> 数据图表如何看待长安汽车：经营性利润指标向好，Q2产品结构优化推动毛利上升2025-9-2长安汽车：经营性利润指标向好，Q2产品结构优化推动毛利上升 25Q2点评：公司自主新能源品牌新车型上市后快速起量，规模齐增，带动品牌持续减亏。（1）启源：25Q2实现销量10万辆，环比+46%（2）深蓝：25Q2实现销量6.8万辆，环比+3%（3）阿维塔：25Q2实现销量3.2万辆，环比+40%。长安仍处于新车周期之中，下半年多款新产品投放。2025Q4计划推出启源A06（预计月销1.5-2.0万辆）、Q05（预计月销2万辆）与深蓝L06（预计月销1-1.5万辆）。图表：长安汽车核心财务数据总营收（亿元）YOY长安并表销量（万辆）单车ASP（万元/车）毛利率销售费用率管理费用率研发费用率财务费用率四费用率合计归母净利润联营企业投资收益（亿元）自主利润（亿元）单车利润（万元/车）非经常损益（亿元）扣非单车利润（万元/车）来源：WIND、中泰证券研究所2023Q12023Q22023Q32023Q42024Q12024Q22024Q32024Q42025Q12025Q2345.56-0.1%309.3640.6%427.1448.4%430.9120.0%370.237.1%396.99342.3728.3% -19.8%487.7313.2%341.61-7.7%385.31-2.9%41.2845.678.376.775.26%1.03%3.33%49.80 7.4343.36 9.1639.61 8.6451.20 9.5349.80 6.865.41%3.23%3.70%4.73%3.99%5.18%48.27 8.8544.90 9.6041.60 9.26 18.56% 16.41% 18.40% 19.55% 14.41% 13.23% 15.69% 16.20% 13.86% 15.21%6.95%4.65%3.12%3.00%3.94%4.63%-0.61% -0.78% -0.24% -0.79% -0.66% -0.77% -0.56% -0.40% -3.14% -2.29%9.18% 12.41%10.98% 13.12% 12.10%22.2913.539.390.120.443.799.27 13.09 18.51 0.38 0.26 0.22 8.155.691.260.28 0.14 0.028.14% 11.93% 11.40%16.7437.420.901.0436.51 15.70 0.36 0.71 28.356.170.20 0.148.83% 12.52%14.4511.581.49-24.0010.09 38.45 0.86 0.20 10.4612.761.11 -0.0469.70-0.6370.33 1.70 54.890.397.48-3.0610.54 0.27 2.360.286.83-1.178.00 0.18 6.55 0.065.80%1.79%4.20%5.54%3.47%4.17%2.59%2.87%3.45%4.76%3.22%4.51%4.93%3.00%4.39%13中泰证券综合其他
