长安汽车动态跟踪 —— 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 PE ratio of 21 times [2] - The report highlights strong year-on-year growth for the company's brands, particularly in the new energy vehicle segment, indicating a shift towards higher profitability and market share [1][11] Financial Information Summary - Revenue projections for the company are as follows: - 2023: 151.30 billion yuan - 2024: 159.73 billion yuan (growth of 5.6%) - 2025: 180.65 billion yuan (growth of 13.1%) - 2026: 200.46 billion yuan (growth of 11.0%) - 2027: 219.51 billion yuan (growth of 9.5%) [4] - The company's net profit is projected to decline in 2024 but recover in subsequent years, with a forecast of 7.32 billion yuan in 2024, followed by 8.03 billion yuan in 2025, 9.47 billion yuan in 2026, and 11.31 billion yuan in 2027 [4] - The report indicates a gross margin of 17.3% in 2023, expected to improve to 18.2% by 2027 [4] - The net profit margin is projected to increase from 7.5% in 2023 to 5.2% in 2027 [4] - The company's earnings per share are forecasted to be 1.14 yuan in 2023, decreasing to 0.74 yuan in 2024, and then gradually increasing to 1.14 yuan by 2027 [4]