长安汽车（000625）：新能源车销量维持较高增长，深蓝与华为深化合作

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 collaboration between the company and Huawei [1][7] Financial Summary - Revenue Forecast: The company’s revenue is projected to grow from 121.25 billion CNY in 2022 to 213.01 billion CNY in 2026, with a CAGR of approximately 15.5% from 2024 to 2026 [4][10] - Net Profit: The net profit attributable to the parent company is forecasted to decline from 11.33 billion CNY in 2023 to 5.95 billion CNY in 2024, before recovering to 8.27 billion CNY in 2025 and 10.13 billion CNY in 2026 [4][10] - Earnings Per Share (EPS): EPS is expected to decrease to 0.60 CNY in 2024, then rise to 0.83 CNY in 2025 and 1.02 CNY in 2026 [4][10] - Profitability Ratios: The gross margin is projected to decline from 20.5% in 2022 to 16.1% in 2024, before slightly improving to 18.0% by 2026 [4][10] - Valuation Ratios: The company’s PE ratio is expected to be 21.9 in 2024, decreasing to 12.9 by 2026 [4][10]