20230831-东吴证券-长安汽车-000625.SZ-2023半年报点评_Q2均价持续提升_强势新品持续加码电动转型_3页_456kb

报告摘要

Revenue: For the first half of 2023, revenue grew by 15% year-over-year to 121 billion yuan.
Quarterly Data: In the second quarter of 2023, revenue was 309 billion yuan, showing a +406% year-over-year increase but a -105% quarter-over-quarter decline.
Net Profit: Second-quarter net profit was 6.83 billion yuan, reflecting a -483% year-over-year decrease and a -902% quarter-over-quarter drop, indicating results slightly below expectations.
Gross Margin: Q2 gross margin stood at 16.4%, down -59 percentage points year-over-year and -21 percentage points quarter-over-quarter, primarily due to promotional activities and new brand losses.

The standalone margin was affected by deep blue car models, which incurred losses of 1.069 billion yuan in the first half with significant improvement expected as uptake increases.
The average selling price of key models declined month-on-month due to increased price competition in the automotive sector, reducing profitability.

The company is accelerating its electric vehicle transition with plans for new models like the Startimes A07 and expanded offerings from brands such as Shilong and Avita.
Expected to improve profitability as new models hit the market; however, short-term performance may still be pressured by competition.
The company's broader strategy includes global expansion and adoption of strategic alliances.

Retained "Buy" rating, with revised profit forecasts lowered to 9 billion, 8.2 billion, and 9.8 billion yuan for 2023, 2024, and 2025 respectively.
Target price based on valuation suggests reasonable upside, supported by EV transition momentum, though risks remain.