长安汽车：长江证券、西部证券等多家机构于7月4日调研我司

Core Viewpoint - Changan Automobile reported a sales increase in June 2025, with a total of 235,000 vehicles sold, marking a year-on-year growth of 4.5% [2]. Sales Performance - In June 2025, Changan achieved sales of 235,000 units, a 4.5% increase year-on-year, with total sales for the first half of 2025 reaching 1.355 million units, up 1.6% [2]. - The company's self-owned brands sold 1.151 million units in the first half of 2025, reflecting a 2.6% increase [2]. - New energy vehicles (NEVs) saw significant growth, with 452,000 units sold in the first half of 2025, representing a 49.1% increase [2]. - Overseas sales reached 299,000 units in the first half of 2025 [2]. Global Expansion and Strategy - Avita Technology has made strides in global expansion, recently signing a deal with the Mallouk Group in Jordan, marking its entry into the Middle East market [3]. - Avita plans to introduce products and establish channels in Jordan within three months, with initial orders of 185 units already prepared for shipment [3]. - The company has established a presence in 25 countries and regions, with 55 signed stores, and aims for 1.5 million units in overseas sales by 2026 [3]. Future Product Plans - Over the next three years, Changan plans to launch 35 new smart vehicles, including various models from its brands Changan Qiyuan, Deep Blue, and Avita [5]. - Changan Qiyuan will introduce 10 new models, while Deep Blue and Avita will each launch 10 and 7 new models, respectively [5]. Financial Performance - In Q1 2025, Changan reported a revenue of 34.161 billion yuan, a decrease of 7.73% year-on-year, while net profit attributable to shareholders was 1.353 billion yuan, an increase of 16.81% [6]. - The company’s gross margin stood at 13.86%, with a debt ratio of 59.69% [6]. Analyst Predictions - Various institutions have provided earnings forecasts for Changan, with net profit predictions for 2025 ranging from 74.12 billion yuan to 89.47 billion yuan [7]. - The average target price from institutions over the past 90 days is 15.47 yuan [6].