智通财经APP获悉，星展发布研报称，长城汽车(02333)正加快出海以提升增长动能，因预期中国国内汽 车市场将于2026年放缓。星展降长城汽车目标价由23港元降至19港元，相当于预测明年市盈率10倍(原 先为预测今年市盈率12倍)，维持"买入"评级。 该公司已规划海外生产网络，以支持销售并改善投资回报。例如，其巴西工厂(产能5万辆)计划进军拉 丁美洲的墨西哥、阿根廷及智利，及利用泰国工厂(产能8万辆)触及东盟/亚洲市场。这亦应有助于部分 缓解俄罗斯市场增长放缓的影响，因俄罗斯占其汽车销售业务约10%。这些设施将生产其哈弗系列 (H6、H9等)、ORA及更多车型，以缩短交货时间。 星展表示，长城汽车第三季度毛利率压力(同比减1.3个百分点;按季度减1.6个百分点至17.2%)，主要因 新车型广告及推广相关费用增加(部分与市场竞争相关)，及直销通路网络扩张。星展预期，扩张后的网 络所带来更高销售效率，有望令2026的产品毛利率水平维持在约19%的更稳定水平。因此，星展银行预 计，长城汽车2024至2026盈利年均复合成长率为10%，受营收增长率13.7%增长作为支撑。 ...

星展发布研报称，长城汽车（601633）(02333)正加快出海以提升增长动能，因预期中国国内汽车市场 将于2026年放缓。星展降长城汽车目标价由23港元降至19港元，相当于预测明年市盈率10倍(原先为预 测今年市盈率12倍)，维持"买入"评级。 该公司已规划海外生产网络，以支持销售并改善投资回报。例如，其巴西工厂(产能5万辆)计划进军拉 丁美洲的墨西哥、阿根廷及智利，及利用泰国工厂(产能8万辆)触及东盟/亚洲市场。这亦应有助于部分 缓解俄罗斯市场增长放缓的影响，因俄罗斯占其汽车销售业务约10%。这些设施将生产其哈弗系列 (H6、H9等)、ORA及更多车型，以缩短交货时间。 星展表示，长城汽车第三季度毛利率压力(同比减1.3个百分点;按季度减1.6个百分点至17.2%)，主要因 新车型广告及推广相关费用增加(部分与市场竞争相关)，及直销通路网络扩张。星展预期，扩张后的网 络所带来更高销售效率，有望令2026的产品毛利率水平维持在约19%的更稳定水平。因此，星展银行预 计，长城汽车2024至2026盈利年均复合成长率为10%，受营收增长率13.7%增长作为支撑。 ...

Core Insights - GWM unveiled its new global strategy and brand logo at the 21st Shanghai International Automobile Industry Exhibition, marking a significant step towards becoming a leader in intelligent mobility and automotive innovation [2][3] Product and Innovation - GWM showcased two core product clusters: "Smart Tech Lifestyle" and "Off-Road Powerhouse," highlighting its diverse offerings including HAVAL, WEY, ORA, TANK, POER, and SOUO Motorcycles [1] - The company invested 500 million yuan to establish the largest safety testing facility in Asia, enhancing the safety performance of intelligent new energy vehicles [3] - GWM's technological advancements include a clean and efficient 2.4T diesel powertrain and a comprehensive hybrid ecosystem with various intelligent all-wheel-drive systems [8][9] Global Strategy - GWM implements a "Global Standards + Local Customization" strategy, ensuring quality and safety while customizing products for different markets [3][4] - The company has established a presence in over 170 countries and regions, integrating into local communities and responding to unique market demands [10][12] - GWM's globalization strategy focuses on "Ecosystem Expansion Abroad," encompassing R&D, manufacturing, supply chain, sales, and services [12][14] Brand Development - The newly launched GWM Beacon emblem symbolizes the brand's commitment to global expansion and the integration of its domestic and international identities [13] - GWM emphasizes the belief of "One GWM," aiming to unify its global presence and enhance product and technology evolution [14]