长安汽车：启源新车上市，深蓝、阿维塔表现较好-20250517

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 a growth rate 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 brands Deep Blue and Avita, indicating a positive trend in sales and market presence [10]. Financial Information Summary - Revenue is projected to grow from 151.30 billion CNY in 2023 to 219.51 billion CNY in 2027, with a compound annual growth rate (CAGR) of approximately 9.5% [6][11]. - Operating profit is expected to recover from a decline in 2024, reaching 11.87 billion CNY by 2027, with a growth rate of 19.6% [6][11]. - The gross margin is forecasted to improve from 17.3% in 2023 to 18.2% in 2027, while the net profit 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 stable performance [6][11].