Investment Rating - The report maintains a "Recommended" rating for the company [5][8]. Core Views - The company has shown steady growth in its wholesale sales, with July's wholesale volume reaching 210,000 units, a year-on-year increase of 23.4% [3]. - The establishment of a new group aims to enhance resource integration and operational efficiency, positioning the company for accelerated development in the electric vehicle sector [5]. - The company targets a total sales volume of 3 million vehicles and 1 million new energy vehicles by 2025, supported by the launch of new models [3][4]. Summary by Sections Sales Performance - In July, the company's wholesale sales were 210,000 units, with a year-on-year increase of 23.4% and a month-on-month decrease of 10.4%. Cumulative sales from January to July reached 1.566 million units, up 4.1% year-on-year [3]. - The company's self-owned brand sales in July were 178,000 units, a year-on-year increase of 27.7% [3]. New Energy Vehicle Growth - The company reported a significant increase in new energy vehicle sales, with July sales reaching 80,000 units, a year-on-year increase of 74.1% [3]. - Cumulative sales of new energy vehicles from January to July were 532,000 units, up 52.3% year-on-year [3]. New Group Formation - The new group, established on July 29, 2025, consolidates 117 subsidiaries, enhancing governance efficiency and international operations [5]. - The group aims to create a world-class automotive group with competitive global capabilities and core technologies [5]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 189.6 billion, 209.5 billion, and 233.5 billion yuan, respectively [5][7]. - Net profit attributable to shareholders is projected to be 8.87 billion, 10.76 billion, and 12.72 billion yuan for the same years [5][7].
长安汽车(000625):自主稳步上量,新集团成立加快整合