长安汽车：2季度扣非后盈利同环比改善，预计深蓝及阿维塔品牌盈利能力将逐步提升

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 19.80 CNY [4]. Core Insights - The company expects significant improvement in its non-GAAP net profit for Q2, with a year-on-year growth of 96.5% to 199.1%, and a quarter-on-quarter increase of 15.9% to 76.3% [1]. - The anticipated launch of new models under the Deep Blue and Avita brands is expected to enhance profitability, with the Deep Blue brand potentially turning profitable as it enters a new vehicle cycle [1]. - A joint venture with Huawei is expected to be finalized by August 31, which will enhance the company's capabilities in smart driving and intelligent cockpit technologies [1]. Financial Summary - The company forecasts a net profit of 89.02 billion CNY for 2024, 107.04 billion CNY for 2025, and 118.14 billion CNY for 2026, maintaining a comparable company average PE ratio of 22 times [2]. - Revenue is projected to grow from 151.3 billion CNY in 2023 to 174.8 billion CNY in 2024, reflecting a year-on-year growth of 15.5% [3]. - The company's net profit margin is expected to be 5.1% in 2024, with a projected net profit of 8.9 billion CNY [3].