研报掘金丨国元证券：维持长安汽车“买入”评级，看好公司中长期成长空间

Core Viewpoint - Chang'an Automobile reported a net profit attributable to shareholders of 764 million yuan in Q3 2025, reflecting a year-on-year increase of 2.13% but a quarter-on-quarter decrease of 18.59% [1] - For the first nine months of 2025, the net profit attributable to shareholders was 3.055 billion yuan, showing a year-on-year decline of 14.66% [1] Group 1: Sales Performance - In the first nine months of 2025, Chang'an Automobile achieved total sales of 2,066,075 vehicles, representing a year-on-year growth of 8.46% [1] - International market sales accounted for 465,305 vehicles during the same period [1] - The sales of self-owned brands reached 1,750,414 vehicles, up by 10.47% year-on-year [1] - New energy vehicle sales surged to 724,249 units, marking a significant year-on-year increase of 59.72% [1] Group 2: Brand Development - The growth in sales is supported by the high-end demonstration effect of Avita, the scaling up of Deep Blue, and the strong growth of Qiyuan [1] - The continuous investment cooperation between Avita Technology and Huawei is progressing [1] Group 3: Valuation and Outlook - Based on the latest stock price, the corresponding price-to-earnings ratios are 22.49, 15.63, and 12.01 times [1] - The company is viewed positively for its medium to long-term growth potential, maintaining a "buy" rating [1]