.7%，归母净利润同比下降主要系：1）产品周期波动导致季度 销量下降；2）销售费用同比增长；3）俄罗斯报废税返还因新车认证后延所致。盈利能力方 面，公司Q1毛利率为17.84%，同环比分别-2.2/+1.3pct，受俄罗斯报废税后延约影响。费用率方 面，Q1公司销售费用为22.96亿元，同环比分别+34.6%/+44.6%，主要系：1）直营体系加速投 入的影响；2）新车型上市和预热的影响，如高山、坦克300、二代枭龙max等。 魏品牌放量，出海持续推进： 销量结构上，长城汽车Q1批发销量25.68万辆，同环比分别-6.7%/-32.3%。分品牌来看，哈弗/ 魏 牌 / 坦 克 / 欧 拉 / 皮 卡 销 ...