长安汽车（000625）：新能源及出海持续增长，Q1业绩符合预期

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported Q1 2025 results with revenue of 34.16 billion yuan, a year-on-year decline of 7.7%, while net profit attributable to shareholders was 1.35 billion yuan, an increase of 16.8% year-on-year. The non-recurring net profit reached 780 million yuan, showing a significant growth of 601.3% year-on-year [2][4][9]. - The acceleration of the company's electric and intelligent transformation is driving continuous sales growth. The transition to new energy is progressing rapidly, with self-owned new energy vehicle sales gradually materializing. The launch of new models is expected to significantly boost sales and enhance profitability through economies of scale [2][9]. - The company is deepening its collaboration with Huawei in the field of intelligent technology and is steadily advancing its global expansion strategy, with ongoing construction of overseas production capacity [2][9]. Summary by Sections Financial Performance - In Q1 2025, the company achieved total sales of 705,000 vehicles, a year-on-year increase of 1.9%. The self-owned new energy vehicle sales reached 187,000 units, up 45% year-on-year, accounting for 41% of total sales, an increase of 9 percentage points year-on-year [9]. - The gross profit margin for Q1 2025 was 13.9%, a decrease of 2.3 percentage points quarter-on-quarter but an increase of 1.1 percentage points year-on-year. The company expects the gross margin to recover in the following quarters as cost reductions from the supply chain begin to materialize [9]. - The company forecasts a net profit attributable to shareholders of 8.18 billion yuan for 2025, corresponding to a price-to-earnings ratio of 15.0X [9]. Product Development and Market Strategy - The company is focusing on launching 20 new models in 2025, including 12 new energy products such as the Avita 06 and Deep Blue S09. The new models are expected to enhance the company's market position and sales performance [9]. - The company is actively pursuing a global strategy, referred to as the "Sea of Stars" plan, to accelerate local production overseas [9].