长安汽车（000625）：业绩符合预期，三大计划齐头并进

Investment Rating - The report maintains a "Buy" rating for Changan Automobile [1] Core Views - The Q1 2025 performance met expectations, with total revenue of 34.161 billion yuan, a year-on-year increase of 16.8% in net profit attributable to shareholders, and a significant increase in non-recurring net profit [8] - The company is advancing three major plans: the "Shangri-La" plan for new energy, the "Beidou Tianshu" plan for intelligence, and the "Haina Baichuan" plan for globalization [8] - The report adjusts the forecast for net profit attributable to shareholders for 2025, 2026, and 2027 to 8.7 billion, 9.5 billion, and 10.9 billion yuan respectively, reflecting increased competition in the industry [8] Financial Performance Summary - For Q1 2025, the company achieved a consolidated sales volume of 498,000 units, with a year-on-year increase of 2.7% [8] - The average selling price per vehicle in Q1 was 69,000 yuan, down 10.2% year-on-year [8] - The gross margin for Q1 was 13.9%, with a slight decrease compared to previous periods [8] - The report provides detailed financial forecasts, including total revenue projections of 159.733 billion yuan for 2024, increasing to 223.021 billion yuan by 2027, with corresponding net profits [9]