长安汽车（000625）：系列点评三十三：具身智能发力，汽车+机器人双向赋能

Investment Rating - The report maintains a "Recommended" rating for the company [2]. Core Views - The company is focusing on electric and intelligent transformation, leveraging partnerships with Huawei for smart technology integration. Revenue projections for 2025-2027 are estimated at 189.6 billion, 209.5 billion, and 233.5 billion yuan respectively, with net profits of 6.29 billion, 8.33 billion, and 10.51 billion yuan [8]. - The company aims to achieve a sales target of 3 million vehicles in 2025, with 1 million of those being electric vehicles. New models such as the Deep Blue L06 and others are expected to contribute to this growth [8]. - The establishment of a robotics company marks the company's entry into the embodied intelligence and robotics sector, with a strategic framework of "1+N+X" to cover various product forms and integrate the automotive supply chain [8]. Financial Projections - Revenue for 2024 is projected at 159.73 billion yuan, with a growth rate of 5.6%. For 2025, revenue is expected to reach 189.55 billion yuan, reflecting an 18.7% increase [2][18]. - The net profit attributable to shareholders is forecasted to decline to 6.29 billion yuan in 2025, a decrease of 14.1%, before recovering to 8.33 billion yuan in 2026 and 10.51 billion yuan in 2027 [2][18]. - Earnings per share (EPS) are projected to be 0.63 yuan in 2025, increasing to 1.06 yuan by 2027 [2][18]. Sales Performance - In November, the company reported wholesale sales of 284,000 vehicles, a year-on-year increase of 2.5%. Cumulative sales from January to November reached 2.658 million vehicles, up 9.3% year-on-year [8]. - The company's self-owned brand sales in November were 244,000 vehicles, reflecting a 5.8% increase year-on-year, while new energy vehicle sales rose by 23.3% year-on-year [8].