长安汽车：公司信息更新报告：Q2业绩同环比高增，华为赋能新车销量增长可期

Investment Rating - The investment rating for Changan Automobile is "Buy" (maintained) [2][12]. Core Views - The company reported a significant increase in Q2 performance, with revenue reaching 76.723 billion yuan, a year-on-year increase of 17.15%. However, the net profit attributable to shareholders decreased by 63.00% to 2.832 billion yuan, primarily due to non-recurring gains from the acquisition of Deep Blue in Q1 2023 [3]. - The company is expected to benefit from the new car cycle and the deepening collaboration with Huawei, particularly after Avita's 10% stake acquisition in Huawei, which is anticipated to enhance their competitive edge in smart technology and supply chain [3][4]. - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 8.14 billion yuan (-8.0%), 11.97 billion yuan (-0.9%), and 14.34 billion yuan (-12.8%), respectively, with the current stock price corresponding to P/E ratios of 14.7, 10.0, and 8.4 times [3]. Financial Performance Summary - In Q2, the company achieved a revenue of 39.699 billion yuan, representing a quarter-on-quarter increase of 28.33% and a year-on-year increase of 7.23%. The net profit attributable to shareholders for Q2 was 1.674 billion yuan, showing a quarter-on-quarter increase of 145.13% and a year-on-year increase of 44.52% [3]. - The sales volume of self-owned passenger vehicles in Q2 was 384,600 units, a year-on-year increase of 3.4%, with new energy vehicle sales reaching 170,300 units, a significant increase of 86.0% year-on-year [4]. - The gross margin slightly declined due to intense industry competition, but the net margin improved by 2.6 percentage points quarter-on-quarter [4]. Future Outlook - The collaboration with Huawei is expected to evolve into a "business + equity" model, which may lead to increased profitability from the expanded sales of Avita's models supported by Huawei's smart technology [4]. - The company is entering a golden development period with a series of new product launches, including models equipped with Huawei's advanced driving technology, which is expected to drive sales growth [4].