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研報掘金丨民生證券:維持長城汽車“推薦”評級,新產品國內外推廣進展順利

民生證券研報指出,長城汽車2025H1實現歸母淨利潤爲63.4億元,同比-10.2%;2025Q2歸母淨利潤45.9億元,同比+19.1%,環比+161.9%。認爲2025Q2同環比增長歸因於新品週期發力下主力車型持續貢獻穩健銷量,以及魏牌系列熱銷下高端化成效顯現。隨着2025H2新車密集上市,將進一步釋放銷量,有望修復盈利質量。新產品週期強勢開啓品牌勢能激活市場熱度。坦克2025H2計劃推出坦克400/500/700的Hi4-Z版本,Hi4-Z架構加持下泛越野技術升級。魏牌將於2025Q3起陸續推出全新SUV和插混轎車,其中,全尺寸六座旗艦SUV“琥爵”搭載1.5THi4插混系統,預計售價40-50萬元;另有SUV將搭載VLA大模型和全動力智能超級平臺,助力品牌智能化+高端化突破。2026款哈弗大狗已於7月17日上市,改款新車外觀升級強化硬派風格。長城汽車完善全球化全動力產品矩陣,深度契合本土化駕駛場景需求,伴隨本地化產能釋放,海外體系力優勢將進一步凸顯,出海戰略加速躍升。公司新產品國內外推廣進展順利,智能電動化新週期開啓,新能源智能化車型佔比快速提升,高端智能化路線愈發清晰。維持“推薦”評級。

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