投资要点： 投资建议： 预计2025-2027 年公司归母净利润为46.6/73.2/86.7 亿元， 对应PE 为24.6/15.6/13.2 倍。考虑 公司通过三大战略计划系统性推进电动智能化及全球化，且前瞻布局机器人及飞行汽车业务，首次覆 盖，给予"买入"评级。 行业与公司情况：当前汽车行业整体温和增长，自主品牌凭借电动智能化先发优势，市场份额持续提 升，对合资品牌形成挤压。公司于2025 年晋升为第三家汽车央企，正加速向智能低碳出行科技公司转 型：1）产品端构建了覆盖主流、科技、高端市场的启源、深蓝、阿维塔三大新能源品牌矩阵；2）技术 端通过"香格里拉"计划突破三电领域关键技术以打造新能源车专用平台。通过"北斗天枢"计划推动智 驾、座舱及算力与架构等智能化关键方案落地；3）市场端通过"海南百川"计划进行全球化拓展。公司 力争2030 年实现产销500 万辆规模。 有别于大众的认识：1）重组价值：公司已重组为独立的央企集团，新体制将整合资源、加强协同、提 升决策效率，带来管理改善和战略执行力加强的长期隐性价值；2）新品周期：新能源品牌或凭借新车 型周期，实现销量的快速增长，盈利能力改善速度或超预期；3） ...

每经AI快讯，有投资者在投资者互动平台提问：长安汽车未来5年关于新能源汽车布局计划是什么？ 长安汽车（000625.SZ）12月12日在投资者互动平台表示，公司将以新能源"香格里拉"、智能化"北斗天 枢"、全球化"海纳百川"三大计划为牵引，持续打造阿维塔、深蓝汽车、长安启源三大品牌，坚定向智 能低碳出行科技公司转型。力争到2030年，实现产销500万辆，其中新能源占比超60%，累计推出超50 款全新新能源产品，为全球更多用户，创造高品质的出行生活。 （记者 张明双） ...

2025年12月10日，随着一辆阿维塔12四激光版在重庆阿维塔数智工厂驶下生产线，中国长安正式迎来了第3000万辆中国品牌汽车的下线。 过去的41年里面，长安汽车历经3次创业，从1984年开启"军转民"的第一次创业，2003年开启"商转乘"的第二次创业，2017年朝着高端化、智能化、绿色化 方向进发，发布第三次创业——创新创业计划，明确向智能低碳出行科技公司转型的发展目标。 2014年，长安汽车实现首个1000万辆，用时30年。2021年，突破第二个1000万辆，用时7年，为自主品牌崛起写下了坚实注脚；2025年，完成跨越第三个 1000万辆仅用了4年半时间，同时也成为最快达成中国品牌3000万辆的汽车企业。 今年9月，肩负"新央企"使命，中国长安汽车发布"新长安·新安全——天枢智能"品牌，把安全从物理防护，延伸到行车、健康、心理、隐私全维度。该企业 坚持将每年营业收入的5%用于投入研发，已构建起"六国十地"全球研发布局，拥有来自全球31个国家和地区2.4万余人的技术研发团队，并在16大领域，建 成覆盖三电、智驾、NVH等领域的200余个实验室。 中国长安汽车还构建了五大品牌矩阵。其中，阿维塔定位"原创、智能 ...

12月10日，在重庆阿维塔数智工厂，随着一辆阿维塔12四激光版缓缓驶下生产线，中国长安汽车集团正 式迎来第3000万辆中国品牌汽车下线。 这不仅让中国长安成为首家突破3000万辆里程碑的中国品牌汽车企业，也为中国从"汽车大国"迈向"汽 车强国"的征程增添了时代注脚。 而阿维塔12成为承载这一历史性里程碑时刻的旗舰车型，显现出阿维塔作为集团高端化王牌的战略地 位。 中国长安汽车党委书记、董事长朱华荣在现场表示，3000万辆的达成，得益于广大用户、合作伙伴及一 代代长安人的支持。他同时发布了2030年战略目标：力争实现整车产销500万辆，其中新能源占比超 60%，海外占比超30%。 事实上，从1984年"军转民"首次创业到2003年"商转乘"二次创业，再到2017年启动向智能低碳出行科技 公司转型，长安汽车41年的发展轨迹，是中国汽车产业由弱到强的缩影。 其达成首个1000万辆销量用时30年，第二个1000万辆缩短至7年，而第三个1000万辆仅用4年半。这一加 速度，被业内视为中国新能源汽车产业爆发与品牌向上的直接体现，也标志着长安汽车迈入规模化、全 球化、高质量发展的新阶段。 3000万辆的背后，是3000万家 ...

Core Viewpoint - Changan Automobile's third-quarter financial report highlights the company's growth in new energy vehicle sales and overseas markets, while facing significant pressure on profitability due to reduced government subsidies and increased sales expenses [1][2][8] Financial Performance - In Q3, Changan's revenue reached 42.236 billion yuan, a year-on-year increase of 23.36%, while total revenue for the first three quarters was 114.927 billion yuan, up 3.58% [2][3] - The net profit attributable to shareholders for Q3 was 764 million yuan, a 2.13% increase year-on-year, but the net profit for the first three quarters decreased by 14.66% to 3.055 billion yuan [2][3] - The non-recurring net profit for Q3 was 542 million yuan, up 5.77% year-on-year, with a cumulative increase of 20.08% for the first three quarters [2][3] - Government subsidies significantly decreased, with a 67.52% drop in the first three quarters, impacting profit margins [3][4] Sales Performance - Changan's total sales in Q3 reached 711,100 units, a 26.8% year-on-year increase, with cumulative sales for the first three quarters at 2.0661 million units, up 8.46% [7] - New energy vehicle sales in Q3 surged by 81.22% to 272,500 units, with a total of 724,000 units sold in the first three quarters, reflecting a 59.72% increase [7] - Overseas exports in Q3 were approximately 166,000 units, a 96.3% year-on-year increase, with total exports for the first three quarters at 465,000 units, up 10.7% [7] Strategic Insights - Changan's investment in technology is beginning to yield results, with gross margins improving to nearly 15% and showing a positive trend [5] - The company is focusing on transforming into a "smart low-carbon travel technology company," with plans to explore advanced fields such as humanoid robots and flying cars [8] - Despite strong sales in new energy vehicles, challenges remain in achieving high-end market penetration, as seen with the sales performance of specific models [6][7]

Group 1: Business Performance - In the first three quarters of 2025, Changan Automobile achieved a total sales volume of 2.066 million vehicles, representing an 8.5% year-on-year increase [1] - New energy vehicle sales reached 724,000 units, showing a significant growth of 59.7% compared to the previous year, outperforming the industry average [1] - Overseas exports totaled 465,000 vehicles, marking a 10.7% increase year-on-year [1] - The company reported a revenue of 42.236 billion CNY in Q3, a year-on-year growth of 23.36%, and a total revenue of 114.927 billion CNY for the first three quarters, reflecting a 3.6% increase [1] - The gross profit margin improved by 0.6 percentage points year-on-year, with a quarterly gross margin increase of 0.49 percentage points [1] Group 2: Future Industry Planning - Changan plans to develop humanoid robots in collaboration with leading partners, focusing on core technologies such as "brain," "energy," and "drive" [2] - The company aims to launch a flying car product by 2030, targeting commercial operation [2] - Exploration of unmanned commercial vehicles, including cleaning robots and agricultural machinery, is underway [2] Group 3: Strategic Plans - Changan is accelerating its transformation into a smart low-carbon mobility technology company, implementing three major strategic plans [2] - The "Shangri-La" plan for new energy aims to create three global smart energy brands: Avita, Deep Blue, and Changan Qiyuan, with a total of 724,000 new energy vehicles sold from January to September 2025 [2] - Significant investments in R&D amounting to 61 billion CNY over the past five years, with a global R&D team of over 24,000 people [3] Group 4: Product Launches - Upcoming products include the Changan Qiyuan A06, featuring advanced driving assistance and a spacious design, set to launch soon [4] - The Deep Blue L06 will be the first to feature a 3nm automotive-grade chip and advanced driving assistance systems [4] - The Avita 12 will be available in both pure electric and range-extended versions, catering to diverse user needs [4] Group 5: Strategic Partnerships - A strategic cooperation agreement was signed with JD Group on October 15, 2025, to explore smart logistics vehicles and intelligent operation systems [4] - The partnership aims to enhance logistics efficiency through customized smart logistics vehicles, leveraging Changan's vehicle capabilities and JD's logistics technology [4] - Future collaborations will include joint marketing efforts and exploring new sales models for commercial vehicles [4]

Core Viewpoint - The company reported its Q3 2025 results, showing revenue growth but a decline in net profit, primarily due to foreign exchange losses and inventory handling abroad [3][4]. Financial Performance - Q3 2025 revenue reached 42.24 billion yuan, with year-on-year growth of 23.4% and quarter-on-quarter growth of 9.6% [3]. - The net profit attributable to shareholders was 760 million yuan, reflecting a year-on-year increase of 2.1% but a quarter-on-quarter decrease of 18.6% [3][4]. - The company sold 471,000 units in Q3 2025, marking a year-on-year increase of 26.8% and a quarter-on-quarter increase of 13.3% [4]. - The average selling price per vehicle was 90,000 yuan, showing a decrease of 2.7% year-on-year and 3.3% quarter-on-quarter [4]. - Gross margin for Q3 was 15.7%, with a slight improvement compared to previous periods [4]. Strategic Developments - The company is transitioning towards becoming a smart low-carbon mobility technology firm, with new initiatives in electric vehicle technology and global market expansion [5][6]. - The "Shangri-La" plan aims to achieve breakthroughs in solid-state battery technology and establish a self-sufficient supply chain [6]. - The company is advancing its global strategy with events such as the brand launch in Europe and the establishment of a parts center in Thailand [6]. Profit Forecast and Investment Rating - Due to increased industry competition and the negative impact of overseas inventory handling, the company has revised its net profit forecasts for 2025, 2026, and 2027 to 4.4 billion, 7.5 billion, and 10.2 billion yuan respectively [7]. - The company maintains a "buy" rating, supported by the upward trajectory of its three major brands and ongoing advancements in smart and global initiatives [7].

Group 1: Strategic Plans and Innovations - Changan Automobile is transforming into a smart low-carbon travel technology company, actively promoting three major strategic plans [1][2] - The "Shangri-La" plan for new energy aims for global sales of 724,000 vehicles from January to September 2025, a year-on-year increase of 59.7% [2] - Significant investments in R&D amounting to 61 billion CNY over the past five years, with a global R&D team of over 24,000 people and more than 20,000 patents [2] Group 2: Product Development and Launches - Upcoming products include the Changan Q07, which has achieved stable monthly sales of over 10,000 units, and the A06 model featuring advanced driving assistance and a spacious design [5][6] - The new Deep Blue L06 will be the first to feature a 3-nanometer automotive-grade chip and magnetic fluid suspension technology, enhancing driving experience [6] - The Avita 12 will offer both pure electric and extended-range options, set to launch on October 28, 2025 [6] Group 3: Strategic Partnerships - A strategic cooperation agreement was signed with JD Group to explore smart logistics vehicles and develop new energy autonomous models [3][4] - The partnership aims to enhance logistics efficiency through customized smart logistics vehicles and collaborative marketing efforts [4] Group 4: Global Expansion and Market Performance - Changan's overseas sales reached 465,000 units from January to September 2025, reflecting a year-on-year growth of 10.7% [2] - The company is actively participating in the development of international standards, having led or participated in the formulation of 229 standards [2]

Investment Rating - The investment rating for Changan Automobile is "Buy" (maintained) [1] Core Views - The Q3 performance of Changan Automobile was slightly below expectations, primarily impacted by foreign exchange losses and overseas inventory handling [9] - The company is transitioning towards becoming a smart low-carbon travel technology company, with significant advancements in new energy and intelligent technologies [9] - Despite the challenges, the company maintains a positive outlook due to the upward trajectory of its brands and ongoing globalization efforts [9] Financial Performance Summary - For Q3 2025, Changan Automobile reported total revenue of 42.24 billion yuan, with a year-on-year increase of 23.4% and a quarter-on-quarter increase of 9.6% [9] - The net profit attributable to shareholders for Q3 was 760 million yuan, reflecting a year-on-year increase of 2.1% but a quarter-on-quarter decrease of 18.6% [9] - The company achieved a consolidated sales volume of 471,000 units in Q3, representing a year-on-year increase of 26.8% and a quarter-on-quarter increase of 13.3% [9] Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders has been adjusted downwards for 2025, 2026, and 2027 to 4.4 billion, 7.5 billion, and 10.2 billion yuan respectively [9] - The corresponding price-to-earnings (P/E) ratios are projected to be 29, 17, and 12 times for the respective years [9] - The company’s revenue is expected to grow from 159.73 billion yuan in 2024 to 214.32 billion yuan in 2027, with a compound annual growth rate (CAGR) of 6.07% [1][10]

Core Insights - Changan Automobile reported a revenue of 72.691 billion yuan and a net profit attributable to shareholders of 2.291 billion yuan for the first half of 2025, with a year-on-year growth of 26.36% in net profit after deducting non-recurring items [1][2] - The company plans to distribute a cash dividend of 0.50 yuan per 10 shares, totaling 496 million yuan [1] - Changan's vehicle sales reached 1.355 million units, a 1.6% increase year-on-year, with new energy vehicle sales growing by 49.1% to 452,000 units [1][2] Financial Performance - Revenue for the first half of 2025: 72.691 billion yuan [1] - Net profit attributable to shareholders: 2.291 billion yuan [1] - Year-on-year growth in net profit after non-recurring items: 26.36% [1] - Earnings per share: 0.23 yuan [1] - Proposed cash dividend: 0.50 yuan per 10 shares, totaling 496 million yuan [1] Strategic Initiatives - The company is accelerating its transformation into a smart low-carbon travel technology company [2] - In the new energy sector, the "Shangri-La" plan aims for breakthroughs, including the completion of all-solid-state battery prototype verification [2] - The "Beidou Tianshu" plan is advancing with the release of the Tianshu 2.0 plan and various smart technologies [2] - Global expansion efforts include the launch of Changan's brand in Europe and local operations in Thailand [2]