长安汽车（000625）：公司利润稳步修复，自主新能源持续高增

Investment Rating - The report maintains a "Buy" rating for Changan Automobile (000625) [2][4] Core Views - The company's profits are steadily recovering, with significant growth in its self-owned new energy segment [2][4] - For the first three quarters of 2025, the company achieved operating revenue of 114.93 billion yuan, a year-on-year increase of 3.6%, while net profit attributable to shareholders was 3.06 billion yuan, a year-on-year decrease of 14.7% [4] - In Q3 2025, the company reported operating revenue of 42.24 billion yuan, a year-on-year increase of 23.4%, and a net profit of 760 million yuan, a year-on-year increase of 2.1% [4] - The gross margin for the reporting period remained at 15.7%, consistent with the same period last year, while the net profit margin slightly decreased by 0.5 percentage points [4] Summary by Sections Financial Performance - The company’s total revenue for 2025 is projected to be 176.03 billion yuan, with net profit attributable to shareholders expected to be 6.17 billion yuan [5] - The forecasted net profits for 2025-2027 are 6.17 billion, 7.96 billion, and 10.86 billion yuan, respectively, with corresponding PE ratios of 19.76, 15.30, and 11.22 [4][5] Sales and Market Expansion - In Q3 2025, total sales reached 711,000 units, a year-on-year increase of 24.5% [4] - The self-owned new energy segment continues to show high growth, with sales for brands like Deep Blue, Qiyuan, and Avita increasing by 77.4%, 164.4%, and 250.8% year-on-year, respectively [4] - The overseas market is expanding rapidly, with export sales of approximately 166,000 units in Q3, a year-on-year increase of 96.3% [4] Strategic Developments - In July 2025, the restructuring of Changan Automobile Group was completed, integrating 117 subsidiaries to enhance management efficiency and resource allocation [4] - The company is investing in innovative technologies, planning to mass-produce humanoid robots by 2028 and commercialize flying cars by 2030 [4]