长安汽车(000625)：25H1盈利能力向好 看好海外及新能源市场贡献新增量

Core Insights - The company reported a revenue of 72.691 billion yuan for the first half of 2025, a year-on-year decrease of 5.25%, and a net profit attributable to shareholders of 2.291 billion yuan, down 19.09% year-on-year [1][2] Financial Performance - In Q2 2025, the company achieved a revenue of 38.531 billion yuan, a year-on-year decline of 2.94% but a quarter-on-quarter increase of 12.79%. The net profit for the same quarter was 939 million yuan, reflecting a year-on-year decrease of 43.93% and a quarter-on-quarter decrease of 30.62% [1][2] - The gross profit margin for H1 2025 was 14.58%, an increase of 0.78 percentage points year-on-year. The sales, management, and R&D expense ratios were 6.00%, 3.07%, and 4.52%, respectively, with sales expenses increasing due to higher sales service fees from increased new energy vehicle sales and advertising costs from new product launches [2] New Energy Vehicle Sales - The company saw a significant increase in new energy vehicle sales, with a total of 451,700 units sold in H1 2025, representing a year-on-year growth of 49.05% [3] - The company completed the verification of all-solid-state battery prototypes and established a self-sufficient industrial chain for battery assembly and vehicle assembly [3] International Expansion - The company is making strides in international markets, with overseas sales reaching 299,400 units in H1 2025, a year-on-year increase of 47.35%. The company held a brand launch event in Europe and initiated local operations in Thailand [3] Technological Advancements - The company launched the "Beidou Tianshu 2.0" plan, introducing intelligent driving technologies and collaborating with Huawei and Tencent to enhance smart data construction [4] Investment Outlook - The company maintains a "buy" rating, with projected net profits for 2025-2027 of 6.358 billion, 8.175 billion, and 10.231 billion yuan, reflecting year-on-year changes of -13.15%, +28.57%, and +25.15%, respectively [5]