> 数据图表一起讨论下长城汽车：营收稳定增长，海外加速推进中2025-9-2长城汽车：营收稳定增长，海外加速推进中 Q2点评：长城Q2销量环比向上，后续随坦克500Hi4-T、高山7等高端化新车陆续上市，公司后续量利有望持续向上。此外巴西工厂已于8月投产，公司出海进程不断加速推进中。图表：长城汽车核心财务数据2022Q12022Q22022Q32022Q42023Q12023Q22023Q32023Q424Q124Q224Q324Q425Q125Q2总营收（亿元）336.19285.15373.46378.60290.39409.33495.32537.09428.60485.69508.25599.41400.19523.16YOY8.0%-7.5%29.4%-17.0%-13.6%43.5%32.6%41.9%47.6%18.7%2.6%11.6%-6.6%7.7%销量（辆）283500235025283788265210219968299258344819366659275333284336294144379479256807312982YOY-16.3% -15.9%6.8%-33.2%-22.4%27.3%21.5%38.3%25.2%-5.0%-14.7%3.5%-6.7%10.1%单车ASP（万元/辆） 11.8612.1313.1614.2813.2013.6814.3614.6515.5717.0817.2815.8015.5816.72毛利率17.18%19.79%22.47%17.93%16.07%17.41%21.66%18.47%20.04%21.36%20.80%16.54%17.84%18.80%销售费用率3.13%4.09%管理费用率3.50%3.63%研发费用率3.94%6.44%4.38%3.34%4.10%财务费用率0.87%-11.30%0.50%5.35%3.78%4.59%0.68%5.01%3.65%5.28%0.04%4.40%2.47%4.83%-0.58%3.74%3.74%4.02%1.01%5.92%5.92%4.75%-0.75%3.98%3.98%4.57%0.22%4.32%4.32%4.58%-0.52%4.80%4.80%3.96%0.77%2.65%2.65%5.15%5.74%5.74%4.76%5.24%5.24%4.46%-0.24%-2.57%-1.27%四费用率合计11.43%2.85%12.32%14.40%13.98%11.11%12.51%15.84%12.75%12.70%14.33%10.21%13.67%13.67%归母净利润（亿元） 16.3439.67单车利润（万元/辆） 0.581.6925.600.901.060.041.740.0811.90.4036.31.0520.30.5532.31.1738.51.3533.51.1422.60.6017.50.6845.91.47来源：WIND、中泰证券研究所；15中泰证券综合其他
