长安汽车（000625）：新能源销量快速增长，兵装集团分立有望提升公司经营效率

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 17.01 CNY [5][2]. Core Views - The rapid growth in new energy vehicle sales and the anticipated separation of the military industry group are expected to enhance the company's operational efficiency [1]. - The company is projected to achieve a net profit attributable to shareholders of 8.03 billion CNY, 9.47 billion CNY, and 11.31 billion CNY for the years 2025, 2026, and 2027 respectively, with a maintained average PE valuation of 21 times for comparable companies [2]. Financial Performance Summary - Revenue Forecast: The company expects revenues of 151.30 billion CNY in 2023, growing to 219.51 billion CNY by 2027, with a compound annual growth rate (CAGR) of approximately 9.5% [4]. - Net Profit: The net profit attributable to shareholders is forecasted to decline to 7.32 billion CNY in 2024, before recovering to 8.03 billion CNY in 2025 and reaching 11.31 billion CNY by 2027 [4]. - Earnings Per Share (EPS): EPS is projected to be 0.74 CNY in 2024, increasing to 1.14 CNY by 2027 [4]. - Profitability Ratios: The gross margin is expected to improve from 14.9% in 2024 to 18.2% in 2027, while the net margin is projected to rise from 4.6% to 5.2% over the same period [4]. Sales Performance Summary - In June, the company's overall sales reached 235,100 units, marking a year-on-year increase of 4.5% and a month-on-month increase of 4.8% [9]. - The sales of new energy vehicles in June were 100,800 units, reflecting a significant year-on-year growth of 57.1% [9]. - The company’s overseas sales also saw a notable increase, with June sales reaching 52,600 units, up 17.3% from the previous month [9].