长安汽车：回购计划开启强化信心，智能、电动化加速推进-20260212

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Insights - The company announced a share repurchase plan on February 4, 2026, intending to repurchase between 1 billion and 2 billion yuan using its own funds [3][9]. - The company's sales of self-owned new energy vehicles have significantly increased both year-on-year and quarter-on-quarter, driven by product structure optimization [9]. - The company is accelerating its transformation towards electric and intelligent vehicles, with rapid overseas expansion and continuous improvement in efficiency [9]. Summary by Relevant Sections Share Repurchase Plan - The repurchase plan includes a minimum of 700 million yuan and a maximum of 1.4 billion yuan for A shares, and a minimum of 300 million yuan and a maximum of 600 million yuan for B shares [9]. - The repurchase price cap is set at 150% of the average trading price over the 30 trading days prior to the board's approval of the repurchase plan [9]. Electric and Intelligent Transformation - The company has received the first official license plate for L3 level autonomous driving in the country, marking the beginning of the L3 era [9]. - The company is collaborating with Huawei on intelligent driving technologies and is developing humanoid robots, with a prototype expected to be released in 2026 [9]. Financial Performance and Projections - The company expects to achieve a net profit attributable to shareholders of 5.16 billion yuan in 2025 and 7.59 billion yuan in 2026, with corresponding P/E ratios of 21.5 and 14.7 [9]. - Revenue projections for the upcoming years are as follows: 159.73 billion yuan in 2024, 188.81 billion yuan in 2025, 204.06 billion yuan in 2026, and 229.06 billion yuan in 2027 [12].