长安汽车：自主新能源持续发力，11月销量同环比提升

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating an expected return of over 20% within the next six months [9][20]. Core Insights - The company has shown strong performance in November, with total sales reaching 277,000 units, a year-on-year increase of 22.0% and a month-on-month increase of 10.6% [1]. - The cumulative sales from January to November reached 2.433 million units, reflecting a year-on-year growth of 4.1% [1]. - The company is expanding its product lineup with the launch of new models, including the Avita 12, which features both pure electric and range-extended versions, contributing to a rapid increase in monthly sales [2][4]. - The overseas sales of the company's self-owned brands in November were 19,000 units, a year-on-year decline of 19.1% and a month-on-month decline of 37.1% [3]. - The company is actively enhancing its overseas presence, with plans to establish a comprehensive base in Southeast Asia and focus on the fuel vehicle sector in the Central and South American markets [3][6]. Financial Data and Valuation - The company’s projected net profit for 2024-2026 is estimated at 8.56 billion, 11.40 billion, and 12.72 billion yuan respectively, with corresponding P/E ratios of 16, 12, and 11 times [3][8]. - Revenue is expected to grow from 121.25 billion yuan in 2022 to 243.30 billion yuan in 2026, with a compound annual growth rate of approximately 7.49% [8][15]. - The EBITDA for 2024 is projected at 15.55 billion yuan, with a slight increase in subsequent years [8][14]. - The company’s net profit margin is expected to stabilize around 5% in the coming years, indicating a focus on maintaining profitability amidst growth [15].