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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】
汽车琰究· 2025-05-06 02:45
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].
长安汽车(000625):系列点评二十六:阿维塔+深蓝发力,新能源产品周期强劲
Minsheng Securities· 2025-05-06 02:41
Investment Rating - The report maintains a "Recommended" rating for the company [6]. Core Views - The company is experiencing a strong product cycle in the new energy sector, with significant growth in sales of its new energy vehicles [2][3]. - The company aims to achieve a total sales target of 3 million vehicles by 2025, with 1 million of those being new energy vehicles [2]. - The company is accelerating its transformation towards electric vehicles, supported by partnerships with Huawei for smart driving technology [3]. Summary by Relevant Sections Sales Performance - In April, the company's wholesale sales were 191,000 vehicles, down 9.3% year-on-year and down 28.9% month-on-month. Cumulative sales from January to April reached 896,000 vehicles, a slight decrease of 0.7% year-on-year [1]. - The wholesale sales of the company's self-owned passenger vehicles in April were 109,000 units, down 11.1% year-on-year and down 33.9% month-on-month [1]. New Energy Vehicle Growth - The wholesale sales of self-owned new energy vehicles in April were 62,000 units, an increase of 19.8% year-on-year, but down 28.9% month-on-month. Cumulative sales from January to April reached 256,000 units, up 41.9% year-on-year [2]. - The deep blue brand sold 20,000 units in April, up 58.0% year-on-year, while the Avita brand sold 11,681 units, up 122.6% year-on-year [2][3]. Global Expansion - The company's overseas sales in April reached 42,000 units, an increase of 34.0% year-on-year, with cumulative sales from January to April at 202,000 units, up 43.7% year-on-year [4]. - The company plans to establish 8 new operating entities and 16 logistics nodes overseas by 2025, aiming for a total global sales target of 500,000 units [4]. Financial Forecast - The company forecasts revenues of 189.6 billion, 209.5 billion, and 233.5 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 8.9 billion, 10.8 billion, and 12.7 billion yuan for the same years [5][21]. - The earnings per share (EPS) are projected to be 0.89, 1.09, and 1.28 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 14, 11, and 10 [5][21].
长安汽车:系列点评二十五:业绩符合预期 新能源产品周期强劲-20250427
Minsheng Securities· 2025-04-27 07:25
Investment Rating - The report maintains a "Recommended" rating for the company [6]. Core Views - The company reported Q1 2025 revenue of 34.16 billion yuan, a year-on-year decrease of 7.7% and a quarter-on-quarter decrease of 30.0%. The net profit attributable to the parent company was 1.35 billion yuan, up 16.8% year-on-year but down 63.8% quarter-on-quarter. The non-recurring net profit was 780 million yuan, a significant increase of 601.0% year-on-year, but down 13.7% quarter-on-quarter [1][2]. - The company's sales of self-owned passenger vehicles reached 453,000 units in Q1 2025, an increase of 3.5% year-on-year but a decrease of 10.8% quarter-on-quarter. The sales of self-owned new energy passenger vehicles were 194,000 units, up 50.7% year-on-year but down 30.4% quarter-on-quarter [1][2]. - The gross profit margin for Q1 2025 was 13.9%, a decrease of 0.5 percentage points year-on-year and 2.3 percentage points quarter-on-quarter, primarily due to increased terminal discounts and lower cost reductions recognized in the quarter [1][2]. Summary by Sections Financial Performance - Q1 2025 total revenue was 34.16 billion yuan, with a year-on-year decline of 7.7% and a quarter-on-quarter decline of 30.0%. The net profit attributable to the parent company was 1.35 billion yuan, reflecting a year-on-year increase of 16.8% but a quarter-on-quarter decrease of 63.8% [1][2]. - The company’s gross profit margin decreased to 13.9% in Q1 2025, impacted by increased competition and pricing pressures [1][2]. Sales and Market Position - The company’s self-owned passenger vehicle sales reached 453,000 units in Q1 2025, with a year-on-year increase of 3.5% and a quarter-on-quarter decrease of 10.8%. The sales of self-owned new energy vehicles were 194,000 units, marking a year-on-year increase of 50.7% [1][2][3]. - The company plans to launch new models under the Deep Blue and Avita brands, aiming for a global sales target of 500,000 units in 2025 [3]. Future Outlook - The report forecasts revenues of 189.6 billion yuan, 209.5 billion yuan, and 233.5 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 8.87 billion yuan, 10.76 billion yuan, and 12.72 billion yuan for the same years [4][5]. - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 0.89 yuan, 1.09 yuan, and 1.28 yuan respectively, with corresponding price-to-earnings (PE) ratios of 14, 11, and 10 [4][5].
长安汽车(000625):系列点评二十五:业绩符合预期,新能源产品周期强劲
Minsheng Securities· 2025-04-27 06:47
Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company reported Q1 2025 revenue of 34.16 billion yuan, a year-on-year decrease of 7.7% and a quarter-on-quarter decrease of 30.0%. The net profit attributable to shareholders was 1.35 billion yuan, up 16.8% year-on-year but down 63.8% quarter-on-quarter. The non-recurring net profit was 780 million yuan, a significant increase of 601.0% year-on-year, but down 13.7% quarter-on-quarter [1][2] - The company's sales of self-branded vehicles reached 453,000 units in Q1 2025, a year-on-year increase of 3.5% but a quarter-on-quarter decrease of 10.8%. The sales of self-branded new energy vehicles were 194,000 units, up 50.7% year-on-year but down 30.4% quarter-on-quarter [1][2] - The gross profit margin for Q1 2025 was 13.9%, a decrease of 0.5 percentage points year-on-year and 2.3 percentage points quarter-on-quarter, primarily due to increased terminal discounts and lower cost reductions [1][2] Financial Performance Summary - The report forecasts revenues of 189.55 billion yuan, 209.46 billion yuan, and 233.54 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 8.87 billion yuan, 10.76 billion yuan, and 12.72 billion yuan [4][5] - The earnings per share (EPS) are projected to be 0.89 yuan, 1.09 yuan, and 1.28 yuan for the years 2025, 2026, and 2027 respectively, with price-to-earnings (PE) ratios of 14, 11, and 10 [4][5] - The company plans to accelerate its new energy transition with new models and aims for global sales of 500,000 units in 2025, including 400,000 units domestically and 100,000 units overseas [3][4]
长安汽车:系列点评二十四:业绩符合预期 新能源转型加速-20250411
Minsheng Securities· 2025-04-11 08:23
➢ 风险提示:行业需求下滑;自主品牌销量不及预期;行业"价格战"加剧; 出口销量不及预期。 长安汽车(000625.SZ)系列点评二十四 业绩符合预期 新能源转型加速 2025 年 04 月 11 日 事件:公司发布 2024 年年报:2024 年总营收 1,597.3 亿元,同比+5.6%;归母 净利 73.2 亿元,同比+104.5%;扣非归母 25.9 亿元,同比+53.9%。2024Q4 总营收 487.7 亿元,同比+13.2%,环比+42.5%;归母净利润 37.4 亿元,同比 +159.0%,环比+400.3%;扣非归母净利 9.1 亿元,同比+435.5%,环比+77.1%。 ➢ 营收、ASP 符合预期 毛利环比提升。收入端:自主销量提升促进营收。 2024Q4 自主乘用车销量 50.7 万辆,同比+21.3%,环比+49.7%;自主新能源 乘用车 27.9 万辆,同比+66.6%,环比+87.7%,公司总营收为 487.7 亿元,同 比+13.2%,环比+42.5%,营收环比增长主要受销量提升影响;ASP:2024Q4 单车 ASP 达 9.6 万元,环比+0.4 万元;毛利率:2024Q4 ...
长安汽车(000625):公司简评报告:3月新能源销量同环比激增,亮剑欧洲发布会加速全球化
Donghai Securities· 2025-04-10 14:26
[Table_Reportdate] 2025年04月10日 公 司 简 评 [Table_invest] 买入(维持) 报告原因:重大事项 [证券分析师 Table_Authors] 谢建斌 S0630522020001 xjb@longone.com.cn 联系人 陈芯楠 cxn@longone.com.cn | [数据日期 Table_cominfo] | 2025/04/10 | | --- | --- | | 收盘价 | 12.20 | | 总股本(万股) | 991,409 | | 流通A股/B股(万股) | 826,073/164,1 61 | | 资产负债率(%) | 59.36% | | 市净率(倍) | 1.62 | | 净资产收益率(加权) | 4.95 | | 12个月内最高/最低价 | 18.90/11.32 | [Table_QuotePic] -43% -33% -22% -11% 0% 11% 21% 32% 24-04 24-07 24-10 25-01 长安汽车 沪深300 [相关研究 Table_Report] 《长安汽车(000625):2月新能源销 量同比提升,智驾平 ...
长安汽车:公司简评报告:3月新能源销量同环比激增,亮剑欧洲发布会加速全球化-20250410
Donghai Securities· 2025-04-10 14:23
[Table_Reportdate] 2025年04月10日 公 司 简 评 [Table_invest] 买入(维持) 报告原因:重大事项 [证券分析师 Table_Authors] 谢建斌 S0630522020001 xjb@longone.com.cn 联系人 陈芯楠 cxn@longone.com.cn | [数据日期 Table_cominfo] | 2025/04/10 | | --- | --- | | 收盘价 | 12.20 | | 总股本(万股) | 991,409 | | 流通A股/B股(万股) | 826,073/164,1 61 | | 资产负债率(%) | 59.36% | | 市净率(倍) | 1.62 | | 净资产收益率(加权) | 4.95 | | 12个月内最高/最低价 | 18.90/11.32 | [Table_QuotePic] -43% -33% -22% -11% 0% 11% 21% 32% 24-04 24-07 24-10 25-01 长安汽车 沪深300 [相关研究 Table_Report] 《长安汽车(000625):2月新能源销 量同比提升,智驾平 ...
长安汽车 | 3月:出海再创新高 智驾、高端化多重成长【民生汽车 崔琰团队】
汽车琰究· 2025-04-06 16:19
0 1 事 件 概 述 公司发布3月产销快报:集团3月批发销量为26.8万辆,同比+3.5%,环比+66.0%;1-3月累计批发70.5万辆,同比+1.9%;自主乘用车3月批发销量为16.6万辆, 同比+5.5%,环比+75.8%;1-3月累计批发45.3万辆,同比+3.5%;长安福特3月批发销量为1.8万辆,同比-14.9%,环比+52.3%;1-3月累计批发4.8万辆,同 比-14.1%;长安马自达3月批发销量为0.72万辆,同比+16.7%,环比+88.4%;1-3月累计批发1.8万辆,同比-9.0%。 0 2 分 析 判 断 ► 自主乘用车同比销量稳步提升 新能源大幅增长 3月公司自主乘用车批发销量16.6万辆,同比+5.5%,环比+75.8%。新能源方面,3月自主新能源批发销量为12.5万辆, 同比+135.2%,环比+214.4%;1-3月累计批 发23.2万辆,同比+80.0%。其中3月深蓝销量2.4万辆,同比+86.8%,环比+30.1%;阿维塔10,475辆,同比+108.8%,环比+102.1%,阿维塔07新车型贡献增量。 展望2025年,集团销量目标为300万辆,新能源销量目标为100 ...