长安汽车（000625）：2025Q3毛利率环比改善，自主品牌表现较好

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2][6]. Core Insights - The company reported strong revenue growth in Q3 2025, with revenue reaching 42.236 billion yuan, reflecting a year-on-year increase of 23.36% and a quarter-on-quarter increase of 9.62%. However, the net profit attributable to shareholders was 0.764 billion yuan, showing a year-on-year increase of 2.13% but a quarter-on-quarter decrease of 18.64% [4][5]. - The gross profit margin improved to 15.7% in Q3 2025, up by 0.5 percentage points from the previous quarter [5]. - The company sold 710,800 vehicles in Q3 2025, a year-on-year increase of 24.5%, with its own brand sales reaching 599,800 units, a significant increase of 29.5% [5]. - The company has been increasing its R&D investment, with total R&D expenses reaching 5.039 billion yuan in the first nine months of 2025, a 13.07% increase from the same period last year [5]. Summary by Sections Financial Performance - Q3 2025 revenue: 42.236 billion yuan, YoY +23.36%, QoQ +9.62% [4] - Q3 2025 net profit: 0.764 billion yuan, YoY +2.13%, QoQ -18.64% [4] - Q3 2025 gross profit margin: 15.7%, QoQ +0.5 percentage points [5] Sales and Market Expansion - Q3 2025 vehicle sales: 710,800 units, YoY +24.5% [5] - Own brand sales: 599,800 units, YoY +29.5% [5] - New energy vehicle sales in September 2025: 104,000 units, YoY +87.0% [5] R&D and Innovation - R&D expenses in 2025 (Jan-Sep): 5.039 billion yuan, YoY +13.07% [5] - The company maintains a leading position in R&D capabilities within the industry [5]. Earnings Forecast - Expected revenue for 2025-2027: 179.2 billion, 209.9 billion, 228.7 billion yuan, with growth rates of 12%, 17%, and 9% respectively [5][7]. - Expected net profit for 2025-2027: 6.092 billion, 8.250 billion, 10.792 billion yuan, with growth rates of -17%, +35%, and +31% respectively [5][7].