证 券 研 究 报 告 长城汽车（601633）2025 年中报点评 强推（维持） 2Q 业绩符合预期，看好新车周期表现 目标价：33.7 元 事项： 公司研究 乘用车Ⅲ 2025 年 9 月 1 日 当前价：25.85 元 华创证券研究所 证券分析师：张程航 电话：021-20572543 邮箱：zhangchenghang@hcyjs.com 执业编号：S0360519070003 ❖ 公司发布 2025 年中报，上半年营收 923 亿元、同比+1%，归母净利 63.37 亿 元、同比-10%，扣非归母净利 35.8 亿元、同比-37%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 202,195 | 220,753 | 255,764 | 292,975 | | 同比增速(%) | 16.7% | 9.2% | 15.9% | 14.5% | | 归母净利润(百万) | 12,692 | 14,413 | 16,590 ...

Core Viewpoint - Great Wall Motors is focusing on high-end new energy vehicles through its WEY brand, emphasizing a long-term development strategy and showcasing its commitment to the high-end market in the annual shareholder meeting [1][6]. Group 1: Strategic Development - The chairman emphasized a "full-scenario, full-power product matrix" strategy, which is reflected in WEY's product line, covering both MPV and SUV segments [3]. - The introduction of the new high-end models, "Gao Shan" and "Lan Shan," has shown initial success in the high-end new energy market, indicating the effectiveness of Great Wall's high-end strategy [3][6]. Group 2: Technological Advancements - WEY serves as a key platform for Great Wall's technological advancements, particularly in intelligent driving and smart cockpit systems, enhancing the user experience [5]. - The company has established a leading position in intelligent driving technology, with the new models featuring advanced systems like L2+ level autonomous driving [5]. Group 3: Global Expansion - Great Wall is pursuing a global strategy, with WEY collaborating with other brands like Haval and Tank to enhance international market presence, supported by an overseas sales network exceeding 1,400 locations [5]. - The upcoming production of the Brazilian factory in 2025 is expected to facilitate WEY's entry into emerging markets for high-end new energy vehicles [5]. Group 4: Supply Chain Optimization - The optimization of the supply chain is crucial for ensuring the quality of WEY products, with a focus on stable supply and excellence in core components [5]. - Collaborative relationships with supply chain partners are established to support the high-end positioning of WEY products, covering essential systems from battery to intelligent driving hardware [5].