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长安汽车 | 4月: 阿维塔+深蓝发力 新能源产品周期强劲【民生汽车 崔琰团队】

Core Viewpoint - The company is experiencing a decline in overall sales, particularly in traditional vehicles, while showing significant growth in the new energy vehicle (NEV) segment, indicating a strategic shift towards electrification and global expansion [1][2][3][4]. Group 1: Sales Performance - In April, the company's wholesale sales reached 191,000 units, down 9.3% year-on-year and 28.9% month-on-month [1]. - Cumulative wholesale sales from January to April totaled 896,000 units, a slight decrease of 0.7% year-on-year [1]. - The wholesale sales of self-owned passenger vehicles in April were 109,000 units, down 11.1% year-on-year and 33.9% month-on-month [1][2]. - The sales of Changan Ford in April were 13,000 units, down 31.6% year-on-year and 30.3% month-on-month [1]. Group 2: New Energy Vehicle Growth - The wholesale sales of self-owned NEVs in April were 62,000 units, an increase of 19.8% year-on-year, but down 28.9% month-on-month [2]. - Cumulative NEV sales from January to April reached 256,000 units, reflecting a significant year-on-year growth of 41.9% [2]. - The Deep Blue brand sold 20,000 units in April, up 58.0% year-on-year, while Avita sold 11,681 units, marking a 122.6% increase year-on-year [2][3]. Group 3: Future Outlook and Strategy - The company aims to achieve a sales target of 3 million units by 2025, with 1 million units expected to be NEVs [2]. - New models, including the Deep Blue S09, are set to be launched, enhancing the company's competitive edge in the market [3]. - The company plans to expand its global presence by establishing new operational entities and logistics nodes, with a target of 500+ channel touchpoints by 2025 [4]. Group 4: Financial Projections - Revenue projections for 2025-2027 are estimated at 189.6 billion, 209.5 billion, and 233.5 billion yuan, respectively, with corresponding net profits of 8.87 billion, 10.76 billion, and 12.72 billion yuan [5][7]. - The expected earnings per share (EPS) for 2025-2027 are 0.89, 1.09, and 1.28 yuan, with price-to-earnings (PE) ratios of 14, 11, and 10 times [5][7].