Ge Long Hui·2025-12-11 05:41Core Viewpoint - Changan Automobile's November sales growth is in line with industry averages, showing a steady performance in the automotive market [1] Sales Performance - Changan Automobile's total sales in November reached 284,200 units, representing a year-on-year increase of 2.5% and a month-on-month increase of 2.1% [1] - Cumulative sales from January to November amounted to 2,658,200 units, reflecting a year-on-year growth of 9.3% [1] - Overseas sales in November were 61,200 units, with a month-on-month growth of 6.8% [1] - New energy vehicle sales reached 126,200 units in November, marking a year-on-year increase of 23.3% and a month-on-month increase of 5.9%, setting a new record for sales [1] Strategic Developments - The company is initiating an IPO process for its subsidiary, Avita, which is experiencing steady sales growth [1] - Changan has established a subsidiary to enter the robotics sector, with plans to launch its first vehicle-mounted robotic component in Q1 2026 and a prototype robot also expected in 2026 [1] - The establishment of the robotics subsidiary signifies Changan's formal entry into the robotics field, potentially leading to a new phase of mutual empowerment between automotive and robotics development [1] Valuation and Rating - The company maintains a comparable company average PE valuation of 23 times for 2025, with a target price set at 14.03 yuan, sustaining a "Buy" rating [1]