研报掘金丨爱建证券：维持长安汽车"买入"评级，2026年新能源车目标140万辆

Core Viewpoint - Chang'an Automobile's brand enhancement and overseas expansion are expected to drive sales growth in 2026, with a focus on new energy vehicles and globalization as dual main lines for 2025, achieving a sales target completion rate of 97% [1] Sales Targets - The target for new energy vehicles in 2026 is set at 1.4 million units, representing a year-on-year increase of 26.2% [1] - The overseas sales target for 2026 is 750,000 units, reflecting a year-on-year growth of 17.7% [1] Product Development and Investment - Over the next five years, the company plans to launch more than 50 new energy vehicle models, including over 7 models priced above 300,000 yuan [1] - The company will invest over 200 billion yuan in new vehicle development over the next decade and expand its technology innovation team by more than 10,000 personnel [1] Emerging Industries and Future Plans - The company plans to release its first manned flying car in 2026 and achieve solid-state battery installation verification [1] - Full-scale production of solid-state batteries is expected to begin in 2027, with flying cars set for mass production and humanoid robots to roll off the production line in 2028 [1] - Commercial operation of flying cars is anticipated by 2030 [1] Strategic Initiatives - The company is systematically advancing electric intelligence and globalization through three strategic plans, with forward-looking layouts in robotics and flying car businesses, maintaining a "buy" rating [1]