长安汽车（000625）：启源新车上市，深蓝、阿维塔表现较好

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 17.01 CNY, based on a comparable company average PE valuation of 21 times for 2025 [4][7]. Core Views - The company is expected to see a significant increase in net profit attributable to the parent company, projected at 8.03 billion CNY in 2025, 9.47 billion CNY in 2026, and 11.31 billion CNY in 2027, reflecting growth rates of 9.7%, 17.9%, and 19.4% respectively [4][6]. - The company is actively launching new models, with the recent introduction of the Changan Q07 and strong performance from its new energy brands, Deep Blue and Avita, which are expected to drive sales growth [10]. Financial Information Summary - Revenue is projected to grow from 151.30 billion CNY in 2023 to 219.51 billion CNY in 2027, with year-on-year growth rates of 24.8%, 5.6%, 13.1%, 11.0%, and 9.5% respectively [6][11]. - Operating profit is expected to recover from a decline in 2024, with forecasts of 6.62 billion CNY in 2024, 8.40 billion CNY in 2025, and reaching 11.87 billion CNY by 2027 [6][11]. - The gross margin is anticipated to improve from 17.3% in 2023 to 18.2% in 2027, while the net margin is expected to increase from 7.5% to 5.2% over the same period [6][11]. - The company’s earnings per share (EPS) is projected to rise from 1.14 CNY in 2023 to 1.14 CNY in 2027, indicating a recovery after a dip in 2024 [6][11].