Investment Rating - The investment rating for Great Wall Motors is "Buy" (maintained) [1] Core Insights - The company reported a total sales volume of 923,400 vehicles for the first three quarters of 2025, representing an 8% year-on-year increase. Total revenue reached 153.6 billion yuan, also up 8% year-on-year, while net profit attributable to shareholders decreased by 17% to 8.635 billion yuan [4][6] - In Q3 2025, the company achieved a total sales volume of 353,600 vehicles, a 20% year-on-year increase and a 13% quarter-on-quarter increase. Revenue for Q3 was 61.2 billion yuan, up 21% year-on-year and 17% quarter-on-quarter, with net profit of 2.298 billion yuan, down 31% year-on-year and 50% quarter-on-quarter [4][6] Financial Data and Profit Forecast - The projected total revenue for Great Wall Motors is 224.1 billion yuan in 2025, with a year-on-year growth rate of 10.8%. The net profit forecast for 2025 is 12.913 billion yuan, reflecting a slight increase of 1.7% year-on-year [5][8] - The company expects to maintain a revenue forecast of 288 billion yuan in 2026 and 338.1 billion yuan in 2027, with net profits projected at 17.054 billion yuan and 21.094 billion yuan respectively [5][8] Sales and Product Strategy - The company is set to enter a strong new vehicle cycle with the launch of the high-end model, the Great Wall 7, which is expected to convert pre-sale orders into sales. The introduction of new platforms for the Wey brand will further enhance sales [6] - The domestic market is anticipated to see growth driven by the launch of multiple new models and significant upgrades to existing models. The overseas market is also expected to contribute positively, with the new factory in Brazil set to produce key models [6]

Core Viewpoint - Great Wall Motors reported a total revenue of 61.25 billion yuan for Q3 2025, representing a year-on-year increase of 20.5%, while the net profit attributable to shareholders decreased by 31.2% to 2.3 billion yuan [1] Group 1: Financial Performance - In Q3 2025, the company achieved a wholesale volume of 354,000 vehicles, reflecting a quarter-on-quarter increase of 20.2% and a year-on-year increase of 13.0% [1] - The average selling price (ASP) per vehicle reached 173,000 yuan, up by 600 yuan quarter-on-quarter [1] - The gross profit margin stood at 18.4%, showing a slight decline of 0.4 percentage points quarter-on-quarter [1] Group 2: Sales and Market Expansion - The company’s overseas sales reached 137,000 vehicles in Q3 2025, marking a year-on-year increase of 11.2% and a quarter-on-quarter increase of 27.9% [2] - Cumulatively, overseas sales for the first three quarters of the year totaled 334,000 vehicles, up by 3.1% year-on-year [2] - Sales of new energy vehicles (NEVs) in Q3 2025 amounted to 118,000 units, representing a year-on-year increase of 49.2% and a quarter-on-quarter increase of 20.6% [2] Group 3: Product Launches - The all-new Tank 400 began pre-sales on October 21, with prices starting at 329,800 yuan for the Hi4-Z version and 309,800 yuan for the Hi4-T version [2] - The Gaoshan 7 was officially launched on October 15, with a suggested retail price of 285,800 yuan, featuring spacious dimensions and enhanced maneuverability [2] Group 4: Future Outlook - The company is expected to achieve revenues of 225.3 billion yuan, 278.5 billion yuan, and 312.5 billion yuan from 2025 to 2027, with year-on-year growth rates of 11%, 24%, and 12% respectively [3] - Projected net profits attributable to shareholders for the same period are 13.45 billion yuan, 17.4 billion yuan, and 20.43 billion yuan, with growth rates of 6%, 29%, and 17% respectively [3] - The earnings per share (EPS) are forecasted to be 1.57 yuan, 2.03 yuan, and 2.39 yuan, corresponding to price-to-earnings (PE) ratios of 14.8, 11.4, and 9.7 times [3]

Investment Rating - The investment rating for the company is "Buy" for both A-shares and H-shares, with target prices set at RMB 33.66 and HKD 23.37 respectively [7][11]. Core Insights - The company reported a Q3 revenue of RMB 61.2 billion, representing a quarter-on-quarter increase of 21% and a year-on-year increase of 17%. However, the net profit attributable to shareholders was RMB 2.3 billion, down 31% quarter-on-quarter and 50% year-on-year, primarily due to deferred tax refunds in CIS countries [1]. - The company achieved a record high sales volume of 350,000 vehicles in Q3, a 10% year-on-year increase, with 120,000 of those being new energy vehicles, marking a 49% quarter-on-quarter increase [2]. - The company is focusing on new vehicle launches, particularly the Wei brand and Tank series, with significant models like the Wei brand Gaoshan 7 and Tank 400 expected to drive sales in Q4 [3]. - The overseas market showed signs of recovery, with Q3 overseas sales reaching 334,000 vehicles, a 3% year-on-year increase, attributed to the opening of a new manufacturing facility in Brazil and strong performance in the CIS market [4]. Summary by Sections Q3 Performance - Revenue for Q3 was RMB 61.2 billion, with a quarter-on-quarter increase of 21% and a year-on-year increase of 17%. Net profit attributable to shareholders was RMB 2.3 billion, down 31% quarter-on-quarter and 50% year-on-year [1]. - For the first three quarters, total revenue reached RMB 153.6 billion, a year-on-year increase of 8%, while net profit was RMB 8.6 billion, down 17% year-on-year [1]. Sales and Market Trends - The company sold 350,000 vehicles in Q3, a record high for the quarter, with new energy vehicle sales reaching 120,000, a 49% increase quarter-on-quarter [2]. - The new energy vehicle penetration rate increased from 27% in Q3 2024 to 33% in Q3 2025 [2]. New Product Launches - The company is maintaining a strong new vehicle launch schedule in Q4, with the Gaoshan 7 and Tank 400 models expected to contribute significantly to sales [3]. - The Gaoshan 7 was launched at a price of RMB 285,800, featuring advanced technology and spacious design [3]. Overseas Market Performance - Q3 overseas sales reached 334,000 vehicles, a 3% year-on-year increase, with September sales hitting 50,000 vehicles, a 14% increase year-on-year [4]. - The new manufacturing facility in Brazil is expected to enhance production capacity and market reach in Latin America [4]. Profit Forecast and Valuation - The profit forecast for the company remains at RMB 13.1 billion for 2025, with a target price of RMB 33.66 based on a PE ratio of 22x for A-shares and 14x for H-shares [5][11].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a significant year-on-year revenue increase of 20.5% in Q3 2025, with total revenue reaching 61.25 billion yuan. However, the net profit attributable to shareholders decreased by 31.2% to 2.3 billion yuan [5][7] - The company’s wholesale volume in Q3 2025 was 354,000 units, reflecting a quarter-on-quarter increase of 20.2% and a year-on-year increase of 13.0%. The average selling price per vehicle reached 173,000 yuan, up by 0.6 thousand yuan quarter-on-quarter [7] - The company’s gross margin was 18.4%, showing a slight decline of 0.4 percentage points quarter-on-quarter, influenced by changes in product mix [7] - The company’s overseas sales volume reached 137,000 units in Q3 2025, marking a year-on-year increase of 11.2% and a quarter-on-quarter increase of 27.9%. Cumulatively, overseas sales for the first three quarters of the year reached 334,000 units, up 3.1% year-on-year [7] - The sales of new energy vehicles in Q3 2025 were 118,000 units, representing a year-on-year increase of 49.2% and a quarter-on-quarter increase of 20.6% [7] Financial Summary - The company is expected to achieve revenues of 225.3 billion yuan, 278.5 billion yuan, and 312.5 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 11%, 24%, and 12% [8][9] - The net profit attributable to shareholders is projected to be 13.45 billion yuan, 17.40 billion yuan, and 20.43 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 6%, 29%, and 17% [8][9] - The earnings per share (EPS) are forecasted to be 1.57 yuan, 2.03 yuan, and 2.39 yuan for the years 2025, 2026, and 2027, respectively [8][9] - The company maintains a solid overseas competitive advantage, with a high degree of profit certainty as new products are launched [8]

Investment Rating - The report suggests a focus on companies with effective supply release capabilities, such as Geely, BYD, Great Wall, Li Auto, and NIO, while also recommending attention to "future industries" driven by technology [2][3]. Core Insights - The fourth quarter is expected to see a surge in market demand due to tightening subsidy limits, with a wave of new model launches anticipated to boost sales [2]. - The report emphasizes the importance of companies with strong performance support and relatively low valuations, particularly in sectors like robotics, AI, and low-altitude economy [2]. - The report highlights the ongoing reforms in state-owned enterprises, particularly in companies like SAIC and Dongfeng, which are expected to bring significant changes [2]. Market Situation Update - In the 40th week of 2025, retail sales of passenger cars totaled 469,000 units, a month-on-month decrease of 27.85% but a year-on-year increase of 16.64% [3]. - Traditional energy vehicle sales were 234,000 units, down 16.43% month-on-month but up 6.70% year-on-year, while new energy vehicle sales were 235,000 units, down 36.49% month-on-month but up 28.49% year-on-year, with a penetration rate of 50.11% [3]. - The automotive industry index fell by 5.99% during the week, underperforming compared to the Shanghai and Shenzhen 300 index, which dropped by 2.22% [14]. Company Performance - The report identifies key companies with strong growth potential, including Kobot, Xingyu, Jifeng, and Songyuan, as well as those with recovering performance and attractive valuations like Minshi and Ningbo Huaxiang [2]. - The report notes that 43 stocks in the automotive sector rose while 228 fell, with the largest gainers being Haima Automobile, Meichen Technology, and Fute Technology, which rose by 19.2%, 16.8%, and 13.0% respectively [19]. Industry Events - The 2025 World Intelligent Connected Vehicle Conference was held in Beijing, focusing on industry opportunities and future directions, highlighting China's advantages in policy support, infrastructure, and autonomous driving technology [11][12]. - The report mentions the launch of new models such as the Leapmotor D19 and the Gao Shan 7, which are positioned to capture market segments with advanced features and competitive pricing [4][8].

Investment Rating - The report maintains a positive outlook on the automotive industry, particularly focusing on technology-driven growth and the potential of intelligent vehicles [3]. Core Insights - The fourth quarter is expected to see a surge in market demand due to tightening subsidy limits, with a focus on companies that can effectively release supply, such as Geely, BYD, Great Wall, Li Auto, and NIO [3]. - The report emphasizes the importance of technology as a primary driver for excess returns, recommending companies in robotics, AI, and low-altitude economy sectors [3]. - Key companies recommended for investment include Kobot, Xingyu, Jifeng, and Songyuan, alongside those with recovering performance and attractive valuations like Minth and Ningbo Huaxiang [3]. Industry Updates - In the 40th week of 2025, retail sales of passenger cars totaled 469,000 units, a month-on-month decrease of 27.85% but a year-on-year increase of 16.64%. Traditional energy vehicles sold 234,000 units, while new energy vehicles sold 235,000 units, with a penetration rate of 50.11% [3]. - The automotive industry index closed at 7653.53 points, down 5.99% for the week, which is a greater decline compared to the Shanghai and Shenzhen 300 index, which fell by 2.22% [15][18]. - The report notes a decrease in raw material prices for both traditional and new energy vehicles, with traditional vehicle raw material prices down 2.0% week-on-week and 4.0% month-on-month [3]. Market Situation - The total transaction value of the automotive industry for the week was 695.481 billion yuan, with a daily increase of 4.20% [3]. - A total of 43 stocks in the automotive sector rose, while 228 fell, with the largest gainers being Haima Automobile, Meichen Technology, and Fute Technology, which rose by 19.2%, 16.8%, and 13.0% respectively [20]. Key Events - The launch of the first full-size SUV, Leapmotor D19, which features both pure electric and range-extended versions, was highlighted, showcasing advanced technology and design [4][44]. - The World Intelligent Connected Vehicles Conference was held in Beijing, focusing on industry opportunities and future directions, emphasizing China's advantages in policy support and infrastructure for intelligent vehicles [11][13].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to enter a strong new car cycle, which will drive future growth [6] - The company reported a total sales volume of 569,800 units in the first half of 2025, a year-on-year increase of 2%, with total revenue of 92.3 billion yuan, a year-on-year increase of 1% [4] - The second quarter of 2025 saw a total sales volume of 313,000 units, a year-on-year increase of 10% and a quarter-on-quarter increase of 22% [4] - The company is set to launch multiple new models, which are anticipated to boost sales and gross margins [6] Financial Data and Earnings Forecast - The company’s total revenue for 2025 is projected to be 224.1 billion yuan, with a year-on-year growth rate of 10.8% [5] - The net profit attributable to the parent company for 2025 is estimated at 12.9 billion yuan, reflecting a year-on-year growth rate of 1.7% [5] - The earnings per share (EPS) for 2025 is forecasted to be 1.51 yuan [5] - The gross margin is expected to be 18.7% in 2025 [5] - The return on equity (ROE) is projected to be 14.5% in 2025 [5] Sales and Market Expansion - The company is expected to achieve significant sales growth both domestically and internationally, driven by new model launches and enhancements in product offerings [6] - The domestic market will benefit from the introduction of multiple new models and significant upgrades, while the overseas market will see contributions from the newly operational factory in Brazil [6]

Core Viewpoint - Great Wall Motors achieved a revenue of 92.3 billion yuan and a net profit of 6.3 billion yuan in H1 2025, maintaining a "buy" rating due to the launch of new vehicles and a clear long-term strategy in intelligence and global expansion [1][2]. Financial Performance - The company reported a revenue of 92.33 billion yuan in H1 2025, a year-on-year increase of 1%; net profit attributable to shareholders was 6.34 billion yuan, a year-on-year decrease of 10%; and the net profit excluding non-recurring items was 3.58 billion yuan, a year-on-year decrease of 36% [2]. - In Q2 2025, the company achieved a revenue of 52.32 billion yuan, a year-on-year increase of 8% and a quarter-on-quarter increase of 31%; net profit attributable to shareholders was 4.59 billion yuan, a year-on-year increase of 19% and a quarter-on-quarter increase of 162% [2]. Sales and Product Structure - In Q2 2025, the company sold 313,000 vehicles, a year-on-year increase of 10% and a quarter-on-quarter increase of 22%. The sales breakdown by brand included Haval (177,000), Wey (21,000), Pickup (46,000), Ora (7,000), and Tank (62,000) [3]. - The sales proportion of high-end brands Wey and Tank increased by 1.6 and 3.4 percentage points respectively, indicating an upward optimization of the product structure [3]. Profitability and Cost Management - The company achieved a net profit per vehicle of 15,000 yuan in Q2 2025, a quarter-on-quarter increase of 115% [4]. - In Q2 2025, the sales, management, and R&D expense ratios were 5.2%, 1.8%, and 4.5% respectively, with the sales expense ratio increasing due to accelerated user channel development and marketing for new models [3]. International Expansion - In H1 2025, the company sold 198,000 vehicles overseas, a year-on-year decrease of 1.9%; in Q2 2025, overseas sales were 107,000 vehicles, a year-on-year decrease of 2% but a quarter-on-quarter increase of 17% [4]. - The company’s Brazilian factory commenced operations on August 16, 2025, serving as a regional manufacturing center for Latin American markets [4].

Core Viewpoint - Wei brand is establishing itself as a high-end new energy brand by creating value for users through a direct-to-consumer (DTC) model, achieving significant delivery milestones and expanding its retail presence across China [1][3][10]. Group 1: DTC Model and User Engagement - The DTC model is designed to listen to users' genuine feedback, ensuring a professional, efficient, and convenient service experience [3]. - Wei brand has invested heavily in building digital channels, increasing its retail centers from 0 to over 460 in just over a year, with plans to expand to 700 centers covering over 200 cities by the end of the year [3]. Group 2: Sales Performance and Product Launches - In the first seven months of the year, Wei brand's cumulative sales exceeded 40,000 units, re-establishing its position in the high-end new energy market [5]. - The newly launched Gao Shan model has delivered nearly 20,000 units since its release in May, marking a new era for MPV families [5]. - The upcoming Gao Shan 7 model is positioned as a family-oriented vehicle, emphasizing spaciousness and comfort, with a price point under 300,000 [6]. Group 3: Product Features and Market Position - The Lan Shan model has excelled in media tests for advanced driving assistance and extreme range, achieving over 100,000 units delivered, making it the third six-seat new energy SUV to reach this milestone [8]. - The popularity of Gao Shan and Lan Shan in the 300,000 market segment indicates that Wei brand has found its "value high ground" in the exploration of high-end new energy brands [10]. Group 4: Future Developments - Wei brand announced the upcoming launch of a next-generation all-power intelligent super platform, which is the only platform globally compatible with five power forms, featuring advanced technologies such as a dual 4-second 2.0 hybrid system and an 800V hybrid architecture [10].

Core Viewpoint - The launch of the new high-end electric MPV model, Gaoshan 7, by Great Wall Motors' premium brand Wey, marks a strategic move to strengthen its position in the competitive 300,000 RMB market segment, emphasizing advanced features like laser radar and intelligent driving capabilities [1] Group 1: Product Launch and Features - The Gaoshan 7 is highlighted as the "only MPV under 300,000 RMB equipped with standard laser radar," enabling parking assistance from space to space, directly competing with higher-end models in terms of intelligent driving [1] - The pricing strategy for Gaoshan 7 is set below 300,000 RMB, avoiding direct competition with popular models like the Denza D9, while aiming to solidify Wey's market position with its unique combination of "laser radar + intelligent four-wheel drive" [1] Group 2: Market Performance - Wey has achieved over 10,000 units sold for two consecutive months, with total sales exceeding 40,000 units from January to July this year, indicating a return to the mainstream of the high-end electric vehicle market [1] Group 3: Future Developments - At the auto show, Wey announced the upcoming launch of the next-generation all-power intelligent super platform, which is based on Great Wall Motors' 35 years of technological accumulation and will support five different power forms [1] - The new platform will feature advanced technologies, including a dual 4-second 2.0 hybrid system, 800V hybrid architecture, large hybrid battery packs, and a pure electric range exceeding 400 kilometers [1]