格隆汇9月17日｜平安证券研报指出，长城汽车具备覆盖全场景的混合动力解决方案。公司的Hi4混动技 术体系包含智能四驱电混架构Hi4、越野超级混动架构Hi4-T、泛越野超级混动架构Hi4-Z、智能混动重 卡Hi4-G四大技术分支，涵盖乘用车及长途干线物流商用车、覆盖从城市到越野等各类用车场景。公司 是较早入局AI智能辅助驾驶的车企，基于无图城区领航辅助驾驶的持续迭代，VLA（视觉-语言-动作） 模型即将搭载，当前定位于高端家用的魏牌全系标配高阶辅助驾驶功能，定位于高端越野的坦克品牌也 将在高阶智能辅助驾驶的赋能下持续扩圈。通过Hi4-Z技术及智能化技术加持，坦克品牌有望从小众走 向大众，应用场景的多元化将带来更广阔的想象空间。另外，魏牌旗舰SUV即将上市，直营体系护航。 公司的越野技术及品类护城河高，混动技术架构丰富，生态出海战略行稳致远，三大全工艺工厂保障海 外业务稳定性，坦克等高端产品出口占比提高。公司在越野/泛越野、家用车两大赛道迎来高端化战略 跃升期，依然维持公司"推荐"评级。 ...

平安观点： 公司具备覆盖全场景的混合动力解决方案。公司的Hi4 混动技术体系包含智能四驱电混架构Hi4、越野 超级混动架构Hi4-T、泛越野超级混动架构Hi4-Z、智能混动重卡Hi4-G 四大技术分支，涵盖乘用车及长 途干线物流商用车、覆盖从城市到越野等各类用车场景。 高阶智能辅助驾驶迈入端到端2.0 时代。公司是较早入局AI 智能辅助驾驶的车企，基于无图城区领航辅 助驾驶的持续迭代，VLA(视觉-语言-动作)模型即将搭载，当前定位于高端家用的魏牌全系标配高阶辅 助驾驶功能，定位于高端越野的坦克品牌也将在高阶智能辅助驾驶的赋能下持续扩圈。 坦克品牌快速扩圈，面向更广用户群体。坦克品牌所处细分赛道用户粘性强、主销车型保值率高，长城 汽车坦克品牌的成功筑牢了公司在越野领域的护城河。通过Hi4-Z 技术及智能化技术加持，坦克品牌有 望从小众走向大众，应用场景的多元化将带来更广阔的想象空间。 魏牌旗舰SUV 即将上市，直营体系护航。魏牌成立以来经历了多轮产品周期，2025 年6 月销量重回万 台。基于Hi4 性能版混动系统及高阶智能辅助驾驶，公司将继续扩展家用高端SUV 的产品矩阵，基于下 一代全动力智能超级平台的旗 ...

公 司 报 告 汽车 2025 年 09 月 17 日 长城汽车(601633.SH) 坦克扩圈，魏牌向上 推荐（维持） 股价：25.05 元 主要数据 | 行业 | 汽车 | | --- | --- | | 公司网址 | www.gwm.com.cn | | 大股东/持股 | 保定创新长城资产管理有限公司 | | | /59.76% | | 实际控制人 | 魏建军 | | 总股本(百万股) | 8,558 | | 流通 A 股(百万股) | 6,209 | | 流通 B/H 股(百万股) | 2,319 | | 总市值（亿元） | 1,900 | | 流通 A 股市值(亿元) | 1,555 | | 每股净资产(元) | 9.83 | | 资产负债率(%) | 62.0 | 行情走势图 证券分析师 | 王德安 | 投资咨询资格编号 | | --- | --- | | | S1060511010006 | | | BQV509 | | | WANGDEAN002@pingan.com.cn | | 王跟海 | 投资咨询资格编号 | | | S1060523080001 | | | BVG944 | | | W ...

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2][6][7]. Core Insights - The company achieved a revenue of 202.2 billion yuan in 2024, representing a year-on-year increase of 16.7%, and a net profit attributable to shareholders of 12.69 billion yuan, up 80.8% year-on-year [1][6]. - The company continues to accelerate its transformation towards smart technology and has achieved record overseas sales, with a total of 454,000 units sold abroad, marking a 44.6% increase year-on-year [6][7]. - The company’s R&D investment has exceeded 10 billion yuan for three consecutive years, with a workforce of 23,000 dedicated to R&D, laying a solid foundation for enhancing research capabilities [6][7]. Financial Performance - In 2024, the company reported a gross margin of 19.5% and a net margin of 6.3%, with a significant reduction in overall expense ratios compared to 2023 [6][7]. - The company’s revenue per vehicle reached 164,000 yuan, an increase of 23,000 yuan year-on-year, achieving a historical high [6][7]. - The projected net profits for 2025, 2026, and 2027 are expected to be 15.52 billion yuan, 18.21 billion yuan, and 20.86 billion yuan respectively, indicating a strong growth trajectory [6][7]. Market Position and Strategy - The company has established a comprehensive sales network covering over 170 countries and regions, with more than 1,400 overseas sales channels [6][7]. - The introduction of new technologies, such as the Hi4 hybrid technology and the Coffee Pilot Ultra smart driving system, demonstrates the company's commitment to innovation and enhancing its competitive edge in the market [6][7]. - The company aims to strengthen its global competitiveness by focusing on high-quality development and expanding its presence in international markets [6][7].