长安汽车（000625）：新能源车销量同环比增长，成立子公司布局机器人赛道

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 14.03 CNY [3][6]. Core Insights - The company has seen a significant increase in new energy vehicle sales, with a year-on-year growth of 54.7% in cumulative sales for the first 11 months [11]. - The establishment of a subsidiary to enter the robotics sector indicates a strategic move towards diversifying its business model [11]. - The company is expected to gradually turn profitable in its self-owned brand segment, supported by a steady global expansion [9]. Financial Forecast and Investment Recommendations - The forecasted net profit attributable to the parent company for 2025-2027 is 6.055 billion, 7.086 billion, and 8.291 billion CNY respectively, with a maintained average PE valuation of 23 times for comparable companies [3]. - Revenue projections for 2025-2027 are 180.654 billion, 200.457 billion, and 219.509 billion CNY, reflecting a growth rate of 13.1%, 11.0%, and 9.5% respectively [5][12]. - The company's gross margin is expected to improve from 16.2% in 2025 to 17.4% in 2027, while the net profit margin is projected to increase from 3.4% to 3.8% over the same period [5][12]. Sales Performance - In November, the company's overall sales reached 284,200 units, marking a 2.5% year-on-year increase and a 2.1% month-on-month increase [11]. - The company's new energy vehicle sales reached a record high in November, with 12,620 units sold, representing a year-on-year growth of 23.3% [11].