中国长安汽车（000625）正在进行一场深刻的科技革命与产业变革，以数智为引领，科技赋能，向新向 上。 随着广州车展的开幕，2025年汽车市场进入收官期。 今年广州车展上，中国长安汽车集团有限公司（以下简称"中国长安汽车"）以"新长安 新安全 天枢智 能"为主题，发布"新安全"价值体系，率先将汽车安全范式从"被动安全"转向"主动智能泛安全"。 中国长安汽车集团有限公司总经理赵非在发布会上表示，中国长安汽车安全理念已从传统狭义的物理防 护，逐步扩展为涵盖行车安全、健康安全、心理安全、隐私安全等全面主动的"泛安全"体系。 实际上，自今年7月底成立以来，中国长安汽车动作不断，品牌势能持续走高。在这背后，中国长安汽 车正在进行一场深刻的科技革命与产业变革，以数智为引领，科技赋能，向新向上。 央企赋能，筑牢发展基石 今年7月底，中国长安汽车正式成立。一方面，这意味着长安汽车迎来赋能与背书。另一方面，也成为 央企重组改革的标杆，成为国家推动汽车强国战略的核心力量。 从8月首届全球服务技能大赛在曼谷启幕，推动服务标准走向国际，到9月第五届长安汽车科技生态大会 如期而至，亮相慕尼黑车展，再到广州车展的全品牌产品盛宴。短短数月 ...

Core Insights - Changan Automobile has achieved significant growth in sales, revenue, and gross profit margin within three months of the establishment of the new central enterprise, showcasing its strong market performance and strategic positioning [1][2][3] Sales Performance - In October, Changan's sales reached 278,000 units, a year-on-year increase of 11%, with new energy vehicle (NEV) sales at 119,000 units, up 36% [1] - For the first ten months of the year, total vehicle sales reached 2,374,002 units, with NEV sales surpassing 868,724 units, exceeding the total NEV sales for 2024 [1] - The three sub-brands under Changan all reported year-on-year sales growth, with Changan Qiyuan selling 37,000 units in October, and the new SUV Qiyuan Q07 achieving monthly sales of 11,637 units [1] Financial Performance - In the first three quarters of 2025, Changan's total sales reached 2.066 million units, a year-on-year increase of 8.5%, with NEV sales growing by 59.7% to 724,000 units [3] - The company reported revenue of 42.236 billion yuan in Q3 2025, a 23.36% increase, and a net profit of 764 million yuan, up 2.13% [3] - The gross profit margin improved to nearly 15%, an increase of 0.6 percentage points compared to the previous year, indicating enhanced profitability [3] Strategic Positioning - The establishment of the new central enterprise has provided Changan with significant resources and opportunities, positioning it well in the competitive automotive market [4][5] - Changan's strategic plans include the "Shangri-La" plan for NEVs, the "Beidou Tianshu" plan for intelligent vehicles, and the "Haina Baichuan" plan for globalization, which are expected to drive high-quality development [6] - Recent product launches, including the Avita 12 and Deep Blue L06, reflect Changan's commitment to innovation and market responsiveness [6] Global Expansion and R&D - Changan has initiated its first overseas NEV manufacturing base in Thailand, with a designed annual capacity of 100,000 units, expanding to 200,000 units in the future [6] - The company is also investing in advanced technologies, including autonomous vehicles and humanoid robots, with plans to collaborate with JD Group for future innovations [7] - Changan allocates at least 5% of its revenue annually to R&D, with a global team of over 24,000 researchers and a patent portfolio exceeding 20,000 [7]

Core Insights - Changan Qiyuan has launched a new model, the Qiyuan A06, to strengthen its presence in the mainstream new energy vehicle market [2][3] - The A06 includes six pure electric models and two range-extended models, with prices ranging from 109,900 to 149,900 yuan for electric models and 119,900 to 129,900 yuan for range-extended models [2] - The company aims to focus resources on the 100,000 to 150,000 yuan market segment to improve its current sales structure [2] Product Strategy - The A06 is positioned as a mid-large sedan, targeting young families, and is part of a broader lineup that includes the A07, A05, Q07, and Q05 [2] - Changan Qiyuan's product range spans from 50,000 to 300,000 yuan, with a significant portion of sales concentrated in the 100,000 to 150,000 yuan price range [2] - The company has adopted a "big single product" strategy, aiming to develop models with annual sales of 200,000 units, focusing on the Q07, A07, and A06 [4] Competitive Landscape - The Qiyuan A06 faces competition from models such as BYD Qin PLUS, Geely Galaxy Xingyao 8, and Xpeng MONA3 [3] - The A06 features high-end specifications, including an 800V silicon carbide high-voltage platform, advanced charging technology, and a comprehensive sensing system, positioning it as a competitive offering in the market [3] Sales Performance - Since its launch in August 2023, Changan Qiyuan has sold over 300,000 vehicles, but it still faces challenges in becoming a mainstream brand compared to leading competitors like BYD and Geely [3] - The company has set ambitious sales targets of 500,000 units by 2026 and 1 million units by 2027 [3]

Core Points - A fire occurred at a Changan Qiyuan 4S dealership in Fuyang, Anhui, on the night of October 26, caused by aging wiring, resulting in significant damage to the building and vehicles [1][3] - The incident is part of a broader trend of fire incidents at automotive dealerships, with previous cases reported in Hangzhou and Chengdu due to various causes [3] Company Overview - Changan Qiyuan has seen a significant increase in delivery volume, exceeding 40,000 units in September, representing a 79% year-on-year growth [3] - The company has a diverse lineup of models in the mainstream family car market, including the Qiyuan A07, Q07, and A06, with the Q07 being a key sales driver, achieving sales of 10,200 units in September [3] - Following the fire, the two Changan Qiyuan dealerships in Fuyang have consolidated operations, focusing sales, test drives, and after-sales services at the Development Zone dealership [3]

Core Points - A fire occurred at a Changan Qiyuan 4S dealership in Fuyang, Anhui, resulting in multiple vehicles being burned [1] - The fire was reportedly caused by aging wiring, and the incident took place on the night of October 26 [1] - Changan Qiyuan confirmed the fire and stated that there were no casualties, with the cause still under investigation [1] Company Overview - Changan Qiyuan's delivery volume exceeded 40,000 units in September, marking a 79% year-on-year increase [5] - The company has a lineup of seven models, including the Qiyuan A07, Q07, and A06, targeting the mainstream family car market priced between 80,000 to 300,000 yuan [5] - The Qiyuan Q07 model achieved sales of 10,200 units in September, becoming a key sales driver for the company [5] Industry Context - The fire incident at the dealership is not isolated, with previous similar incidents reported in other cities, indicating a potential trend of fire hazards in automotive dealerships [3]

Group 1 - A fire occurred at a Changan Qiyuan 4S dealership in Fuyang, Anhui, on the night of October 26, caused by aging wiring, resulting in significant damage to the building and vehicles [1] - The fire was confirmed by Changan Qiyuan, with no reported casualties, and the cause is under investigation by the fire department [1] - This incident is part of a broader trend, as there have been multiple fire incidents at 4S dealerships in recent years due to various causes, including improper storage and welding operations [1] Group 2 - In September, Changan Qiyuan achieved a delivery volume exceeding 40,000 units, marking a 79% year-on-year increase [2] - The company has launched several models, including the Qiyuan A07, Q07, and A06, covering various vehicle categories, with the Q07 being a significant sales contributor at 10,200 units sold in September [2] - The two Changan Qiyuan dealerships in Fuyang have consolidated operations, focusing sales, test drives, and after-sales services at the development zone dealership [2]

Group 1 - A fire occurred at a Changan Qiyuan 4S dealership in Fuyang, Anhui, on the night of October 26, caused by aging wiring, resulting in significant damage to the building and vehicles [1][1] - The fire was confirmed by Changan Qiyuan, and no casualties were reported; the cause is under investigation by the fire department [1][1] - This incident is part of a broader trend, as previous fires at automotive dealerships have been reported due to various causes, including improper storage and welding operations [1] Group 2 - In September, Changan Qiyuan achieved a delivery volume exceeding 40,000 units, marking a 79% year-on-year increase [2] - The company has launched multiple models, including the Qiyuan A07, Q07, and A06, targeting the mainstream family car market priced between 80,000 to 300,000 yuan [2] - The Q07 model has become a sales pillar, with 10,200 units sold in September [2]

Core Insights - The company reported a steady increase in revenue and improved operational profit indicators for the first three quarters of 2025, with total revenue reaching 114.93 billion yuan, a year-on-year increase of 3.58% [1] - The company is experiencing a significant reduction in losses from its self-branded new energy vehicles, with sales volume increasing by 59.7% year-on-year [1] - The company is expanding its global presence, with overseas sales growing by 10.7% year-on-year, particularly in Latin America and Southeast Asia [2] - The company is actively pursuing a strategy in intelligent technology, including the development of humanoid robots and flying cars [3][4] Financial Performance - For the first three quarters of 2025, the company achieved a net profit attributable to shareholders of 3.055 billion yuan, a decrease of 14.66% year-on-year, while the non-recurring net profit increased by 20.08% to 2.018 billion yuan [1] - The gross profit margin improved to 14.99%, up 0.61 percentage points year-on-year [1] - In Q3 2025, the company recorded revenue of 42.236 billion yuan, a quarter-on-quarter increase of 23.36% [1] New Energy Vehicle Performance - The company’s self-branded new energy vehicle sales reached 724,000 units in the first three quarters of 2025, with significant contributions from the "Qiyuan" and "Deep Blue" brands [1] - The "Qiyuan" brand saw sales of 69,000, 100,000, and 107,000 units in Q1, Q2, and Q3 respectively, with a notable reduction in losses [1] - The "Deep Blue" brand also showed improvement, with sales of 66,000, 68,000, and 81,000 units in the same quarters [1] Global Expansion - The company’s overseas sales reached 465,000 units in the first three quarters of 2025, with growth exceeding 50% in regions like Latin America and Southeast Asia [2] - In Southeast Asia, the company is promoting the "Avita" brand, while in Latin America, it has successfully launched models in Mexico and entered new markets like Cuba [2] - The company has established a dealer network in Europe, with 94 points of sale and openings in countries like Norway and Greece [2] Intelligent Technology Strategy - The company plans to release a prototype humanoid robot in 2026 and aims for mass production by 2028 [3] - In the area of intelligent driving, the company is pursuing a dual strategy of self-research and collaboration, particularly with Huawei [3] - The company is also planning the first flight of a flying car by the end of 2025 and aims for a fully self-developed unmanned logistics vehicle by 2027 [3][4] Profit Forecast - Due to intense price competition in the automotive industry, the company has adjusted its profit forecasts, expecting revenues of 165.502 billion yuan, 185.087 billion yuan, and 206.065 billion yuan for 2025-2027 [4] - The expected net profits for the same period are projected to be 6.099 billion yuan, 8.475 billion yuan, and 10.688 billion yuan, reflecting a year-on-year growth of -17%, +39%, and +26% respectively [4]

Investment Rating - The investment rating for Changan Automobile is "Buy" (maintained) [1] Core Views - In Q3, the company experienced significant revenue growth both year-on-year and quarter-on-quarter, driven by strong performance in the new energy vehicle (NEV) segment and overseas markets [4][5] - The company has adjusted its profit forecasts for 2025-2027 due to intense industry competition and marketing investments, but maintains a positive outlook due to new product cycles and overseas expansion [4][6] Financial Performance Summary - For the first three quarters of 2025, Changan Automobile achieved revenue of 1149.27 billion yuan, a year-on-year increase of 3.6%, while net profit attributable to shareholders was 30.55 billion yuan, a year-on-year decrease of 14.7% [4] - In Q3 alone, revenue reached 422.36 billion yuan, reflecting a quarter-on-quarter increase of 23.4% and a year-on-year increase of 9.6% [4] - The company’s total sales volume in Q3 was 459,600 units, with NEV sales reaching 272,500 units, a year-on-year increase of 83.5% [5] Sales and Product Development - The sales of the Deep Blue and Qiyuan new energy vehicles showed remarkable performance, with significant increases in unit sales [5] - The company is set to launch several new models in 2025, including the Qiyuan A06 and Deep Blue L06, and is focusing on expanding its presence in Southeast Asia, the Middle East, and Europe [6] Financial Metrics and Valuation - The projected revenue for 2025 is 166,443 million yuan, with a year-on-year growth of 4.2% [7] - The estimated net profit for 2025 is 4,511 million yuan, reflecting a year-on-year decrease of 38.4% [7] - The current price-to-earnings (P/E) ratio is projected to be 28.0 for 2025, decreasing to 11.8 by 2027 [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Insights - The company reported strong sales growth in September, with wholesale sales reaching 266,300 units, a year-on-year increase of 24.92% and a month-on-month increase of 13.86% [4][13] - The sales of the company's self-owned brands in September were 225,900 units, up 30.83% year-on-year and 15.10% month-on-month [4][14] - The performance of the new energy vehicles was particularly impressive, with sales of 103,600 units in September, representing a year-on-year increase of 87.03% and a month-on-month increase of 16.45% [4][14] - The overseas market also showed robust growth, with sales of 60,400 units in September, up 23% year-on-year and 7.80% month-on-month [4][14] Summary by Sections Sales Performance - In September, the company achieved wholesale sales of 266,300 units, with a year-to-date total of 2,066,100 units, reflecting an 8.46% year-on-year increase [14] - The self-owned brands led the growth with September sales of 225,900 units, and a cumulative total of 1,750,400 units for the year, up 10.47% year-on-year [14] - New energy vehicle sales reached 103,600 units in September, with a cumulative total of 724,200 units for the year, marking a 59.72% year-on-year increase [14] - The overseas sales reached 60,400 units in September, with a year-to-date total of 465,300 units [14] Brand Performance - The company's three major self-owned brands maintained a rapid growth trend, with Avita sales of 11,000 units in September, up 143.1% year-on-year [15] - Deep Blue's total deliveries in September were 33,600 units, a year-on-year increase of 48.1% [15] - Changan Origin delivered 41,200 units in September, up 79% year-on-year [15] Financial Forecast - The company expects revenues of 176.36 billion, 204.14 billion, and 228.83 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 10.4%, 15.8%, and 12.1% [16] - The projected net profit for the same years is 8.75 billion, 10.20 billion, and 11.58 billion yuan, with growth rates of 19.5%, 16.6%, and 13.5% respectively [16] - Earnings per share (EPS) are expected to be 0.88, 1.03, and 1.17 yuan for 2025, 2026, and 2027 respectively [16]