Open Source Securities: Great Wall Motors Q2 performance hits a record high, maintaining a "buy" rating.

Open Source Securities research report pointed out that Great Wall Motors' Q2 performance increased significantly, achieving the best historical performance, with strong growth expected as the new car cycle begins. The company's Q2 sales reached 313,000 units, with a year-on-year increase of +10.1% and a quarter-on-quarter increase of 21.9%. Among them, sales of new energy vehicles reached 97,900 units, with a year-on-year increase of +33.7% and a quarter-on-quarter increase of 56.4%; overseas sales reached 106,800 units, showing steady growth. The sales of WEY/Tank/Haval/Ora in Q2 all saw significant increases compared to the previous quarter, driving sales to achieve a new high in the second quarter of history. The company is actively building a full-scene, full-power, and full-category product matrix, with a series of new car models to be released, including the WEY High Mountain 7/high-end SUV, Tank 400 new energy/500 Hi4-Z intelligent driving version, Haval Big Dog facelift, etc., continuing to contribute to growth momentum. At the same time, the company is actively promoting the new generation intelligent driving system CoffeePilotUltra and the new generation intelligent space system CoffeeOS3.2, further enhancing product competitiveness. In addition, the company continues to promote the ONEGWM strategy, expanding into markets such as South America, right-hand drive markets, and Middle East/Africa, and focusing on building global capabilities in research, production, supply, sales, and service. In July 2025, the company's factory in Brazil will be put into operation, initially producing three new energy vehicles with an annual production capacity of 50,000 units, which will increase to 100,000 units in the future. The high profitability overseas business will continue to be an important growth driver. Considering the continuous expansion of Tank and overseas business by the company, the strong start of the new car cycle for WEY/Tank/Haval and others, we are optimistic about the long-term development and maintain a "buy" rating.