长安汽车 20250618 摘要 长安汽车一季度财报已初步显现整合效应，虽市场预期一度悲观，但实 际业绩超出预期，整合事件仍在推进，预示着公司战略调整的积极进展。 阿维塔 06 上市 48 小时订单破 12,500 辆，5 月交付超 6,000 辆，目标 月销 8,000 辆以上；长安启源 K07 订单破 50,000 辆，5 月交付超 12,000 辆，目标月销 15,000 辆以上；深蓝 S09 订单破 21,100 辆， 目标月销过万，三款新能源车型市场表现强劲。 长安汽车计划下半年推出三款新能源车型：启源 A06（中型轿车，目标 月销 15-20 万辆），B216（入门紧凑型 SUV，目标月销 20 万辆）， 深蓝 C518（紧凑级轿车，目标月销 10-15 万辆），旨在扩大市场份额。 为应对行业价格战，长安汽车采取差异化竞争、平台化降本策略，并实 施"333 策略"快速调整营销方案，以灵活应对市场变化。 长安汽车一季度出海业务表现亮眼，高盈利业务规模接近翻倍，出口目 标为保底 70 万辆，奋斗 100 万辆，通过市场拓展、产品投放和本地化 产能释放实现增长。 Q&A 长安汽车今年（2025 年）在基 ...

从投资策略上看，继续关注华为链整车及汽零，2025 年具备竞争力的自主品牌及在智驾 技术方面领先的新势力企业将继续扩大市场份额；预计部分央国企通过自身改革及加强 对外合作等，实现困境反转。建议持续关注部分汽车行业央国企及人形机器人链、华为 产业链、小米产业链、T 链、智驾产业链公司。 尊界 S800 即将发布，继续关注华为链及机 器人产业链公司 ——汽车行业周报（0519-0525） 核心观点 投资建议与投资标的 风险提示 宏观经济下行影响汽车需求、上游原材料价格波动影响、车企价格战压力。 建议关注：上汽集团、江淮汽车、比亚迪、长安汽车、中国重汽、广汽集团、宇通客 车；新泉股份、银轮股份、岱美股份、拓普集团、嵘泰股份、经纬恒润、爱柯迪、保隆 科技、精锻科技、贝斯特、瑞鹄模具、上声电子、双林股份、华阳集团、华域汽车、伯 特利、德赛西威、科博达、星宇股份、三花智控、继峰股份、上海沿浦、福耀玻璃、浙 江荣泰等。 汽车与零部件行业 行业研究 | 行业周报 国家/地区 中国 行业 汽车与零部件行业 报告发布日期 2025 年 05 月 26 日 中性（维持） | 姜雪晴 | jiangxueqing@orientsec ...

在汽车消费领域，"数字玄学" 似乎从未缺席。但当 "带 9 的车型更值得买" 成为不少消费者的购车共识 时，这一现象背后折射的已不仅是对数字的偏好，而是市场对旗舰产品的价值认可。从 20 万级家用车 到百万级豪华车型，以 "9" 命名的车型正在构建起覆盖全价格段的消费逻辑 —— 它们既是车企技术实 力的展示窗口，也是消费者追求 "最优解" 的理性选择。 一、车市 "9" 字辈图谱：全价位段的旗舰布局 对于正在选车的消费者薛奇来说，"带 9 的车型" 如同迷雾中的导航标。预算 20-30 万元的他，最终选定 深蓝 S09，这款预售价 23.99 万元起的中大型 SUV，全系标配宁德时代 40.18kWh 电池、华为乾崑智驾 系统，甚至配备车载冰箱和后排小桌板，"同价位里很难找到配置这么均衡的车型"。与深蓝 S09 形成竞 争的乐道 L90，则以 85kWh 电池、兼容蔚来换电站和 5C 超充技术，瞄准家庭用户对空间与补能效率的 需求。 进入 30 万元以上市场，"9" 字辈车型的差异化更加明显： 领克 900（30.99 万元起）以闭式双腔空气弹簧 + CDC 阻尼控制，搭配 30 英寸后排娱乐屏和可旋转二 排 ...

➢ 自主乘用车同比销量稳步提升 新能源大幅增长。4 月公司自主乘用车批发 销量 10.9 万辆，同比-11.1%，环比-33.9%。新能源方面，4 月自主新能源批发 销量为 6.2 万辆, 同比+19.8%，环比-28.9%；1-4 月累计批发 25.6 万辆，同比 +41.9%。其中 4 月深蓝销量 2.0 万辆，同比+58.0%，环比-17.4%；阿维塔 11,681 辆，同比+122.6%，环比+11.5%。展望 2025 年，集团销量目标为 300 万辆， 新能源销量目标为 100 万辆，后续公司将推出深蓝 S09 等全新产品，保证燃油 基盘的同时加速电动化转型。 长安汽车（000625.SZ）系列点评二十六 阿维塔+深蓝发力 新能源产品周期强劲 2025 年 05 月 06 日 ➢ 事件概述：公司发布 4 月产销快报：集团 4 月批发销量为 19.1 万辆，同比 -9.3%，环比-28.9%；1-4 月累计批发 89.6 万辆，同比-0.7%；自主乘用车 4 月 批发销量为 10.9 万辆，同比-11.1%，环比-33.9%；1-4 月累计批发 56.2 万辆， 同比+0.3%；长安福特 4 月批发 ...

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].

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]