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 ...

证券代码：000625、200625 证券简称：长安汽车、长安 B 二、请问阿维塔在全球化布局的进展和规划？ 答：5 月 29 日，阿维塔品牌及阿维塔 11 香港发布会成功 举办，未来智能豪华 SUV 阿维塔 11 正式登陆香港，推出 Premium版与Max版两大版本，官方指导价为51.38万和60.88 万港币。此次阿维塔 11 登陆香港，是品牌首款车型进驻香港 市场，在未来，包括阿维塔 07 在内的更多产品也将登陆香港 市场。 重庆长安汽车股份有限公司投资者关系活动记录表 编号：2025-13 | 投资者关系活 | ■特定对象调研□分析师会议 | | --- | --- | | 动类别 | | | | □媒体采访□业绩说明会 | | | □新闻发布会□路演活动 | | | □现场参观 | | | □其他（请文字说明其他活动内容） | | 参与单位名称 | UBS、Point72 Asset Management、Jennison Associates、 | | 及人员姓名 | HCEP Management、Harvest Fund Management、Red Gate Asset | | | Man ...

➢ 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]