长安汽车：2024年自主新能源车及海外销量表现亮眼

Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 19.20 CNY [1][4] Core Views - The report highlights strong growth in the company's self-owned new energy vehicles and overseas sales, with a significant increase in sales volume and market performance [3][6] - The company aims to launch 13 new energy products in 2025, targeting total sales of 3 million vehicles, including 1 million from self-owned new energy vehicles [6][7] Financial Performance Summary - The company's revenue is projected to grow from 121,253 million CNY in 2022 to 213,009 million CNY in 2026, with a compound annual growth rate (CAGR) of approximately 15.5% [6][7] - The net profit attributable to the parent company is expected to reach 59.47 billion CNY in 2024, with a forecasted increase to 101.25 billion CNY by 2026 [4][6] - The gross margin is projected to improve slightly from 16.1% in 2024 to 18.0% in 2026, while the net profit margin is expected to stabilize around 4.8% by 2026 [6][7] Sales Performance Summary - In December 2024, the company's overall sales reached 250,700 units, representing a year-on-year increase of 16.6% [6][7] - The overseas sales for 2024 saw a remarkable growth of 49.6%, with total sales of 536,200 units [6][7] - The company plans to achieve a sales target of 300,000 units in 2025, with specific targets for its new energy brands [6][7]