长安汽车：中报点评：深蓝及阿维塔减亏，自主品牌盈利能力环比改善

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 15.80 CNY [4]. Core Insights - The company's performance met expectations with a revenue of 76.723 billion CNY in the first half of the year, a year-on-year increase of 17.1%. However, the net profit attributable to the parent company decreased by 63.0% to 2.832 billion CNY [1][2]. - The gross margin faced pressure, with a gross margin of 13.8% in the first half, down 2.5 percentage points year-on-year due to changes in accounting policies and intensified industry price competition [1]. - The company saw significant improvements in the profitability of its self-owned brands, with a non-GAAP net profit of 9.53 billion CNY in Q2, compared to 1.45 billion CNY in the same period last year [1]. Financial Performance Summary - The company reported a revenue of 121.253 billion CNY in 2022, with a projected revenue of 151.298 billion CNY for 2023, reflecting a year-on-year growth of 24.8% [3]. - The net profit attributable to the parent company is expected to be 11.327 billion CNY in 2023, a 45.2% increase from the previous year [3]. - The gross margin is projected to be 18.4% in 2023, down from 20.5% in 2022, indicating a need for cost management strategies [3]. Sales and Market Dynamics - The company’s self-owned brand vehicle sales reached 384,600 units in Q2, a year-on-year increase of 3.4%, while the sales of new energy vehicles surged by 86.0% year-on-year [1]. - The company is expanding its global footprint, with overseas sales of self-owned brands reaching 94,300 units, a 69.1% increase year-on-year [1]. - The introduction of new models in the second half of the year is expected to further boost sales in the new energy vehicle segment [1].