Core Viewpoint - Great Wall Motors showcases its technological strength in the Chinese automotive industry through participation in the 2025环塔拉力赛, emphasizing the importance of real-world testing for vehicle performance and reliability [1][3]. Group 1: Event Participation and Achievements - Great Wall Motors returned to the环塔拉力赛 after ten years, competing with ten vehicles across three brands: Haval, Tank, and Great Wall Pickup, winning championships in both the fuel and new energy categories [3][5]. - The环塔拉力赛 is recognized as one of the most challenging rally events in China, serving as a testing ground for vehicle performance under extreme conditions [3][5]. Group 2: Technological Development and Strategy - Chairman Wei Jianjun stated that the core value of participating in such events is to gather valuable data and experience to enhance vehicle reliability and durability, ultimately improving consumer product experience [5][7]. - Great Wall Motors aims to integrate internal combustion engines and electric drive systems, focusing on hybrid technology and meeting diverse global user needs [5][7]. Group 3: Product Range and Data Utilization - The company has developed a range of off-road vehicles, including models like Tank 700 Hi4-T and Haval H9, utilizing advanced technologies such as Hi4-T hybrid systems and high-torque engines [7][10]. - Data collected during the rally will be used to refine production models, enhancing overall vehicle performance [7][10]. Group 4: Cultural Integration and Future Plans - Great Wall Motors plans to incorporate local culture into its brand strategy, enhancing brand presence through events and user engagement [7][10]. - The company intends to return to the Dakar Rally, aiming to demonstrate the strength of Chinese automotive brands on a global stage [7][10]. Group 5: Safety and Skill Development - The company has introduced a "Off-Road Skill Grading Standard" to promote safety and guide enthusiasts in enjoying off-road experiences [10]. - Great Wall Motors launched an off-road driving training camp to share practical experiences and improve skills among off-road enthusiasts [8][10].

Investment Rating - The report maintains a "Strong Buy" investment rating for Great Wall Motors [3][6]. Core Views - The company reported a revenue of 40.02 billion yuan in Q1 2025, a decrease of 6.6% year-on-year, and a net profit attributable to shareholders of 1.75 billion yuan, down 45.7% [1][6]. - Despite short-term performance pressure, the company is launching competitive new models and enhancing its technological capabilities [6]. - The company is actively pursuing collaborations to create a new ecosystem for intelligent mobility [6]. Financial Performance - In Q1 2025, Great Wall Motors achieved a gross margin of 17.8% and a net margin of 4.4% [6]. - The total revenue for 2023 is projected at 173.21 billion yuan, with a year-on-year growth of 26%, and expected to reach 340.64 billion yuan by 2027 [7][33]. - The net profit attributable to shareholders is forecasted to be 14.62 billion yuan in 2025, with a growth rate of 15% [7][33]. Sales and Market Position - The company sold 257,000 vehicles in Q1 2025, a decline of 6.7% year-on-year, while overseas sales decreased by 2.0% to 91,000 units [6]. - New energy vehicle sales increased by 5.7% year-on-year, reaching 63,000 units [6]. Product Development and Innovation - The company launched several new models in 2025, including the Tank 300 and the second-generation Haval Xiaolong MAX, which features advanced driving technology [6]. - Great Wall Motors is focusing on product upgrades and technological accumulation to enhance competitiveness [6]. Strategic Collaborations - The company has formed strategic partnerships with various technology firms to innovate in areas such as AI and intelligent vehicle manufacturing [6].

那么下面有请白宇总嗨 财神总 感谢那个 尊敬的各位股东 各位投资者 大家早上好我是强生机车白宇欢迎大家来参加公司的三月销量量化会也非常感谢平安证券王德川总 王根海总组织本次会议那还是首先接下来我先向大家汇报一下公司三月的销量情况之后我再来回复大家的提问 4月1号公司发布了三月的销量数据三月公司销售新车97991辆其中新能源车型销售25174辆同比增长15.04%方盒子车型销售41822辆同比增长27.96%20万元以上车型销售24508辆同比增长3.89% 三月公司密集推出新车新产品新技术产品方面二代哈佛骁龙MAX未牌全新高山2025款坦克300其中亮相技术方面第二代Hyper技术重卡超级混动架构Hyper-G Coffee Pilot Plus支架系统先后呈现那么分品牌来看呢sorry分品牌来看哈佛品牌三月销售新车52732辆全球累计销售达到960万点 960.58万辆3月13日2025款新的哈佛H5上市换新一口价12.78万元起3月21日二代哈佛骁龙MAX13.88万元开启预售那二代哈佛骁龙MAX搭载了第二代Hyper技术和Coffee Pilot Plus智能驾驶系统为用户带来宽车舒适自带随心的智能出行 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total sales volume of 77,900 vehicles in February 2025, representing a year-on-year increase of 9.65% but a month-on-month decrease of 3.77% [4] - The company is expected to enter a new vehicle cycle soon, with significant model launches planned, including the Tank 400 and the 2025 Tank 300, which are anticipated to drive sales growth [7] - The company aims for substantial sales growth in both domestic and overseas markets, projecting domestic sales to reach 1.13 million units in 2025, a year-on-year increase of 46%, and overseas sales to reach 550,000 units, a year-on-year increase of 20% [7] Summary by Sections Market Data - Closing price: 25.08 CNY - Market capitalization: 155,342 million CNY - Price-to-book ratio: 2.8 - Dividend yield: 1.20% [1] Sales Performance - February sales breakdown: - Haval: 43,300 units (YoY -3.20%, MoM -10.82%) - Wey: 3,643 units (YoY +37.52%, MoM -27.24%) - Pickup trucks: 17,300 units (YoY +65.04%, MoM +40.11%) - Ora: 1,898 units (YoY -36.86%, MoM -13.45%) - Tank: 1,180 units (YoY +15.72%, MoM -8.43%) [4] Financial Data and Profit Forecast - Total revenue forecast for 2025: 243,546 million CNY - Net profit forecast for 2025: 15,676 million CNY - Earnings per share (EPS) forecast for 2025: 1.83 CNY - Projected growth rates: Revenue growth of 26.1% in 2025 and net profit growth of 25.7% in 2025 [5][10] Strategic Outlook - The company is focusing on enhancing its product lineup with new models and technological advancements, particularly in smart driving capabilities, which are expected to improve brand reputation and user coverage [7] - The company is also set to benefit from local production in Brazil, which will help mitigate risks associated with tax increases in other markets [7]