Core Viewpoint - Great Wall Motors reported a total revenue of 61.25 billion yuan for Q3 2025, representing a year-on-year increase of 20.5%, while the net profit attributable to shareholders decreased by 31.2% to 2.3 billion yuan [1] Group 1: Financial Performance - In Q3 2025, the company achieved a wholesale volume of 354,000 vehicles, reflecting a quarter-on-quarter increase of 20.2% and a year-on-year increase of 13.0% [1] - The average selling price (ASP) per vehicle reached 173,000 yuan, up by 600 yuan quarter-on-quarter [1] - The gross profit margin stood at 18.4%, showing a slight decline of 0.4 percentage points quarter-on-quarter [1] Group 2: Sales and Market Expansion - The company’s overseas sales reached 137,000 vehicles in Q3 2025, marking a year-on-year increase of 11.2% and a quarter-on-quarter increase of 27.9% [2] - Cumulatively, overseas sales for the first three quarters of the year totaled 334,000 vehicles, up by 3.1% year-on-year [2] - Sales of new energy vehicles (NEVs) in Q3 2025 amounted to 118,000 units, representing a year-on-year increase of 49.2% and a quarter-on-quarter increase of 20.6% [2] Group 3: Product Launches - The all-new Tank 400 began pre-sales on October 21, with prices starting at 329,800 yuan for the Hi4-Z version and 309,800 yuan for the Hi4-T version [2] - The Gaoshan 7 was officially launched on October 15, with a suggested retail price of 285,800 yuan, featuring spacious dimensions and enhanced maneuverability [2] Group 4: Future Outlook - The company is expected to achieve revenues of 225.3 billion yuan, 278.5 billion yuan, and 312.5 billion yuan from 2025 to 2027, with year-on-year growth rates of 11%, 24%, and 12% respectively [3] - Projected net profits attributable to shareholders for the same period are 13.45 billion yuan, 17.4 billion yuan, and 20.43 billion yuan, with growth rates of 6%, 29%, and 17% respectively [3] - The earnings per share (EPS) are forecasted to be 1.57 yuan, 2.03 yuan, and 2.39 yuan, corresponding to price-to-earnings (PE) ratios of 14.8, 11.4, and 9.7 times [3]

Core Viewpoint - Great Wall Motors has officially launched the pre-sale of its new Tank 400 model, starting at a price of 309,800 yuan, indicating a strategic move to enhance its product lineup and market presence [1]. Group 1: Sales Performance - In September, Great Wall Motors achieved record sales of 133,639 vehicles, marking a year-on-year increase of 23.29%, the best performance for September in its history [4]. - The WEY brand sold 11,026 vehicles in September, reflecting a significant year-on-year growth of 63.23% [4]. - For August, the company reported sales of 115,558 vehicles, a year-on-year increase of 22.33%, also setting a historical record for that month [4]. Group 2: Global Expansion - The completion of the Brazilian factory in August is expected to significantly boost Great Wall Motors' efforts in the Brazilian and Latin American markets, marking a key milestone in its globalization strategy [4]. - The company has adopted the "ONE GWM" brand strategy and an "ecological export" model, which encompasses research, production, supply, sales, and service, to strengthen its overseas presence [4]. - Great Wall Motors has over 15 million global users and more than 1,400 overseas sales channels, with total overseas sales exceeding 2 million vehicles [4]. Group 3: Stock Performance - As of October 21, Great Wall Motors' stock closed at 23.17 yuan, with a daily increase of 0.83%, bringing its market capitalization to 198.29 billion yuan [5].

Group 1 - In September, Great Wall Motors achieved record sales of 133,639 vehicles, marking a year-on-year increase of 23.29% [3] - The WEY brand sold 11,026 vehicles in September, reflecting a significant year-on-year growth of 63.23% [3] - For August, Great Wall Motors reported sales of 115,558 vehicles, which is a 22.33% increase year-on-year, also setting a record for the month [3] Group 2 - The company is focusing on accelerating new product launches and enhancing intelligent features to improve market performance [3] - Great Wall Motors has completed the construction and production launch of its factory in Brazil, which is expected to drive its expansion in the Brazilian and Latin American markets [3] - The company has established a global user base of over 15 million and has more than 1,400 overseas sales channels, with total overseas sales exceeding 2 million vehicles [3] Group 3 - As of October 21, Great Wall Motors' stock price was 23.17 yuan, with a daily increase of 0.83%, and a market capitalization of 198.29 billion yuan [4]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [7]. Core Views - The company achieved a revenue of 52.32 billion yuan in Q2 2025, representing a year-on-year growth of 7.7%, and a net profit attributable to shareholders of 4.59 billion yuan, which is a year-on-year increase of 19.5% [2][4]. - The company is accelerating its global expansion and is committed to transitioning to new energy vehicles, with a continuous new car cycle expected to drive improvements in sales and performance [2]. - The company's four major expansion strategies are expected to open up long-term growth potential for sales, while the shift towards intelligent vehicles is anticipated to enhance profitability across the entire industry chain [2]. Summary by Sections Financial Performance - In Q2 2025, the company sold 313,000 vehicles, a year-on-year increase of 10.1% and a quarter-on-quarter increase of 21.9%. The sales of new energy vehicles reached 98,000 units, up 33.7% year-on-year and 56.4% quarter-on-quarter, with new energy vehicles accounting for 36.8% of total sales [2][4]. - The revenue for Q2 2025 was 52.32 billion yuan, a year-on-year increase of 7.7% and a quarter-on-quarter increase of 30.7%. The average revenue per vehicle was 167,000 yuan, showing a slight decrease of 0.4 thousand yuan year-on-year but an increase of 1.1 thousand yuan quarter-on-quarter [2][4]. - The gross profit margin for Q2 2025 was 18.8%, a decrease of 1.7 percentage points year-on-year but an increase of 1.0 percentage points quarter-on-quarter. The net profit margin was 8.8%, up 0.9 percentage points year-on-year and 4.4 percentage points quarter-on-quarter [2][4]. Strategic Initiatives - The company is focusing on three dimensions: product, channel, and supply chain adjustments in the domestic market. It is committed to deepening its transition to new energy, with a focus on plug-in hybrid vehicles and a clear positioning for new products [2]. - The "ONE GWM" strategy is accelerating the company's overseas expansion, covering over 170 countries and regions, with more than 1,400 overseas sales channels established [2]. - The company is enhancing its technological capabilities in the era of intelligence, focusing on data, algorithms, and computing power to strengthen its competitive edge [2]. Future Outlook - The company expects to see continued growth in sales and performance driven by its overseas expansion and the acceleration of new energy vehicle transitions, along with an increase in the proportion of high-value models like the Tank and WEY [2]. - Forecasted net profits for 2025, 2026, and 2027 are 14.13 billion yuan, 17.12 billion yuan, and 21.52 billion yuan, respectively, with corresponding A-share PE ratios of 15.7X, 12.9X, and 10.3X [2].

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - In Q1 2025, the company achieved revenue of 40.02 billion yuan, a year-on-year decrease of 6.6%, and a net profit attributable to shareholders of 1.75 billion yuan, down 45.6% year-on-year. The company is committed to its transition to new energy, making adjustments across product, channel, and supply chain dimensions, which is expected to drive improvements in sales and performance [2][4]. - The company’s four strategic expansion initiatives are anticipated to open up long-term growth opportunities for sales, while its shift towards smart technology is expected to enhance profitability across the entire industry chain [2][4]. Summary by Sections Financial Performance - In Q1 2025, the company sold 257,000 vehicles, a decrease of 6.7% year-on-year and 32.3% quarter-on-quarter. New energy vehicle sales reached 63,000 units, up 5.7% year-on-year but down 43.3% quarter-on-quarter. The revenue per vehicle was 156,000 yuan, remaining flat year-on-year [7]. - The gross margin for Q1 was 17.8%, a decrease of 1.5 percentage points year-on-year, while the net profit margin was 3.7%, down 1.1 percentage points year-on-year [7]. Strategic Initiatives - The company is accelerating its global expansion under the "ONE GWM" strategy, covering over 170 countries and regions, with more than 1,400 overseas sales channels. It has established production bases in Thailand and Brazil, and KD factories in Ecuador and Pakistan, which are expected to drive future sales growth [7]. - The company is focusing on the new energy sector, particularly in the plug-in hybrid segment, with multiple new models across its brands expected to contribute significantly to future growth [7]. Future Outlook - The company is projected to distribute cash dividends of 3.85 billion yuan in 2024, with a dividend payout ratio of 30.4%. The estimated net profits attributable to shareholders for 2025-2027 are 14.71 billion, 17.86 billion, and 21.95 billion yuan, respectively, with corresponding A-share P/E ratios of 13.5X, 11.1X, and 9.0X [7].

撰 文 / 牛跟尚 设 计 / 琚 佳 与前两年的"油电同价"、"油比电贵"不同，主流传统车企正在主打"油电同智"、"油电同进""油电同 强"，并出现最新可喜的苗头。 3月11日，中国汽车工业协会公布的2025年2月产销数据显示：2月汽车国内销量达168.8万辆，环比 下降13.6%，同比增长39.9%。其中，传统燃料汽车国内销量为92.7万辆，虽然环比下降20.1%，但 同比增长14.3%。 具体到传统燃料乘用车，国内销量72.6万辆，虽然环比下降26%，但同比增加8万辆，同比增长 12.4%。 再看1-2月，传统燃料乘用车销量国内销量170.8万辆，虽然同比减少8.4万辆，但同比减幅收窄，只 有4.7%。 乘联分会秘书长崔东树表示，政策支持、技术进步和消费升级将是推动市场发展的关键因素，在中 国品牌走向全球的大背景下，减少对燃油车歧视性政策，实现"油电同强"，对稳定国内外车市销售 和供应链稳步升级都将有更好的推动作用。 汽车商业评论盘点发现，十大车企集团前两个月销量，只有长城、广汽、东风3家出现销量下滑。 集团销量排名第十名的长城汽车2月销量为77883辆，同比增长9.65%。其中，长城方盒子销量2937 ...