招银国际：长城汽车（601633）-New-modelsalesaskeyafter1Q26solidGPM

长城汽车(601633) MaintainBUY.GreatWall’s1Q26GPMbeatourpriorforecastdespiteindustryheadwinds,whichgivesusmoreconfidenceinitsFY26-27EGPM.WeareoftheviewthatthechanceofrollingoutacompetitivenewmodelforGreatWallisincreasinggivenitsplanned12newmodelsthisyear. 1Q26coreprofitlargelyinline,GPMbeat.GreatWall’s1Q26revenuerose13%YoYamidasalesvolumegrowthof5%YoY,or4%lowerthanourpriorforecast.GPMwidenedby0.6pptsYoYto18.5%in1Q26despiterisingraw-materialcosts,0.7pptshigherthanourforecast.SG&AandR&Dexpenseswerelarge