长安汽车（000625）：预计自主新能源品牌盈利改善，推进智能化及海外布局

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 17.01 CNY [5] Core Views - The company is expected to see improvements in profitability for its self-owned new energy brands, with a focus on advancing smart technology and expanding overseas [1] - The forecast for net profit attributable to the parent company for 2025-2027 is 80.30 billion, 94.71 billion, and 113.13 billion CNY respectively, with a target price based on a PE ratio of 21 times the average of comparable companies [2] Financial Performance Summary - The company's revenue for 2023 is projected at 151.298 billion CNY, with a year-on-year growth of 24.8%. The revenue is expected to reach 159.733 billion CNY in 2024, growing by 5.6% [4] - The net profit attributable to the parent company for 2023 is estimated at 11.327 billion CNY, reflecting a 45.2% increase year-on-year. However, it is expected to decrease to 7.321 billion CNY in 2024, a decline of 35.4% [4] - The gross margin for 2023 is 17.3%, with projections of 14.9% in 2024 and improvements to 18.2% by 2027 [4] - The company plans to distribute a cash dividend of 2.95 CNY for every 10 shares to all shareholders in 2024 [9] Sales and Market Expansion - The sales volume of the company's self-owned new energy vehicles is expected to maintain high growth, with significant increases in sales for brands like Deep Blue and Avita [9] - The company aims to introduce 12 new products in high-growth markets such as Southeast Asia, Europe, and the Middle East in 2025 [9]