美银证券发布研报称，重申对港股长城汽车（601633）(02333)"中性"评级，因认为其强劲的车型项目 及温和的盈利增长已在估值中合理反映。目标价18港元。 管理层提到，公司仅收到与2025年第一至第三季销售相关的俄罗斯报废车税退税，第四季的退税尚未收 到。管理层将2025年净利润同比下降归因于直营销售网络扩张导致人民币17亿元的增量费用，WEY品 牌渠道达到421家门店(包括132家新店)，新店需要约六个月的爬坡期并涉及大量前期成本;为新车型投入 更高的研发及营销支出(2025年增加10亿元)，包括WEY高山、改款坦克500及坦克400Z。 长城汽车公布业绩快报，2025年初步收入同比增长10%至2,228亿元人民币(下同);初步净利润同比下降 22%至99亿元;扣除一次性项目的初步净利润为62亿元，同比下降36%。据此推算，第四季初步收入同比 增长15%，或按季增长13%至692亿元(销量同比增长5%;按季增长13%)，而第四季初步净利润同比下降 44%，或按季下降44%至13亿元，低于该行对其第四季净利润44亿元的预测。扣除一次性项目的第四季 初步净利润为6.83亿元，同比下降50%，或按季下降64% ...

智通财经APP获悉，美银证券发布研报称，重申对港股长城汽车(02333)"中性"评级，因认为其强劲的车 型项目及温和的盈利增长已在估值中合理反映。目标价18港元。 长城汽车公布业绩快报，2025年初步收入同比增长10%至2,228亿元人民币(下同); 初步净利润同比下降 22%至99亿元; 扣除一次性项目的初步净利润为62亿元，同比下降36%。据此推算，第四季初步收入同 比增长15%，或按季增长13%至692亿元(销量同比增长5%; 按季增长13%)，而第四季初步净利润同比下 降44%，或按季下降44%至13亿元，低于该行对其第四季净利润44亿元的预测。扣除一次性项目的第四 季初步净利润为6.83亿元，同比下降50%，或按季下降64%，主要受到年终奖金确认的拖累。 管理层提到，公司仅收到与2025年第一至第三季销售相关的俄罗斯报废车税退税，第四季的退税尚未收 到。管理层将2025年净利润同比下降归因于直营销售网络扩张导致人民币17亿元的增量费用，WEY品 牌渠道达到421家门店(包括132家新店)，新店需要约六个月的爬坡期并涉及大量前期成本; 为新车型投 入更高的研发及营销支出(2025年增加10亿元)，包括 ...

Core Viewpoint - The company reported a steady revenue growth in Q3 2025, but faced a decline in net profit due to delayed government subsidies related to scrappage tax [1][2] Group 1: Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 153.58 billion yuan, an increase of 8.0% year-on-year; however, net profit attributable to shareholders was 8.64 billion yuan, down 17.0% year-on-year [1] - Q3 2025 revenue reached 61.25 billion yuan, with a year-on-year increase of 20.5% and a quarter-on-quarter increase of 17.1%; net profit for the same period was 2.30 billion yuan, down 31.2% year-on-year and 49.9% quarter-on-quarter [1] - The average selling price (ASP) per vehicle in Q3 was 173,000 yuan, reflecting a slight increase of 0.3% year-on-year and 3.6% quarter-on-quarter [2] Group 2: Sales and Market Performance - The company sold 354,000 vehicles in Q3 2025, marking a year-on-year increase of 20.2% and a quarter-on-quarter increase of 13.0% [1] - Overseas sales reached 137,000 vehicles in Q3, up 11.2% year-on-year and 27.9% quarter-on-quarter, with significant growth in emerging markets such as Thailand, Malaysia, and Indonesia [3] - The company aims to achieve a target of 500,000 vehicles sold overseas by 2025, supported by stable performance in the Russian market and growth in new markets [3] Group 3: Product Development and Strategy - The launch of the new Tank 500 model in August 2025 has contributed to sales, with over 7,000 units sold in September [4] - The company is expanding its WEY product matrix and transitioning to a direct sales model, with 430 direct sales stores established by mid-October 2025, expected to increase further by year-end [4] - The company anticipates revenue growth from 227.1 billion yuan in 2025 to 322.4 billion yuan in 2027, with net profit projected to rise from 13.93 billion yuan to 19.54 billion yuan in the same period [4]

Core Viewpoint - The company reported mixed financial results for the first half of 2025, with revenue growth but a decline in net profit, indicating challenges in profitability despite increased sales volume and improved margins [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 92.33 billion yuan, a year-on-year increase of 1.0%, while net profit attributable to shareholders was 6.34 billion yuan, down 10.2% year-on-year [1]. - For Q2 2025, revenue reached 52.32 billion yuan, with a year-on-year increase of 7.7% and a quarter-on-quarter increase of 30.7%. Net profit for the same quarter was 4.59 billion yuan, reflecting a year-on-year increase of 19.5% and a quarter-on-quarter increase of 161.9% [1]. Sales and Market Dynamics - The company sold 570,000 vehicles in H1 2025, a year-on-year increase of 1.9%, with Q2 sales reaching 313,000 vehicles, up 10.1% year-on-year and 21.9% quarter-on-quarter [2]. - The sales of high-end models increased, with the combined sales of WEY and Tank brands accounting for 26.5% of total sales in Q2, up 4.9 percentage points from Q1 [2]. Profitability and Cost Management - The average selling price (ASP) per vehicle in Q2 2025 was 167,000 yuan, up 7% from the previous quarter, contributing to a gross margin of 18.8%, which improved by 1 percentage point from Q1 [2]. - The overall operating expense ratio in Q2 was 10.3%, showing a slight decrease year-on-year and quarter-on-quarter, with specific expense ratios for sales, management, R&D, and financial costs reflecting mixed trends [2]. Global Expansion and Export Performance - The company exported 198,000 vehicles in H1 2025, a decrease of 1.9% year-on-year, primarily due to a decline in the Russian market, which saw a 56.0% drop [3]. - In Q2 2025, exports improved with 107,000 vehicles sold, a quarter-on-quarter increase of 17.5%, as non-Russian markets showed growth [3]. Product Development and Market Strategy - The company is accelerating its transition to electric and intelligent vehicles, with new models like the Tank 500 and WEY high-end MPVs expected to drive sales growth [4]. - The proportion of new energy vehicles reached 31.3% in Q2 2025, reflecting a year-on-year increase of 5.5 percentage points [4]. Future Outlook - The company anticipates revenue growth from 232.98 billion yuan in 2025 to 307.71 billion yuan in 2027, with net profit expected to rise from 14.20 billion yuan to 18.91 billion yuan over the same period [4].

Core Viewpoint - The C-AHI China Automotive Health Index was officially released at the 2025 China Automotive Research Annual Conference, highlighting the importance of vehicle interior environments on human health [1][3]. Group 1: C-AHI China Automotive Health Index - The C-AHI index focuses on the impact of vehicle interior environments on human health, assessing factors such as air quality, allergen resistance, and electromagnetic radiation [3]. - The WEY brand's new model, WEY Blue Mountain, achieved a five-star plus rating in the "Health Protection" dimension, scoring 96 points, and received five-star certifications in "Fresh Air" and "Green Travel" [1][3]. Group 2: WEY Blue Mountain's Health Features - WEY Blue Mountain's exceptional performance in health protection is attributed to its infant-grade interior health standards, utilizing low-emission eco-friendly materials to control harmful substances like formaldehyde and benzene [3]. - The interior materials of WEY Blue Mountain exhibit a 99.9% antibacterial rate against common bacteria and a 99.9% antiviral activity rate against H1N1 influenza virus, creating a mobile health protection barrier for users [3][6]. Group 3: Investment in Health Safety - WEY has invested 4 million yuan in a "Smell Safety Laboratory," equipped with advanced detection equipment to accurately measure harmful substances at levels as low as 0.1μg/m³ [5]. - The brand has established a "Golden Nose" team of olfactory engineers to conduct over 100 manual odor verifications throughout the product development cycle, ensuring comprehensive health control from material selection to vehicle delivery [6]. Group 4: Future Directions - The certification of WEY Blue Mountain not only reflects the brand's product philosophy of health equating to luxury but also emphasizes its commitment to user health as a core value [6]. - As consumer demands for interior environments continue to rise, WEY aims to lead the evolution of health travel standards through the integration of material science, production processes, and smart technology [6].