长安汽车(000625)首次覆盖：新央企向智能低碳出行科技公司转型

Group 1 - The company is expected to achieve net profits attributable to the parent company of 4.66 billion, 7.32 billion, and 8.67 billion yuan for 2025-2027, corresponding to PE ratios of 24.6, 15.6, and 13.2 times [1] - The automotive industry is experiencing moderate growth, with domestic brands increasing market share due to early advantages in electric intelligence, putting pressure on joint venture brands [1] - The company aims to transform into a smart low-carbon mobility technology company, with plans to produce and sell 5 million vehicles by 2030 [1] Group 2 - The company has been restructured into an independent central enterprise group, which will enhance resource integration, collaboration, and decision-making efficiency, leading to long-term hidden value [2] - The new energy brands are expected to achieve rapid sales growth and improved profitability due to the new vehicle cycle [2] - The company is collaborating with Huawei in the fields of intelligent driving and cockpit technology, and is also planning for humanoid robots and flying cars, which may expand its valuation framework [2] Group 3 - Revenue growth is projected at approximately 5.2%, 8.1%, and 11.9% year-on-year for total revenue from 2025-2027, with vehicle revenue growth at about 5.0%, 8.0%, and 12.0% [2] - The comprehensive gross margin is expected to improve to around 14.2%, 14.8%, and 15.4% from 2025-2027 due to increased sales volume of new energy brands [2] - Key catalysts include the continued strong performance of new model orders and deliveries, the acquisition of L3-level conditional autonomous driving approval, and the launch of the first vehicle-mounted component robot [2]