研報掘金丨中金:維持長安汽車“跑贏行業”評級 關注新能源產品週期和盈利改善節奏
中金公司研報指出,長安汽車(000625.SZ)24年歸母淨利潤73.2億元,同比-35.4%;扣非歸母淨利潤25.9億元,同比-31.6%。業績基本符合我們預期。公司2024年共實現銷量268.4萬輛,同比+5.1%,其中新能源和海外分別佔27%/20%,自主品牌單車收入9.7萬元,保持穩健提升。海外盈利優良、國內毛利率承壓,資產處置收益增厚4Q24利潤。出海加速推進,關注新能源產品週期和盈利改善節奏。維持“跑贏行業”評級,A/B股當前股價分別對應16x/4x 25E P/E。盈利階段性承壓,但考慮公司新能源轉型和出海進度較快,下調目標價A/B股18%/6%(B股流動性弱)至15.5元/4.5港元。
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