智能+越野+全球化实力凸显，品类创新进入高端摩托车市场：推出新一代智驾系统Coffee Pilot Ultra 和智慧空间系统Coffee OS 3，全场景NOA 全国开城。依托越野超级混动架构Hi4-T 巩固强越野优势，配备全球最短混动纵置变速器，电池包电量高达59.05kW·h，搭载2.0T/3.0T 发动机和前后高功率电驱。全球化生产稳步推进，巴西工厂预计2025 年年中投产。长城灵魂首款旅行车S2000 正式上市，全球唯一搭载水平对置8 缸发动机+8DCT 动力总成。Incident: On January 1, 2025, the company released the December production and sales report. In December, the company's total sales volume was 0.135 million vehicles, an increase of 20.25% over the previous year.
New energy and overseas sales are growing rapidly, and the WEY brand is growing faster: the company sold 0.042 million new energy models in December, up 41.55% year on year; overseas sales volume was 0.041 million units, up 23.35% year on year.
The Haval brand sold 0.083 million vehicles in December, up 27.21% year on year; the WEY brand sold 8,808 units in December, up 150.80% year on year; Great Wall Pickup sold 0.0162 million vehicles in December, up 1.30% year on year; Eula brand sold 4740 units in December, down 52.72% year on year; tank brand sold 0.022 million vehicles in December, up 26.38% year on year.
Smart+offroad+global strength was highlighted, and category innovation entered the high-end motorcycle market: the next-generation smart driving system Coffee Pilot Ultra and the smart space system Coffee OS 3 were launched, and the full-scene NOA opened nationwide. Relying on the off-road super hybrid architecture, the Hi4-T consolidates strong off-road advantages, and is equipped with the world's shortest hybrid longitudinal transmission. The battery pack capacity is as high as 59.05 kW·h, and is equipped with 2.0T/3.0T engines and high-power front and rear electric drives. Global production is progressing steadily, and the Brazilian plant is expected to be put into operation by mid-2025. Great Wall Soul's first station wagon, the S2000, was officially launched. It is the only station in the world equipped with a horizontally opposed 8-cylinder engine+8DCT powertrain.
Investment advice: We expect the company to achieve net profit of 11.723/14.005/16.375 billion yuan in 2024-2026. The corresponding PE was 18.43/15.43/13.19 times, respectively, maintaining the “gain” rating.
Risk warning: Consumer demand falls short of expectations; industry competition intensifies; sales of new models fall short of expectations.
