Summary of Conference Call Company/Industry Involved - The conference call is related to the securities industry, specifically focusing on the insights provided by Zheshang Securities Research Institute [1] Core Points and Arguments - The content of the call is directed towards institutional investors and invited third-party guests, emphasizing that the opinions expressed are personal and do not constitute specific investment advice [1] Other Important but Possibly Overlooked Content - The call serves as a reminder that all information shared is for informational purposes only and should not be interpreted as a judgment on specific securities or market performance at any given time [1]

Summary of Changan Automobile June Sales Conference Call Company Overview - **Company**: Changan Automobile - **Date of Conference**: July 4, 2024 - **Context**: Analysis of June sales performance and future outlook Key Points Sales Performance - In June, Changan Automobile sold **225,000 vehicles**, representing a **month-on-month increase of 8.8%** [4] - Cumulative sales from January to June reached **1.334 million vehicles**, a **year-on-year increase of 9.7%** [4] - The company achieved a total of **844,400 vehicles** sold under consolidated reporting, with a **year-on-year growth of 26%** [4] - The **new energy vehicle (NEV)** segment saw sales of **64,000 units** in June, marking a **61% year-on-year increase** [4] Product Performance - The **CS75 series**, **UI series**, and **mobile series** continued to perform well in the market [4] - The **UD series** sold over **20,000 units** in June, while the **CS75** exceeded **12,000 units** [4] - The **Deep Blue brand** delivered **16,660 units** in June, with a total of **84,000 units** delivered in the first half of the year [15][5] - The **Deep Blue G318** model received **14,000 orders** within five days of its launch, indicating strong market interest [6] Market Expansion - Changan became one of the first nine companies in China to pilot **L3 intelligent connected vehicles** [7] - The overseas sales of Changan's self-owned brands reached **29,000 units** in June, a **46.3% year-on-year increase** [8] - Cumulative overseas sales for the first half of the year reached **203,000 units**, a **75% year-on-year increase** [8] Strategic Initiatives - Changan plans to launch several new models in the second half of the year, including the **Changan Qichen 107** and **Deep Blue L07** [13][41] - The company aims to develop **65 new sales channels** and expand its presence in Southeast Asia, with a production base in Thailand expected to be operational by Q1 next year [10][11] - Changan's **Deep Blue brand** is expected to achieve profitability by Q4 2024, with a target of **30,000 units** sold monthly [46] Competitive Landscape - The company has opted not to engage in aggressive price wars, focusing instead on product quality and customer service [17][19] - Changan's strategy includes enhancing customer experience and addressing market demands without compromising brand integrity [19][21] Future Outlook - The company anticipates achieving a total sales target of **2.65 million vehicles** for the year, with a focus on launching new products to drive growth [50] - Changan aims to maintain a competitive edge through innovation and strategic partnerships, particularly with **Huawei** for technology integration in new models [39][41] Additional Insights - The G318 model is designed to appeal to a broader customer base, including older demographics and those seeking both performance and comfort [24][26] - The company is adjusting its marketing strategies to better target different consumer segments, particularly in the SUV market [30][32] This summary encapsulates the key insights from the conference call, highlighting Changan Automobile's sales performance, product strategies, market expansion efforts, and future outlook.

会议即将开始请稍后大家好欢迎参加中态汽车长安汽车智能化全面加速华为深度负能运气成长电话会议目前所有参会者全处于静音状态下面开始播报免责声明声明播报完毕后主持人可直接发言谢谢本次电话会议服务于中态证券正式签约客户为非公开签约 交流活动未经中泰证券授权请勿对外传播本次会议的内容包括但不限于视频音频文字记录内容等信息感谢您的理解与配合中泰证券对违反上述要求的行为保留追究法律责任的权利市场有风险投资需谨慎本会议信息仅供参考不代表任何投资建议本公司不对任何人因使用本会议中的信息所引致的任何损失负担任何责任 好的各位领导晚上好我是中泰汽车首席何俊毅今天晚上我和我的同事李金灵跟大家汇报一下我们的这个长安汽车的深度报告然后这篇报告的话主要是讲的是长安的一个自驾能力的一个这种深度报告在此之前的话我还是想先汇报一下就是我们从 应该说六月份开始是非常看好汽车板块以及整车板块看好的逻辑两点第一点的话就是新车的这个应该说各家自主品牌的高权重单比的优质电车然后基本上在六七八九这个时间段开始陆续的发布亮相上市交错尤其是从七月份开始所以就是上半年的这样一个 其实油车的崩塌更多的是因为没有优势电车去承接这部分需求所以这些优势的供给出来之后我们 ...

长安汽车,长安汽车的话是我们从二月到五月从一直放的这个长安比较低,包括六月的话是我们的这个汽车的经过那当下位置其实长安的话有几个维度,第一个维度就是从大beta行业beta的维度来看的话是我们看好六月份 行业的优质电车的供给拖动板块的需求的修复因为前期就是我们在周一早上发生的话也展示了一种逻辑这里不再赘述大概逻辑就是因为前期的价格战的观望政策的观望然后上半年油车和自由车大幅度的崩塌然后没有优质的电车供给去去承接而6月份开始主流的各家车企的主流的高权重的产品然后都陆陆续续开始上市然后就我们的这部分需求会释放 昨天我们也看到6月份的第一周的周度数据收复到了41年度去看40是一个中初然后上半年1到5月份大概在37所以后面降到下一个数据是能往40级方面去修复的然后这是行业的这个逻辑然后另外的话就是公司自身公司自身的话我们觉得主要从三个为主第一个为主的话是这个是很关注的华为第二的话是业绩然后第三的话是公司的自身就是销量然后从华为这种情况来看的话因为前期 嗯就是五月份的这个 合作的框架协议有所推迟然后公司也做了一个明确的说明就是说主要还是因为一些这种流程的原因谈判还在进行就是一些国资流程的原因可能就是还是比较相对推进的流 ...

Summary of Conference Call on Changan Automobile Company Overview - The conference call focused on Changan Automobile, discussing its recent performance and strategic direction, particularly in autonomous driving and smart technology integration [2][10]. Key Points and Arguments Industry Insights - The automotive sector is showing positive signals, with expectations for significant improvement in May's automotive data, driven by policies such as vehicle trade-in incentives [3][4]. - Weekly insurance data reached 140,000, indicating a recovery as the industry awaits the impact of these policies [3]. - The overall annual outlook for the automotive industry is better than historical averages, with expectations of growth between 5% to 10% [4]. Changan Automobile's Performance - Changan's first-quarter performance was perceived as underwhelming, but the actual impact on valuation is limited [9]. - The collaboration with Huawei for smart vehicle technology has faced delays, but no substantial changes in content have occurred [9][10]. - The company is focusing on enhancing its autonomous driving capabilities, with expectations for a significant increase in market penetration starting in the second half of 2024 [10][11]. Smart Technology and Autonomous Driving - Changan is developing its smart capabilities through two main technical routes: self-research and collaboration with Huawei [21][23]. - The company has launched the "Beidou Tian Shu" plan to position itself in the future of automotive intelligence [21]. - The integration of Huawei's technology is expected to enhance Changan's product offerings and market competitiveness [24][27]. Market Trends and Competitive Landscape - The smart driving market is anticipated to see a significant uptick, with Changan aiming to leverage its partnership with Huawei to capture early market share [29][30]. - The competitive landscape is shifting towards data-driven capabilities, where the ability to gather and utilize data will be crucial for success in smart driving [31]. Financial and Strategic Outlook - Changan's strategic focus on smart technology is expected to yield long-term benefits, particularly as the market for intelligent vehicles expands [28][30]. - The company is positioned to benefit from economies of scale in both hardware and software, enhancing its competitive edge in the smart vehicle market [28][31]. Additional Important Content - The call highlighted the importance of product rhythm and development efficiency in capturing market share in the evolving automotive landscape [15][28]. - Changan's collaboration with Huawei is seen as a critical factor in securing necessary R&D resources and enhancing its technological capabilities [23][29]. - The discussion emphasized that the future of smart driving will not only be about individual companies but also about alliances and partnerships that can leverage shared data and technology [31].

大家好欢迎参加中泰汽车长安汽车深度智能化曲面加速华为深度赋能远期成长电话会议下面开始播报你的声明声明播报完毕后主持人可直接开始发言本次电话会议服务于中泰证券正式签约客户为非公开交流活动未经中泰证券授权请勿对外传播本次会议的内容包括但不限于视频音频文字记录内容等信息感谢您的理解与配合 中泰证券对违反上述要求的行为保留追究法律责任的权利市场有风险 投资需谨慎本会议信息仅供参考不代表任何投资建议本公司不对任何人因使用本会议中的信息所引致的任何损失负担任何责任好的 各位领导晚上好我是中泰汽车首席何俊毅今天我和我的同事李俊林跟大家汇报一下我们长安汽车的系列程度报告 应该是第四篇深度报告然后重点讲一下就是长安汽车的一些自驾的这块的能力然后在此之前的话我先花三分钟时间跟大家汇报一下就是板块的观点因为我觉得当下板块出现了很多积极的信号第一个点的话是大贝塔大贝塔来看的话我们的观点是认为5月份汽车的景气数据会显著好转然后今天的周度上显数据看到周度达到了44万每周 40万是我们觉得行业的一个融库线然后市场在等待的信号是这个汽车已就换新政策在数据端的一个体现所以就是我们觉得数据端不管是否是因为政策的因素它都会体现出来很好原因就是因为 ...

长安汽车交流240506中泰原文 2024年05月06日17:04 发言人100:00 本次电话会议服务于中泰证券正式签约客户，为非公开交流活动，未经中泰证券授权，请勿对外传播。 本次会议的内容包括但不限于视频、音频、文字记录内容等信息，感谢您的理解与配合。中泰证券对违 反上述要求的行为，保留追究法律责任的权利。 发言人100:20 市场有风险投资需谨慎。本会议信息仅供参考，不代表任何投资建议。本公司不对任何人因使用本会议 中的信息所引致的任何损失负担任何责任 发言人200:33 好的，各位投资者大家下午好。感谢大家在策略会期间，抽空参加我们举办的长安汽车中泰证券2024年 的春季上市公司交流会的线上。今天的话我们也是非常荣幸的邀请到了公司正在接种跟大家一起分享。 然后也是我们在一季报之后，首次跟大家做这个探讨。下面的话我们首先让杰总邀请杰总这边对公司的 一个情况，尤其是我们刚刚披露的一季报，做一个简要的介绍。然后会后各位投资者有提问的话也可以 举手等候。好这种。 发言人301:15 好的，所以各位投资者下午好。我现在先简单介绍一下公司的近况。一个就我们在四月底去了我们的 点，应该是跑赢了行业。然后我们的新能 ...

1元1 另外我们加快推进就是产业布局去年11月我们时代长安投产工厂设计产能达到30个G瓦时自动化率达到95%工厂设计的就是说每一秒钟可以产出一个电芯无论是成本质量控制等等方面都是非常优秀的非常优秀的那么同时首批标准电芯下线融合了4C快充技术 电量从百分之二十充到百分之八十只要十分钟十分钟我们这个时代长安打造的首款8787安的就是标准电芯将在长安旗下的长安起源深蓝阿威塔等这些多款车型上打载应用 我们和干风锂电签署了合作备忘录这个也对社会进行了发布目的是什么呢就是加快推进固态电池的研发和未来的就产业化在下一轮电池技术那么长安必须要就是说这个掌控所以也是基于下一代动力电池的研究合作探到向上游 向锂矿资源锂盐深加工电池材料等等再延伸包括我们正在打造的电池回收包括废旧电池的利用等等在链条上进一步强化活动 这个最近我们与中国长安天气股份共同出资打造的就是电池回收公司也在有序的推进当中这不仅是长安汽车通过落地实现电池产业的规划实现这个产业链的闭环进一步赋能我们新能源汽车产业持续发展的一项重要举措更是展现长安汽车作为中央企业积极落实国家双碳战略的社会责任 在北斗天苏智能化方面长安汽车可以说在这个领域里边所附的资源那是更加的强 ...

Summary of Conference Call on Changan Automobile Company Overview - The conference call focused on Changan Automobile, discussing its recent financial performance and outlook for the upcoming quarter. Key Points and Arguments Financial Performance - In Q4 of the previous year, Changan reported a net profit of 14.4 billion, with a non-recurring profit of 1.7 billion, leading to concerns about whether the performance would significantly fall below expectations if viewed solely on a non-recurring basis [3][4] - The company’s financial statements are complex, requiring adjustments to account for one-time investment gains, which historically have fluctuated due to changes in equity stakes in subsidiaries [4][7] - A significant one-time equity investment gain of 50 billion was recorded, which will be amortized over ten years, impacting the perception of operational performance [7][10] Adjustments to Profit Metrics - The analysis suggests that to understand the operational performance, one should exclude one-time investment gains and add back certain impairments and government subsidies, which are considered operational and recurring [8][10] - The adjusted operational profit for the company is estimated to be around 42 billion, factoring in losses from subsidiaries like Deep Blue and Ark, which reported losses of over 5 billion and nearly 4 billion respectively [11][10] Cost Reduction and Profitability - In Q4, Changan achieved a cost reduction of approximately 28 billion, which significantly contributed to its profitability, although this may lead to inflated perceptions of quarterly performance if not averaged out over the year [12][13] - The company’s gross margin reached 19.9% in Q4, with export margins estimated at around 24%, indicating a strong export performance with 30,000 vehicles exported last year and an expected increase to 110,000 in the current quarter [14] Market Conditions and Challenges - The first quarter is expected to face challenges due to aggressive marketing expenditures and price wars, particularly in response to competitors like BYD [15] - Despite these challenges, the strong export performance is anticipated to provide a solid foundation for profitability in Q1 [15] Additional Important Insights - Government subsidies are viewed as a continuous operational support and should not be excluded from profit calculations when assessing the performance of automotive manufacturers [8] - The complexity of Changan's financial reporting necessitates careful analysis to avoid misinterpretation of its financial health [4][6] This summary encapsulates the critical insights from the conference call regarding Changan Automobile's financial performance, necessary adjustments for accurate profit assessment, and the outlook for future quarters amidst market challenges.

2024年一季度宏观专题报告 ——美联储降息及国内经济压力点 2 p 中国经济目标与变化 p 价格指数与中美库存周期 p 地方政府债务化解与城投债 美联储降息与大宗商品 美联储降息与大宗商品-降息时点 • 3月1日，美联储公布的半年度货币政策报告称，虽然美国银行业面临的压力已经消退，但金融稳定方面仍存在一些 弱点。联储仍高度关注通胀风险，未来数据、前景、风险将引导利率决定，并在报告中重申了其致力于将通胀率恢 • 3月7日美联储主席鲍威尔在半年度国会作证词表示政策利率可能处于本轮紧缩周期的顶部，如果经济发展如预期所 料，今年某个时候开始减少政策限制是合适的，但经济前景存在不确定性，通胀能否朝着2%的目标持续取得进展也 不确定。 89.1% 长安期货有限公司 投资咨询部 汇报人：马舍瑞夫（Z0015873）马钰 （F03118886） 2024.3.26 CONTENTS Q 8 长安期货 101 CHANG-AN. FUTURES • 2月22日，美联储公布2月FOMC会议纪要，会议纪要显示联邦基金利率可能已经达到峰值，但大部分与会官员担心 过早降息的风险。多位官员表示过早降息的风险要明显高于将利率继续维持高位 ...