Core Viewpoint - CICC maintains "outperform" rating for Great Wall Motors, with a target price reduction of 20% for both A-shares and H-shares, indicating potential upside from current prices [1] Group 1: Financial Performance - Great Wall Motors reported a revenue of 222.79 billion RMB for the previous year, a year-on-year increase of 10.2% [1] - The net profit attributable to shareholders was 9.91 billion RMB, a year-on-year decline of 21.9% [1] - In the last quarter, revenue reached 69.21 billion RMB, reflecting a year-on-year increase of 15.5% and a quarter-on-quarter increase of 13% [1] - The net profit for the last quarter was 1.28 billion RMB, down 43.5% year-on-year and 44.3% quarter-on-quarter [1] Group 2: Future Projections - CICC has lowered the profit forecasts for 2025 and 2026 by 32% and 20% respectively, now estimating profits of 9.9 billion RMB and 14 billion RMB [2] - A new profit forecast for 2027 has been introduced at 17 billion RMB [2] Group 3: Strategic Developments - The company launched the world's first native AI full-power vehicle platform, which is expected to support the accelerated launch of new energy models by 2026 [1] - The WEY brand has shown significant results in high-end market positioning, with over 10,000 units delivered for three consecutive months since October of last year [1] - Great Wall Motors has a strong presence in overseas markets, which is expected to benefit from multi-regional expansion opportunities [1]

中金指，公司于1月发布全球首个原生AI全动力汽车平台归元平台，可兼容不同动力和车型，核心部件 和系统能力再提升，降本持续推进，认为有望支持2026年公司加速新能源全新车型推出。此外，WEY 品牌高端化成效显著，其中高山自去年10月起连续3个月交付破万辆，接棒构建高端化第二增长曲线。 公司在海外市场积淀深厚，中金认为公司仍可受益于多区域拓展机遇。 考虑到报废税返还节奏、年终奖计提等影响，中金下调公司2025、2026盈利预测32%、20%至99亿、 140亿元，首次引入2027年盈利预测170亿元。 智通财经APP获悉，中金发布研报称，维持长城汽车(02333)"跑赢行业"评级，当前股价分别对应长汽 (601633.SH)A股2026年12.6倍、H股7.3倍市盈率；下调A股目标价20%至24.8元，下调H股目标价20%至 18港元，分别对应2026财年15倍、10倍市盈率，较当前股价有20%、36%上行空间。 长城汽车公布业绩快报，去年收入2,227.9亿元人民币(下同)，同比增10.2%；归母净利99.1亿元，同比跌 21.9%。去年末季收入692.1亿元，同比增15.5%、按季增13%；归母净利12.8亿 ...