长安汽车：新能源车销量维持较高增长，深蓝与华为深化合作-20250316

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 17.43 CNY [2][6] Core Views - The company is expected to achieve a net profit attributable to the parent company of 59.47 billion CNY, 82.68 billion CNY, and 101.25 billion CNY for the years 2024 to 2026 respectively, with a comparable company average PE valuation of 21 times [2] - The report highlights the sustained high growth in new energy vehicle sales and the deepening cooperation between the company and Huawei [1][7] Financial Summary - The company's revenue is projected to grow from 121.25 billion CNY in 2022 to 213.01 billion CNY in 2026, with a compound annual growth rate (CAGR) of approximately 15.5% [4] - Operating profit is expected to fluctuate, with a significant drop in 2024 to 6.25 billion CNY, followed by recovery in subsequent years [4] - The net profit attributable to the parent company is forecasted to decline to 5.95 billion CNY in 2024, before rebounding to 10.13 billion CNY by 2026 [4] - The report indicates a decrease in gross margin from 20.5% in 2022 to a low of 16.1% in 2024, with a slight recovery thereafter [4] - The net profit margin is projected to decrease to 3.4% in 2024, with gradual improvement expected in the following years [4] - The return on equity (ROE) is anticipated to drop to 8.1% in 2024, before rising to 11.5% by 2026 [4]