摩根士丹利：长安汽车-2025 年第一季度业绩表现强劲，或得益于新能源汽车发展

April 27, 2025 03:19 PM GMT Chongqing Changan Automobile (000625.SZ, 000625 Chongqing Changan Automobile | Asia Pacific Resilient 1Q performance, likely on the back of NEV advances Chang'an reported 1Q25 NPAT of Rmb1.35bn, representing YoY growth of 16.8% despite revenue slowing by 7.7% to Rmb34.1bn. We expect losses to narrow notably with respect to its NEV business, as seen by reduced minority interest (Rmb137mn in 1Q25 vs. Rmb302mn in 1Q24 and Rmb348mn in 4Q24, representing a loss to minority shareholder ...