Investment Rating - The report maintains a "Buy" rating for the company with a target price of 17.43 CNY [2][6] Core Views - The company is expected to achieve a net profit attributable to the parent company of 59.47 billion CNY, 82.68 billion CNY, and 101.25 billion CNY for the years 2024 to 2026 respectively, with a comparable company average PE valuation of 21 times [2] - The report highlights the sustained high growth in new energy vehicle sales and the deepening cooperation between the company and Huawei [1][7] Financial Summary - The company's revenue is projected to grow from 121.25 billion CNY in 2022 to 213.01 billion CNY in 2026, with a compound annual growth rate (CAGR) of approximately 15.5% [4] - Operating profit is expected to fluctuate, with a significant drop in 2024 to 6.25 billion CNY, followed by recovery in subsequent years [4] - The net profit attributable to the parent company is forecasted to decline to 5.95 billion CNY in 2024, before rebounding to 10.13 billion CNY by 2026 [4] - The report indicates a decrease in gross margin from 20.5% in 2022 to a low of 16.1% in 2024, with a slight recovery thereafter [4] - The net profit margin is projected to decrease to 3.4% in 2024, with gradual improvement expected in the following years [4] - The return on equity (ROE) is anticipated to drop to 8.1% in 2024, before rising to 11.5% by 2026 [4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 17.43 CNY [2][6] Core Views - The company is expected to achieve a net profit attributable to the parent company of 59.47 billion CNY, 82.68 billion CNY, and 101.25 billion CNY for the years 2024 to 2026 respectively, with a comparable company average PE valuation of 21 times [2] - The report highlights the sustained high growth in new energy vehicle sales and the deepening collaboration between the company and Huawei [1][7] Financial Summary - **Revenue Forecast**: The company’s revenue is projected to grow from 121.25 billion CNY in 2022 to 213.01 billion CNY in 2026, with a CAGR of approximately 15.5% from 2024 to 2026 [4][10] - **Net Profit**: The net profit attributable to the parent company is forecasted to decline from 11.33 billion CNY in 2023 to 5.95 billion CNY in 2024, before recovering to 8.27 billion CNY in 2025 and 10.13 billion CNY in 2026 [4][10] - **Earnings Per Share (EPS)**: EPS is expected to decrease to 0.60 CNY in 2024, then rise to 0.83 CNY in 2025 and 1.02 CNY in 2026 [4][10] - **Profitability Ratios**: The gross margin is projected to decline from 20.5% in 2022 to 16.1% in 2024, before slightly improving to 18.0% by 2026 [4][10] - **Valuation Ratios**: The company’s PE ratio is expected to be 21.9 in 2024, decreasing to 12.9 by 2026 [4][10]

Group 1: Product Highlights - The Q07 model is positioned as a smart SUV for families, featuring dimensions of 4837mm x 1920mm x 1690mm and a wheelbase of 2905mm, providing the largest interior space in its class with a space utilization rate of 86% [1] - The Q07 includes a 763L dual-layer trunk capable of holding 12 pieces of 20-inch luggage, emphasizing its spaciousness [1] - It is built on the SDA architecture and features the industry's only laser radar for advanced driving assistance, including highway navigation and intelligent parking [1] Group 2: Future Product Plans - Over the next three years, the company plans to launch 35 new smart vehicles, including 10 models from Changan Yuyuan and 10 from Deep Blue, as well as 7 from Avita [2] - The upcoming models will include small and medium SUVs, large MPVs, compact sedans, and new rugged vehicles [2] Group 3: Battery Development - Changan is advancing its next-generation battery technology, with the solid-state battery expected to debut by the end of the year, achieving a density of 400wh/kg and a range exceeding 1500 km [2] - The solid-state battery aims to enhance safety by 70% through AI remote diagnostics, addressing safety concerns associated with liquid batteries [2] Group 4: Smart Technology Initiatives - The company is focusing on smart technology, with plans to implement intelligent driving, smart cockpits, and intelligent chassis under the SDA platform [2][3] - Key features include advanced safety measures, such as collision avoidance in extreme conditions and enhanced driving dynamics through distributed electric drive [3] - The company aims for 100% AI penetration in the cockpit, introducing AI-driven services for improved user interaction and experience [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that Changan Automobile's wholesale sales in February 2025 reached 161,400 units, showing a year-on-year increase of 5.72% but a month-on-month decrease of 41.45%. Cumulative wholesale sales for January-February 2025 totaled 437,100 units, reflecting a year-on-year growth of 0.94% [2] - The report emphasizes the acceleration of the company's new energy vehicle (NEV) sales, which reached 39,700 units in February, marking a month-on-month increase of 68.4% but a year-on-year decrease of 41.25% [2] - The company plans to launch 13 new energy models in 2025, enhancing its global strategy and product offerings, with a focus on smart driving solutions and international expansion [6][7] Summary by Sections Sales Performance - In February 2025, the company's total wholesale sales, self-owned brands, and self-owned passenger vehicle sales all experienced month-on-month declines but year-on-year growth. The decline was primarily due to adjustments in production schedules post-Spring Festival and temporary market demand contraction [6] - The NEV penetration rate improved compared to January 2025, with significant contributions from new models set to launch in April 2025 [6] Financial Forecasts - The forecast for the company's main revenue is projected to grow from 151.3 billion yuan in 2023 to 203.9 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 10.5% [3][7] - The net profit attributable to the parent company is expected to increase from 5.2 billion yuan in 2024 to 9.7 billion yuan in 2026, reflecting a recovery after a projected dip in 2024 [3][7] Strategic Initiatives - The company is enhancing its collaboration with partners like Huawei and CATL, which is expected to bolster its electric and smart transformation efforts [6] - The report outlines the company's plans for international expansion, including the establishment of a factory in Southeast Asia and the introduction of its brands in various global markets [6][7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights significant events, including Changan Automobile's February 2025 production and sales report, showing a wholesale vehicle sales volume of 161,400 units, with a year-on-year increase of 0.94% for the cumulative sales from January to February 2025 [2][6] - The company plans to launch 13 new energy vehicle models in 2025, enhancing its global strategy and accelerating its electric and intelligent transformation [6][7] - The report anticipates a recovery in net profit for 2024-2026, with projected figures of 5.245 billion, 6.885 billion, and 9.662 billion yuan respectively, corresponding to EPS of 0.69, 0.97, and 1.14 yuan [6][7] Summary by Sections Sales Performance - In February 2025, the company's wholesale sales were 161,400 units, with a month-on-month decrease of 41.45% and a year-on-year increase of 5.72%. Cumulative sales for January-February 2025 reached 437,100 units, up 0.94% year-on-year [2] - The new energy vehicle sales in February were 39,700 units, reflecting a month-on-month increase of 68.4% but a year-on-year decrease of 41.25% [2] Financial Forecasts - The main revenue forecast for 2025 is 186.5 billion yuan, with a year-on-year growth rate of 11% [3] - The projected net profit for 2025 is 6.885 billion yuan, with a year-on-year growth of 31% [3] Strategic Initiatives - The company is set to enhance its product lineup with new energy models and expand its global market presence, targeting 81 countries [6] - Collaborations with Huawei and CATL are expected to deepen, supporting the company's electric and intelligent transformation [6]

Investment Rating - The investment rating for Changan Automobile is not explicitly stated in the provided content, but the report indicates a positive outlook on the company's performance and growth potential [1]. Core Insights - Changan Automobile reported a February sales volume of 161,000 units, representing a year-on-year increase of 6% but a month-on-month decrease of 41%. The sales of Changan's self-owned brands reached 137,000 units, up 8% year-on-year but down 43% month-on-month [1]. - The company is accelerating its smart driving initiatives, with plans to achieve full-scene L3 autonomous driving by 2026 and L4 capabilities by 2028. The Deep Blue S09 will feature Huawei's advanced driving system [3]. - Over the next three years, Changan plans to launch 35 new smart vehicles across its brands, including various models from Changan Qiyuan, Deep Blue, and Avita [3]. - Changan's international expansion is progressing, with plans for a Southeast Asia factory, a European brand launch, and production projects in the CIS region and Latin America by 2025 [3]. Summary by Sections Sales Performance - February sales were 161,000 units, with a year-on-year increase of 6% and a month-on-month decrease of 41%. Self-owned brand sales were 137,000 units, up 8% year-on-year [1]. Smart Driving Development - The company is advancing its smart driving technology, aiming for L3 level by 2026 and L4 by 2028, with the Deep Blue S09 featuring advanced driving capabilities [3]. Product Launch Plans - Changan will introduce 35 new smart vehicles in the next three years, with various models planned across its brands [3]. International Expansion - The company is set to enhance its global presence with a factory in Southeast Asia, a brand launch in Europe, and production projects in the CIS and Latin America by 2025 [3].

长安汽车（000625.SZ）系列点评二十二 阿维塔、深蓝发力 新能源转型加速 2025 年 03 月 05 日 事件：公司发布 2 月产销快报：集团 2 月批发销量为 16.1 万辆，同比+5.7%， 环比-41.4%。自主乘用车 2 月批发销量为 9.4 万辆，同比+12.5%，环比-51.2%； 长安福特 2 月批发销量为 1.2 万辆，同比-9.0%，环比-31.5%；长安马自达 2 月 批发销量为 0.38 万辆，同比-3.9%，环比-42.5%。 ➢ 自主乘用车同比销量稳步提升 新能源大幅增长。2 月公司自主乘用车批发 销量 9.4 万辆，同比+12.5%，环比-51.2%。新能源方面，2 月自主新能源批发 销量为 3.97 万辆；其中深蓝销量 1.87 万辆，同比+87.5%，环比-23.8%；阿维 塔 5,182 辆，同比+110.9%，环比-41.3%，阿维塔 07 新车型贡献增量；启源销 量 0.8 万辆。展望 2025 年，集团销量目标为 300 万辆，新能源销量目标为 100 万辆，后续公司将推出阿维塔 06、深蓝 S09、长安启源 Q07 等全新产品，保证 燃油基盘的同时加速电动化转 ...

证券代码：000625、200625 证券简称：长安汽车、长安 B 重庆长安汽车股份有限公司投资者关系活动记录表 编号：2025-08 | 投资者关系活 动类别 | ■特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他（请文字说明其他活动内容） | | 参与单位名称 | 东吴证券、信达澳亚基金、中信资管 | | 及人员姓名 | | | 时间 | 2025 年 03 月 05 日 | | 地点 | 公司会议室 | | 上市公司接待 | 证券事务代表——揭中华 | | 人员姓名 | | | | 一、请问公司 2 月份销售情况如何？ | | | 答：2025 年 2 月，长安汽车实现销售 161435 辆，其中 | | | 新能源 2 月销量为 39650 辆，同比增长 68.4%，海外 2 月销 | | | 量为 47521 辆，同比增长 15.5%。分品牌来看，长安引力 2 | | | 月销量为 69143 辆；长安启源 2 月交付 7931 辆，长安启源 | | | 累计交付已突破 20 ...

Investment Rating - The investment rating for Changan Automobile is not explicitly stated in the provided content, but the report indicates a positive outlook on the company's performance and growth potential [1]. Core Viewpoints - Changan Automobile reported a February sales volume of 161,000 units, representing a year-on-year increase of 6% but a month-on-month decrease of 41%. The sales of Changan's self-owned brands reached 137,000 units, up 8% year-on-year, but down 43% month-on-month [1]. - The company is accelerating its smart driving initiatives, with plans to achieve full-scene L3 autonomous driving by 2026 and L4 capabilities by 2028. The Deep Blue S09 will feature Huawei's advanced driving system [3]. - Over the next three years, Changan plans to launch 35 new smart vehicles across its brands, including various models from Changan Qiyuan, Deep Blue, and Avita [3]. - Changan's international expansion is progressing, with plans for a Southeast Asia factory, a European brand launch, and production projects in the CIS region and Latin America by 2025 [3]. Summary by Sections Sales Performance - February sales were 161,000 units, up 6% year-on-year but down 41% month-on-month. Self-owned brand sales were 137,000 units, up 8% year-on-year, while overseas sales were 48,000 units, down 23% month-on-month [1]. Smart Driving Development - The company is rapidly advancing its smart driving technology, with a goal to achieve L3 level by 2026 and L4 by 2028. The Deep Blue S09 will include advanced features such as parking assistance and valet parking [3]. Product Launch Plans - Changan will introduce 35 new smart vehicles in the next three years, with various models planned across its brands, including SUVs and sedans [3]. International Expansion - By 2025, Changan aims to establish a factory in Southeast Asia, launch its brand in Europe, and initiate production in the CIS and Latin America [3].

| 单位 | | | 产量（辆） | | | | | | 销量（辆） | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 本月 | 去年同期 | 同比变动 | 本年累计 | 去年同期 | 同比 | 本月 | 去年同期 | 同比变动 | 本年累计 | 去年同期 | 同比 | | | | | | | 累计 | 变动 | | | | | 累计 | 变动 | | 重庆长安 | 53,202 | 57,191 | -6.97% | 109,850 | 155,472 | -29.34% | 52,436 | 65,403 | -19.83% | 173,141 | 200,071 | -13.46% | | 河北长安 | 8,918 | 6,996 | 27.47% | 15,524 | 16,174 | -4.02% | 9,573 | 6,897 | 38.80% | 24,434 | 15,967 | 53.03% | | 合肥长安 | 27,175 | 12,233 | 122.1 ...