长安汽车（000625）：深蓝、阿维塔均实现同比高增长，新能源车比重提升

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company is expected to achieve significant growth in net profit from 2025 to 2027, with projected figures of 8.03 billion, 9.47 billion, and 11.31 billion yuan respectively, maintaining a target price of 17.01 yuan based on a 21x PE valuation [2] - The report highlights strong year-on-year growth for the company's brands, particularly in the new energy vehicle segment, indicating a positive trend in sales and market positioning [1][10] Financial Summary - Revenue projections for the company are as follows: 151.30 billion yuan in 2023, 159.73 billion yuan in 2024, 180.65 billion yuan in 2025, 200.46 billion yuan in 2026, and 219.51 billion yuan in 2027, with respective growth rates of 24.8%, 5.6%, 13.1%, 11.0%, and 9.5% [4] - The company's operating profit is forecasted to be 10.45 billion yuan in 2023, decreasing to 6.62 billion yuan in 2024, then recovering to 8.40 billion yuan in 2025, 9.92 billion yuan in 2026, and 11.87 billion yuan in 2027, with growth rates of 36.9%, -36.6%, 26.7%, 18.2%, and 19.6% respectively [4] - The net profit attributable to the parent company is expected to be 11.33 billion yuan in 2023, dropping to 7.32 billion yuan in 2024, and then increasing to 8.03 billion yuan in 2025, 9.47 billion yuan in 2026, and 11.31 billion yuan in 2027, with growth rates of 45.2%, -35.4%, 9.7%, 17.9%, and 19.4% respectively [4] - Earnings per share are projected to be 1.14 yuan in 2023, decreasing to 0.74 yuan in 2024, and then increasing to 0.81 yuan in 2025, 0.96 yuan in 2026, and 1.14 yuan in 2027 [4] - The gross margin is expected to fluctuate from 17.3% in 2023 to 18.2% in 2027, while the net margin is projected to improve from 7.5% in 2023 to 5.2% in 2027 [4]