Group 1 - The core viewpoint of the report is that Great Wall Motors (601633)(02333) experienced a 22% year-on-year increase in August sales, reaching 116,000 units, with an 11% month-on-month growth [1] - Bank of America maintains a "Neutral" rating for Great Wall Motors' H-shares, citing that the strong product line and moderate profit growth have been fully valued by the market, raising the target price from HKD 19 to HKD 19.5 [1] - The bank assigns a "Underperform" rating for Great Wall Motors' A-shares due to high valuations, lowering the target price from RMB 27.4 to RMB 24.6 [1] Group 2 - Management indicated that the new model, the Tank 500, has an order backlog of over 15,000 units, while the new models Menglong and Gaoshan 8 & 9 are receiving daily orders of 300-400 and 200-300 units respectively [1] - Management expects monthly sales to continue to grow month-on-month until the end of the year, supported by the launch of new models and steady sales growth in overseas markets [1]

Group 1 - The core viewpoint of the report is that Great Wall Motors (02333) experienced a year-on-year sales increase of 22% in August, reaching 116,000 units, with a month-on-month growth of 11% [1] - Bank of America maintains a "Neutral" rating on Great Wall Motors' H-shares, citing that the strong product line and moderate profit growth have been fully valued by the market, raising the target price from HKD 19 to HKD 19.5 [1] - The bank has given a "Underperform" rating for Great Wall Motors' A-shares due to high valuations, lowering the target price from RMB 27.4 to RMB 24.6 [1] Group 2 - Management indicated that the newly launched models, including the Menglong, are receiving an average of 300 to 400 new orders per day, while the Gaoshan 8 and Gaoshan 9 are averaging 200 to 300 new orders per day, and the revamped Tank 500 has an order backlog of over 15,000 units [1] - Management expects monthly sales to continue to grow month-on-month until the end of the year, supported by the launch of new models and steady sales growth in overseas markets [1]

该行对长汽H股维持"中性"评级，认为强大的产品线和适度的盈利增长已被市场充分估值，目标价由19 港元微升至19.5港元；由于长汽A股估值过高，评级"跑输大市"，目标价由27.4元下调至24.6元。 MACD金叉信号形成，这些股涨势不错！ 美银证券发表报告指，长城汽车8月销量按年升22%至11.6万辆，按月增长11%。管理层指，新推出的猛 龙平均每日新订单300至400辆，高山8及高山9平均每日新订单200至300辆，改款Tank 500目前订单积压 逾1.5万辆。管理层预计在新车型推出和海外市场稳健销售增长的支撑下，月度销售将持续按月增长至 年底。 ...

上 市 公 司 2025 年 09 月 03 日 长城汽车 (601633) ——强势新车周期即将开启，后续增长可期 报告原因：有业绩公布需要点评 买入（维持） 邵翼 A0230524120001 shaoyi@swsresearch.com | 市场数据： | 2025 年 09 月 02 日 | | --- | --- | | 收盘价（元） | 26.28 | | 一年内最高/最低（元） | 33.34/20.60 | | 市净率 | 2.7 | | 股息率%（分红/股价） | 1.71 | | 流通 A 股市值（百万元） | 163,179 | | 上证指数/深证成指 | 3,858.13/12,553.84 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 9.83 | | 资产负债率% | 61.98 | | 总股本/流通 A 股（百万） | 8,559/6,209 | | 流通 B 股/H 股（百万） | -/2,319 | 一年内股价与大盘对比走势： 09-02 10-02 11 ...

Core Insights - The company reported a revenue of 92.335 billion yuan for H1 2025, a year-on-year increase of 0.99%, while net profit attributable to shareholders decreased by 10.48% to 6.369 billion yuan [1] - In Q2 2025, the company achieved a revenue of 52.316 billion yuan, a year-on-year increase of 7.71% and a quarter-on-quarter increase of 30.73%, with net profit reaching a record high of 4.586 billion yuan, up 19.09% year-on-year and 161.87% quarter-on-quarter [1] - The company is focusing on high-end and new energy vehicles, with Q2 average vehicle price rising to 175,400 yuan, a year-on-year increase of 2.1% [1] Financial Performance - H1 2025 sales volume increased by 1.8% to 570,000 units, with average revenue per vehicle at 162,000 yuan, a decrease of 0.8% [2] - Q2 2025 sales volume was 313,000 units, up 10.1% year-on-year and 21.9% quarter-on-quarter, with the Tank brand sales at 62,000 units, down 7.8% year-on-year [2] - H1 2025 gross margin was 18.38%, a decrease of 1.56 percentage points year-on-year, while Q2 gross margin improved to 18.80%, up 0.96 percentage points quarter-on-quarter [2] Product Development and Innovation - The company is in a strong product cycle, launching several new models including the Gaoshan 8, Gaoshan 9, and the new Tank 500, with strong initial sales [3] - The CoffeePilot Ultra intelligent driving system is being integrated into new models, enhancing product capabilities and market competitiveness [3] Future Outlook - Revenue projections for 2025-2027 are 243.419 billion yuan, 276.394 billion yuan, and 306.705 billion yuan, with net profits expected to reach 13.977 billion yuan, 16.421 billion yuan, and 19.092 billion yuan respectively [4] - The company maintains a "recommended" rating based on projected earnings per share of 1.63 yuan, 1.92 yuan, and 2.23 yuan for the same period [4]

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]

Core Viewpoint - Beijing Automotive Manufacturing Plant's subsidiary, Ruisheng Automotive, officially launched as an independent brand focused on MPVs, marking a significant case of brand independence amid the ongoing industry consolidation and price wars in the automotive market [1][2]. Industry Overview - The automotive industry is experiencing a "consolidation wave" and a "price war," with major players like Changan, Geely, and Dongfeng actively pursuing resource integration plans [1]. - Dongfeng Group announced its high-end new energy brand, Lantu Automotive, will go public in Hong Kong while initiating a privatization process, seen as a strategic move to optimize capital structure and focus on the new energy sector [1]. Ruisheng Automotive's Strategy - Ruisheng Automotive aims to address the polarized MPV market, which is characterized by high-end models being expensive and low-end products lacking quality, by introducing a "quality universal" revolution [2]. - The company has seen over 50% growth in recent years, with its MPV market share increasing from 23% to 37.9%, indicating a strong market position for its independent strategy [2]. - Ruisheng plans to focus on the MPV market with more autonomy in product planning, R&D, marketing, and channel operations, aiming to build a comprehensive market presence across various price segments [2][3]. Future Plans - Ruisheng Automotive has outlined a three-phase strategic blueprint: aggressively capturing market share from 2025 to 2027, moving towards mainstream status from 2027 to 2030, and aiming for market leadership by 2030 [3]. - The company plans to invest 20 billion yuan in R&D over the next five years, emphasizing digitalization across its value chain and enhancing brand value and market influence through a customer-centric service approach [3]. Market Dynamics - The MPV market is seeing increased competition as traditional sedan and SUV markets become saturated, prompting manufacturers to explore the seven-seat vehicle segment [4]. - Consumer upgrades and policies supporting larger families are driving demand for MPVs, shifting the focus from commercial to family-oriented products [4][5]. - The competitive landscape includes established players like Toyota and emerging brands like Weipai, which have introduced new MPV models with advanced features [3].

Group 1 - The core viewpoint of the article highlights that the Gao Shan 7 is positioned as the first MPV for young families, combining the spaciousness of an MPV with the aesthetic appeal of an SUV [1] - The exterior design of the Gao Shan 7 is similar to the Gao Shan 8 and 9, but it features a shorter body while still providing ample space [1] - The vehicle offers smooth seat adjustments and a rich array of configurations, making it suitable for family comfort and driving enjoyment [1]

Core Viewpoint - The MPV market remains stable despite the rising popularity of 6-seat SUVs, with a focus on user comfort and specific customer demographics [1][2][9]. Sales Performance - The sales of the Dreamer model reached 23 units last month, maintaining steady performance compared to previous months [2]. - The sales of the Gaoshan model increased significantly, accounting for over 60% of total sales, with the Gaoshan 8 being the best seller [5]. - The sales of the Tengshi D9 model reached 9 units, making up 90% of the store's sales, with the D9's DMi four-wheel drive version being the most popular [7]. - The GL8 model sold 9 units last month, representing 20% of total sales, with the Luxurious version being the top seller [11]. - The Sienna model sold 6 units, accounting for approximately 15% of total sales, with the 2.5L hybrid version being the most popular [15]. Customer Demographics - Customers of the Dreamer model are primarily either families with two children or corporate users, with a strong preference for comfort [2]. - Gaoshan model customers are also mainly families or corporate users, emphasizing the importance of spaciousness and comfort [5]. - The Tengshi D9 attracts corporate leaders and business owners, with some customers purchasing it for tourism rental purposes [7]. - The GL8 model's customer base is evenly split between personal and corporate use, with a high rate of repeat customers [12]. - Sienna customers are often corporate clients or families, drawn by Toyota's reputation and global presence [15]. Competitive Landscape - The Dreamer competes closely with the Gaoshan 8, which offers advanced features like built-in refrigerators and laser radar [3]. - Customers often compare the Gaoshan model with the Dreamer and Tengshi D9, with brand recognition playing a significant role in their decisions [5]. - The D9 is frequently compared with the Dreamer and Sienna, with customers appreciating the D9's reputation and features [8]. - The GL8 is recognized for its historical use as a government vehicle, while the D9 is noted for its status as a sales champion in the new energy vehicle segment [15]. Key Features - The MPV's sliding doors and spacious third row are highly valued by customers, with comfort being the primary concern [3][5]. - The D9's advanced features and brand reputation contribute to its strong sales performance [7][8]. - The GL8's appeal lies in its long-standing trust among customers and the availability of discounts [12]. - The Sienna's comfort and spaciousness are highlighted as key advantages over SUVs, with customers often prioritizing these features during their selection process [15].

Core Viewpoint - The article discusses the current market situation for the "Dreamer" model, highlighting sales trends, customer demographics, and competitive comparisons. Group 1: Market Situation - The most popular configuration and color for the "Dreamer" model is the black exterior with brown interior in the premium Kunpeng PHEV version, accounting for 50% of sales in a recent batch of 10 vehicles [2] - There has been a 20% decrease in customer foot traffic compared to the previous two months, attributed to adverse weather conditions affecting accessibility to the dealership [2] - The least popular configuration is the white exterior with beige interior, with a waiting period of 3 to 4 weeks due to low demand [3] Group 2: Customer Demographics - The primary customer base consists of middle-class professionals, particularly corporate managers and high-income individuals [5] - A notable customer, referred to as "Mr. Wang," operates a large tea garden and expressed immediate interest in purchasing the vehicle for business use [5][7] - The vehicle's comfort features, such as reclining seats, were highlighted as key selling points during customer interactions [9] Group 3: Competitive Analysis - The main competitors for the "Dreamer" model are the Gaoshan 8 and the Tengshi D9, with customers evenly split in their comparisons [10] - Factors influencing customer decisions include pricing and the versatility of seating arrangements, with some customers favoring the Gaoshan 8 for its integrated seating design [10][11] - The "Dreamer" model is preferred for its stable four-wheel drive chassis, which was demonstrated during a test drive [13] Group 4: Sales Promotions and Customer Feedback - Current promotions include a lifetime warranty on the battery system and a 15,000 yuan decoration fund for customization options [14] - Discounts of 50,000 yuan for the Kunpeng series and 30,000 yuan for the Qian Kun version are available, along with financing options [15] - Customer feedback includes concerns about the vehicle's size and the performance of the standard driving assistance features, although higher-level options are available [17] Group 5: Special Policies - Additional incentives are available for specific professions, including employees from Huawei, banking, and civil service, which can be inquired about at local dealerships [19]