| 投资要点 | | --- | 公告要点： 公司发布2025H1业绩快报，业绩符合我们预期。2025H1，公司实现营业收入923.67亿元，同比 +1.03%，实现归母净利润63.37亿元，同比-10.22%。2025H1公司开启新的产品周期，实现销量 和营业收入的同比增长，同时加速构建直连用户的新渠道模式，以及加大新车型、新技术的上 市宣传及品牌提升，投入增加导致净利润波动。分季度来看，2025Q2公司实现营业收入523.48 亿元，同环比+7.8%/+30.8%，实现归母净利润45.86亿元，同环比+19.1%/+161.9%，实现扣非 归母净利润21.13亿元，同环比-41.7%/+43.8%。 产品结构转型，魏品牌销量高增。 销量结构上，长城汽车Q2批发销量31.3万辆，同环比分别+10.07%/+21.87%。分品牌来看，哈 弗 / 魏 牌 / 坦 克 / 欧 拉 / 皮 卡 销 量 分 别 为 17.7/2.1/4.6/0.7/6.2 万 辆 ， 同 比 +24.7%/+106.4%/-4.5%/-57.9%/-7.6%，魏品牌持续实现高增长。公司Q2新能源销量9.8万辆，同 环比分别+33.7 ...

| [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 173,212 | 202,195 | 219,515 | 237,623 | 253,828 | | 同比（%） | 26.12 | 16.73 | 8.57 | 8.25 | 6.82 | | 归母净利润（百万元） | 7,022 | 12,692 | 12,270 | 13,854 | 14,366 | | 同比（%） | (15.06) | 80.76 | (3.33) | 12.91 | 3.70 | | EPS-最新摊薄（元/股） | 0.82 | 1.48 | 1.43 | 1.62 | 1.68 | | P/E（现价&最新摊薄） | 26.73 | 14.79 | 15.30 | 13.55 | 13.07 | [Table_Tag] [Table_Summary] 投资要点 ◼ 盈利预测与投资评级：我们维持公司 2025/ 2026/ 2027 年营业收入预期 ...

关注 「电动车公社」 和我们一起重新思考汽车 《今日新闻》将会每天给大家带来几条当日重磅新闻，并附上社长的简单评论。关注「电动车公社」，新能源圈大事小事 看我们就够啦～ 今日新闻要点： 1 、 智能化方面，新车搭载Coffee OS 3车机系统，支持动态可见即可说、连续对话、方言识别、手机视频一键投屏等功能，并 配备了L2级别辅助驾驶。 新款欧拉好猫/好猫GT木兰版上市 限时焕新价7.98-10.28万元 6月27日，新款欧拉好猫/好猫GT木兰版上市，限时焕新价7.98-10.28万元。 车身尺寸方面，新车长宽高分别为4242×1825×1632mm，轴距为2650mm，与现款车型基本保持一致。 外观方面，新车提供点翠蓝、璀璨绿、粉珊瑚、大溪地灰、碧青玉、东珠白等配色，车尾部分的欧拉尾标换成了长城汽车GWM的英文标识。 新款欧拉好猫/好猫GT木兰版上市，限时焕新价7.98-10.28万元； 理想汽车整合成立智能汽车群组； 特斯拉Model Y在美实现全自动驾驶交付 ； 内饰方面，新车采用更加简洁的内饰风格，仪表屏升级为10.25英寸并换装14.6英寸悬浮式大屏，配色提供檀韵棕、青罗碧、石青翠等。 动力续航方面 ...

Investment Rating - The report assigns an "Outperform" rating to Great Wall Motor, expecting a relative return exceeding 10% over the next 12-18 months [20]. Core Viewpoints - Great Wall Motor emphasizes a long-term strategy focused on building a high-value vehicle portfolio for global expansion, prioritizing product and service reliability over rapid growth [2][7]. - The company aims to deepen its multi-powertrain platform strategy, promoting "one vehicle, multiple powertrains" to cater to diverse market needs, especially in regions with limited electricity infrastructure [2][8]. - In 2024, Great Wall anticipates vehicle sales of 1.23 million units, a 0.4% year-on-year increase, with revenue projected at RMB 202.2 billion, reflecting a 16.7% growth, and net profit expected to reach RMB 12.69 billion, marking an 80.8% increase [2][7]. - The company's globalization strategy focuses on "ecological overseas expansion," with over 1,400 overseas sales channels and cumulative exports surpassing 1.9 million units, targeting over one million units in overseas sales by 2030 [2][8]. Summary by Sections Company Strategy - Great Wall Motor reaffirms its commitment to long-termism, aiming for high-quality market share and product reliability, even at the cost of slower growth [2][7]. - The company plans to launch several key models in 2025, including the Tank SUV for urban markets, alongside expanding its product matrix with WEY, Haval, ORA, and pickup series [2][8]. Performance Metrics - In 2024, Great Wall expects to achieve vehicle sales of 1.23 million units, a slight increase of 0.4% year-on-year, with revenue projected at RMB 202.2 billion, up 16.7%, and net profit anticipated at RMB 12.69 billion, an increase of 80.8% [2][7]. Brand Development - WEY, as a key brand in Great Wall's premium strategy, has shown significant growth, with May sales reaching 6,161 units, a 115.3% year-on-year increase, and cumulative deliveries of 24,297 units in the first five months, up 44% [3][9]. - The brand is enhancing its product and design competitiveness through increased R&D and marketing investments, and is expected to drive growth through product diversification and ecological globalization [3][10].

在长城汽车董事长魏建军看来，当前MPV市场"重商用、轻家用"的现象亟待改变，魏牌全新高山致力 于成为首款为家庭设计的豪华MPV。（长城汽车供图） 中国青年报客户端讯（中青报·中青网记者 王京辉）随着汽车市场各个细分领域加速电动化转型，曾 经"小众"的MPV市场正发生出乎人们预料的变化。 "MPV已经正式进入家庭时代，MPV要走进更多的中国家庭。"并强调："我们要打造一款全面、均衡、 无死角，能够满足一家人出行需求的好车。"近日，在魏牌全新高山上市发布会现场，长城汽车董事长 魏建军开门见山地表示，当前MPV市场"重商用、轻家用"的现象亟待改变。 在这场以"开启MPV家庭新时代"为主题的新车发布会上，全新高山8/9两款车型同步上市，其中全新高 山8官方指导价30.98万元，全新高山9官方指导价35.38万元。 魏建军认为，基于三孩政策普及所带来的人口结构变化，以及我国多代同堂的普遍现状和用户生活方式 升级，一辆符合多代家庭幸福出行的MPV是市场所需。 他表示，长城汽车深入调研超过3000个家庭，在精准捕捉到用户对"全员舒适、全场景安全、健康品 质"的核心诉求后，历时4年投入5亿元研发新能源专属平台，打造出了首款真 ...

前段时间，滑布李也试到了这台魏牌的拳头产品，一辆四挡混动的大六座插混 SUV 。关于产品的解读，后面会再出视频跟大家详细介绍。 今天他 主要想和大家聊的，是这几年的魏牌，到底在做什么。 （文字版，给大家附在 后面了） 关注 「电动车公社」 和我们一起重新思考汽车 就在今晚，魏牌全新蓝山焕新款上市了，售价29.98-32.68万元。 | 二粒味井區機 | | | | --- | --- | --- | | 全 场 景 N O A 智 慧 旗 舰 S U V | | | | Max | Ultra | Ultra 黑武士 | | 建议零售价 | 建议零售价 | 建议零售价 | | 29.98万元 | 32.68万元 | 32.68万元 | 从账面来看，全新蓝山焕新款搭载了 Coffee Pilot Ultra辅助驾驶和 Coffee OS 3.2， 这俩就是魏牌 最新最旗舰的智能化系统了，而且全系标配。 整个体验下来，它辅助驾驶的特点就是 " 稳中求快，安全第一" 。 关注电动车公社 视频号 更多精彩视频不错过 戳开看视频 2025 年上半年，汽车行业最破圈的大事，就是让大家认识到了辅助驾驶的重要性，以及危险性。 ...

Core Viewpoint - The second-generation Haval Xiaolong MAX showcases its advanced capabilities as a "smart hybrid SUV" through a successful test drive event, emphasizing its reliability and value for consumers [1] Group 1: Technology and Performance - The second-generation Haval Xiaolong MAX features the second-generation Hi4 intelligent four-wheel drive hybrid technology, offering "two-wheel drive efficiency with four-wheel drive performance" [5] - The vehicle achieves a WLTC combined fuel consumption as low as 0.97L/100km and a CLTC fuel consumption of 4.2L/100km, with media tests showing actual consumption as low as 3.73L/100km [5] - It boasts a comprehensive range exceeding 1000km, with a pure electric range of 165km, and media tests confirming a range of 209.5km [5] - The vehicle's overall power output is 238kW with a torque of 595N·m, allowing for a 0-100 km/h acceleration in approximately 6 seconds [7] Group 2: Safety Features - The second-generation Haval Xiaolong MAX's intelligent four-wheel drive system reduces accident rates by 50% compared to two-wheel drive vehicles, enhancing safety for family users [9] - The vehicle is equipped with advanced algorithms for ice and snow conditions, improving safety performance on low-traction surfaces [10] Group 3: Interior and Comfort - The dimensions of the second-generation Haval Xiaolong MAX are 4780*1895*1725mm with a wheelbase of 2810mm, providing ample space for five adults [13] - The vehicle features the third-generation Coffee OS 3 intelligent cockpit system, enhancing user experience with a 12.3+14.6 inch display and a 10-inch HUD for improved visibility [13][15] Group 4: Intelligent Driving Capabilities - The Coffee Pilot Plus intelligent driving assistance system utilizes dual 800,000-pixel front cameras for enhanced obstacle detection and navigation [16] - The vehicle can autonomously navigate complex urban environments and perform automatic parking within 30 seconds [18]

Core Viewpoint - The launch of the new Wei brand Gaoshan MPV marks a significant entry into the family-oriented MPV market in China, with two models priced at 309,800 yuan and 353,800 yuan respectively [1][3]. Group 1: Product Launch and Market Positioning - The new Gaoshan MPV series includes two models, Gaoshan 8 and Gaoshan 9, with a third model, Gaoshan 7, to be launched later [1][10]. - The Gaoshan MPV aims to meet the needs of Chinese families, emphasizing comfort, safety, and health, based on extensive market research involving over 3,000 families [5][12]. - The competitive landscape includes models like the Tengshi D9 DM-i and the Buick GL8 PHEV, which have established strong sales in the family market [5][7]. Group 2: Technical Specifications and Features - The Gaoshan 7, 8, and 9 have varying dimensions, with the Gaoshan 7 measuring 5050mm in length, while the Gaoshan 9 is 5410mm long, with respective wheelbases of 3085mm and 3275mm [10]. - The interior space is designed for flexibility, featuring a 4:6 split-folding second and third row, and a high-strength body structure with 81.96% high-strength steel [12][14]. - The new models are equipped with the Coffee Pilot Ultra intelligent driving assistance system, enhancing safety and convenience across various driving scenarios [14][16]. Group 3: Performance and Technology - The Gaoshan MPV utilizes the self-developed Hi4-T hybrid technology, achieving a maximum power output of 337 kW and a peak torque of 644 N·m, with a 0-100 km/h acceleration time of 5.7 seconds [16]. - The vehicle features advanced technology such as the Coffee OS 3.2 system, which boasts a startup speed of 2.6 seconds, and includes multiple high-definition screens and a smart refrigerator [14][16]. - The new models have received safety certifications, including compliance with new national battery safety standards [12].

据介绍，12.3英寸仪表屏，集成了窄边框设计、高色域显示、超高分辨率等技术，14.6英寸中控 屏，采用了LTPS技术，并集成了TED内嵌式触控。 在应用方面，14.6英寸超高清智慧大屏搭载了Coffee OS 3智能座舱，触摸交互舒适。其画面效果 表现优异，还能根据驾乘人员的坐姿和使用场景自动调节亮度和高度，确保信息一目了然，提升 行车安全。 深天马表示，作为长城汽车的长期战略合作伙伴，在过去10多年的合作历程中，一直以技术创新 和客户需求为驱动，为其提供智能座舱显示系统解决方案，其车载业务覆盖了车载仪表、中控、 副驾娱乐、HUD等各类智能座舱显示产品。 图片来源：哈弗SUV官网 【WitsView整理】 根据深天马官方微信消息，近日上市的二代哈弗枭龙MAX，其搭载的12.3英寸 全液晶仪表和14.6英寸中控屏幕由深天马供应。 ▶ 关于集邦 上下滑动查看 and of pramexchange WitsWiews ColeDinside Colenergynend Hill Rightend Hill Right Claudi ng ...

【WitsView整理】 根据深天马官方微信消息，近日上市的二代哈弗枭龙MAX，其搭载的12.3英寸 全液晶仪表和14.6英寸中控屏幕由深天马供应。 据介绍，12.3英寸仪表屏，集成了窄边框设计、高色域显示、超高分辨率等技术，14.6英寸中控 屏，采用了LTPS技术，并集成了TED内嵌式触控。 图片来源：哈弗SUV官网 在应用方面，14.6英寸超高清智慧大屏搭载了Coffee OS 3智能座舱，触摸交互舒适。其画面效果 表现优异，还能根据驾乘人员的坐姿和使用场景自动调节亮度和高度，确保信息一目了然，提升 行车安全。 深天马表示，作为长城汽车的长期战略合作伙伴，在过去10多年的合作历程中，一直以技术创新 和客户需求为驱动，为其提供智能座舱显示系统解决方案，其车载业务覆盖了车载仪表、中控、 副驾娱乐、HUD等各类智能座舱显示产品。 ▶ 关于集邦 上下滑动查看 ...