[Table_Main] 证券研究报告 | 公司点评 长安汽车(000625.SZ) 2024 年 10 月 30 日 买入（维持） 所属行业：汽车/乘用车 当前价格(元)：13.40 证券分析师 邓健全 资格编号：S0120523100001 邮箱：dengjq＠tebon.com.cn 赵悦媛 资格编号：S0120523100002 邮箱：zhaoyy5＠tebon.com.cn 赵启政 资格编号：S0120523120002 邮箱：zhaoqz＠tebon.com.cn 研究助理 秦梓月 邮箱：qinzy＠tebon.com.cn 市场表现 -20% 0% 20% 40% 60% 长安汽车 沪深300 | --- | --- | --- | --- | |------------------------------------|----------------|--------------|--------| | -40% 2023-10 \n沪深 300 对比 | 2024-02 \n1M | 2024-06 \n2M | 3M | | 绝对涨幅 | | | | | (%) 相对涨幅 | -1.62 ...

长安汽车（000625.SZ）系列点评十七 24Q3 营收符合预期 毛利环比提升 2024 年 10 月 29 日 [盈利预测与财务指标 Table_Forcast] 事件：公司发布 2024 年三季报：2024Q1-3 总营收为 1,109.6 亿元，同比+2.5%； 归母净利 35.8 亿元，同比-63.8%；扣非归母 16.8 亿元，同比-48.9%。2024Q3 总营收为 342.4 亿元，同比-19.8%，环比-13.8%；归母净利润为 7.5 亿元，同 比-66.5%，环比-55.3%；扣非归母净利润为 8.2 亿元，同比-52.5%，环比-14.2%。 ➢ 营收、ASP 符合预期 毛利环比提升。收入端：自主销量下滑影响营收。 2024Q3 自主乘用车销量 33.9 万辆，同比-17.4%，环比-11.9%；自主新能源乘 用车 14.9 万辆，同比+13.7%，环比-12.7%，公司总营收为 342.4 亿元，同比 -19.8%，环比-13.8%，营收环比下滑主要受销量下滑影响；ASP：2024Q3 单 车 ASP 达 9.2 万元，环比基本持平；毛利率：2024Q3 公司毛利率 15.7%，同 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a revenue of 110.96 billion yuan for the first three quarters of 2024, a year-on-year increase of 2.5%, but the net profit attributable to shareholders was 3.58 billion yuan, down 63.8% year-on-year, indicating operational pressure [2][6] - The company has been focusing on the transformation to its own new energy brand and expanding overseas, with a 46.0% year-on-year growth in its own new energy sales and a 65.5% increase in overseas sales for its own brand [2][6] - The launch of new models and the deepening cooperation with Huawei are expected to enhance the company's competitiveness and drive future growth [2][6] Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 34.24 billion yuan, a decrease of 19.8% year-on-year and 13.8% quarter-on-quarter, with a net profit of 750 million yuan, down 66.4% year-on-year and 55.3% quarter-on-quarter [6] - The total vehicle sales in Q3 were 571,000 units, down 12.7% year-on-year and 11.1% quarter-on-quarter, with a single vehicle revenue of 60,000 yuan, down 8.2% year-on-year and 3.0% quarter-on-quarter [6] - The gross margin improved to 15.7% in Q3, up 2.5 percentage points from the previous quarter, mainly due to cost reduction efforts [6] Future Outlook - The company expects revenues for 2024, 2025, and 2026 to be 158.695 billion yuan, 178.925 billion yuan, and 209.974 billion yuan respectively, with growth rates of 4.89%, 12.75%, and 17.35% [7] - The net profit attributable to shareholders is projected to be 5.726 billion yuan, 9.397 billion yuan, and 11.336 billion yuan for the same years, with corresponding growth rates of -49.45%, 64.11%, and 20.64% [7] - The company is optimistic about future growth driven by new model deliveries and collaboration with Huawei, maintaining the "Buy" rating [6][7]

公 司 季 报 点 评 证 券 研 究 报 告 公 司 报 告 长安汽车(000625.SZ) 三季报略低于预期，新车型订单表现良好 | --- | --- | |------------------------|----------------------------------| | | | | 主要数据 | | | 行业 | 汽车 | | 公司网址 | www.changan.com.cn | | 大股东 / 持股 | 中国长安汽车集团有限公司 /17.98% | | 实际控制人 | 国务院国有资产监督管理委员会 | | 总股本 ( 百万股 ) | 9,917 | | 流通 A 股 ( 百万股 | ) 8,212 | | 流通 B/H 股 ( | 百万股 ) 1,642 | | 总市值（亿元） | 1,190 | | 流通 A 股市值 ( | 亿元 ) 1,125 | | 每股净资产 ( 元 ) | 7.32 | | 资产负债率 (%) | 59.4 | 推荐（维持） 行情走势图 证券分析师 股价：13.7 元 | --- | --- | |--------|---------------------- ...

关于召开 2024 年第三季度业绩说明会的公告 重庆长安汽车股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 重庆长安汽车股份有限公司（以下简称"公司"）于 2024 年 10 月 29 日披露 2024 年第三季度报告，为便于广大投资者更加全面深入地了解公司情况，公司定 于 2024 年 10 月 29 日（星期二）下午 15:00-16:00 通过"全景路演"召开 2024 年 第三季度业绩说明会。 证券代码：000625(200625) 证券简称：长安汽车（长安 B） 公告编号：2024-64 2024 年 10 月 29 日 欢迎广大投资者积极参与。 重庆长安汽车股份有限公司董事会 本次业绩说明会将采用网络远程的方式举行，投资者可登录"全景路演" （http://rs.p5w.net）参与本次业绩说明会。欢迎投资者通过互动易平台将需要了 解的情况和关注的问题预先提供给公司。 出席本次说明会的人员有：公司董事、总会计师、董事会秘书张德勇先生， 公司证券事务代表揭中华先生及相关业务部门领导，具体以当天实际参会人员为 准。 ...

Revenue and Profit Performance - Revenue for Q3 2024 was RMB 34.24 billion, a decrease of 19.85% compared to the same period last year[3] - Net profit attributable to shareholders in Q3 2024 was RMB 748.10 million, down 66.44% year-on-year[3] - Cumulative revenue for the first three quarters of 2024 reached RMB 110.96 billion, a 2.54% increase compared to the same period last year[3] - Net profit attributable to shareholders for the first three quarters of 2024 was RMB 3.58 billion, a significant decrease of 63.78% year-on-year[3] - Total operating revenue for the period reached 110.96 billion yuan, compared to 108.21 billion yuan in the same period last year[18] - Net profit attributable to the parent company's owners was 49.79 billion yuan, compared to 49.62 billion yuan in the previous year[17] - Net profit attributable to parent company owners reached 3,579,846,932.75 yuan, a significant increase compared to the previous period[20] - Total comprehensive income attributable to parent company owners was 3,710,919,906.89 yuan, reflecting strong financial performance[21] - The company's total profit for the period was 2,888,533,476.53 yuan, showing a strong profit margin[20] Cash Flow and Liquidity - Operating cash flow for the first three quarters of 2024 was RMB 4.39 billion, down 74.86% compared to the same period last year[3] - Cash flow from operating activities was 4,393,468,140.32 yuan, indicating robust cash generation[22] - Cash received from sales of goods and services amounted to 131,629,458,225.56 yuan, showing strong revenue streams[22] - Cash flow from investing activities was 3,550,012,795.15 yuan, reflecting significant investment returns[23] - Cash flow from financing activities was -3,404,950,259.84 yuan, indicating higher repayments and dividends[24] - Net increase in cash and cash equivalents was 5,121,722,387.04 yuan, demonstrating strong liquidity[24] - Total cash and cash equivalents at the end of the period reached 69,047,680,288.15 yuan, highlighting solid financial health[24] Expenses and Costs - Employee compensation expenses rose by 38.90% to RMB 3.82 billion, driven by increased R&D scale[8] - Operating costs amounted to 109.88 billion yuan, with cost of sales at 95.00 billion yuan, up from 105.28 billion yuan and 90.26 billion yuan respectively in the previous year[19] - R&D expenses for the period were 4.46 billion yuan, slightly down from 4.54 billion yuan in the same period last year[19] - Income tax expenses decreased by 45.38% to RMB 177.65 million, reflecting lower current tax liabilities[8] Shareholder and Equity Information - The total number of ordinary shareholders at the end of the reporting period is 613,116[9] - China Changan Automobile Group holds 17.98% of the shares, totaling 1,783,090,143 shares[9] - China South Industries Group Corporation holds 14.23% of the shares, totaling 1,410,747,155 shares[9] - Southern Industrial Asset Management holds 4.60% of the shares, totaling 456,253,257 shares[9] - China Securities Finance Corporation holds 4.30% of the shares, totaling 426,362,905 shares[9] - Zhonghui Futong Investment holds 2.83% of the shares, totaling 280,498,832 shares[9] - Hong Kong Securities Clearing Company holds 1.54% of the shares, totaling 153,030,210 shares[9] - The company's equity attributable to the parent company's owners was 72.64 billion yuan, up from 71.85 billion yuan at the start of the year[17] Assets and Liabilities - Total assets as of the end of the reporting period stood at 183.64 billion yuan, down from 190.17 billion yuan at the beginning of the year[16] - Total liabilities decreased to 109.00 billion yuan from 115.49 billion yuan at the start of the year[17] - Inventory levels were 12.47 billion yuan, down from 13.47 billion yuan at the beginning of the year[15] - Accounts receivable increased to 4.23 billion yuan from 2.41 billion yuan at the start of the year[15] - Contract liabilities stood at 7.37 billion yuan, down from 7.92 billion yuan at the beginning of the year[16] - The monetary funds at the end of the period amounted to 70,005,171,818.78 RMB, compared to 64,871,042,747.88 RMB at the beginning of the year[13] - The trading financial assets at the end of the period amounted to 167,012,904.05 RMB, compared to 167,519,347.29 RMB at the beginning of the year[13] Other Income and Expenses - Other income surged by 153.02% to RMB 1.78 billion, mainly due to VAT deductions and government subsidies[8] - Accounts receivable increased by 75.23% to RMB 4.23 billion due to increased credit sales[7] Earnings Per Share - Basic earnings per share (EPS) stood at 0.36 yuan, with diluted EPS also at 0.36 yuan[21]

中国经济网北京10月24日讯（记者 张懿） 日前，以"新汽车 新生态"为主题，第四届长安汽车科技生态 大会之数智工厂揭幕暨阿维塔07高端智造揭秘会举行。长安汽车、中国联通、华为三方领导共同为长安 汽车数智工厂和样板点正式揭幕授牌，随后首台下线产品——阿维塔07缓缓驶下检测线。 据了解，长安汽车三大智能品牌的领先产品阿维塔07、深蓝S05、长安启源E07均由这座工厂智造。在 众多"黑科技"加持下，数智工厂的制造效率综合提升20%、成本降低20%、能耗降低19%。平均每60秒 就有一辆新汽车从这里下线。 长安汽车董事长朱华荣表示，数智工厂以"全制造流程数字化"为目标，广泛应用5G、AI、数字孪生等 40余项先进技术。具有"智能、低碳、高效"三大特征。 华为提供数字化转型方法论作为指导，基于"一云一网一平台"的先进架构保障实施落地；中国联通则提 供5G最新技术，辅助C2M整体架构和业务落地。在全球TOP级的智能技术和5G技术赋能下，长安汽车 数智工厂成为世界上顶级聪明的工厂和行业顶级的AI数智汽车工厂。 现场，中国联通研究院院长李红五表示"中国联通以5G为切入点，推进工厂整体信息网络建设，为实 现'数据像血液一样流 ...

Investment Rating - The report initiates coverage on Changan Automobile with a "Buy" rating, citing its strong market position, extensive channel network, and technological advancements in digital intelligence [4] Core Views - Changan Automobile is a leading domestic passenger vehicle manufacturer with a comprehensive product line and channel layout, achieving 209 78 million unit sales of its own brands in 2023, an 11 91% YoY increase [2] - The company's transformation in electrification and intelligence has entered a phase of realization, with R&D investment growing from 3 823 billion yuan in 2018 to 9 008 billion yuan in 2023, a CAGR of 18 70% [3] - Changan Automobile has formed a deep collaboration with Huawei, leveraging Huawei's Inside mode for its Deep Blue S07 and Avatr series, enhancing its competitive edge in the intelligent vehicle sector [3][4] Product Line and Brand Strategy - Changan Automobile has consolidated its product lines, merging Oushang, UNI, and CS series into the "Changan Gravity" brand, which serves as the foundation for its sales and profitability [2] - The company has established three major new energy sub-brands: Deep Blue, Avatr, and Qiyuan, forming a comprehensive new energy vehicle matrix [2] - Deep Blue, targeting the 150k-200k yuan price range, achieved sales of 124k units in 2023, a 270 14% YoY increase [30] R&D and Technological Innovation - Changan Automobile has made significant advancements in new energy and intelligent technologies, including the Blue Whale Power, EPA1 platform, CHN platform, and SDA intelligent architecture [3][42] - The company has developed the eight-in-one electric drive system, achieving a 92 59% efficiency rate, with a 17% reduction in weight and 10% reduction in volume compared to previous models [43] - Changan has also introduced the "Golden Bell Cover" battery, which features high safety, fast charging, and intelligent management, with plans to expand its battery R&D team to 3,000 by 2024 [49] Market Performance and Financials - Changan Automobile's revenue grew from 70 595 billion yuan in 2019 to 151 298 billion yuan in 2023, with a CAGR of 20 99%, driven by increased average selling prices and optimized product structure [30] - The company's net profit attributable to shareholders is projected to be 7 211 billion yuan, 9 685 billion yuan, and 12 646 billion yuan for 2024-2026, respectively, with corresponding EPS of 0 73, 0 98, and 1 28 yuan per share [4] Overseas Expansion and Capacity - Changan Automobile has a global presence with 14 production bases and 34 vehicle, engine, and transmission factories, aiming to expand overseas capacity to over 500k units [23] - The company plans to build a 200k-unit production base in Thailand, with production expected to start in Q1 2025 [23] Collaboration with Huawei - Changan Automobile has deepened its collaboration with Huawei, particularly in intelligent driving and smart cockpit technologies, with models like Deep Blue S07 and Avatr series adopting Huawei's Inside mode [3][56] - The CHN platform, co-developed with Huawei and CATL, integrates advanced technologies such as HarmonyOS and ADS, enhancing the intelligent capabilities of Avatr vehicles [46]

证券代码：000625、200625 证券简称：长安汽车、长安 B 重庆长安汽车股份有限公司投资者关系活动记录表 | --- | --- | --- | |-------------------------------------|--------------------------------------|-----------------------------------------------------------------------------------------------------------------| | | | | | 投 资 者 关 系 活 动类别 | ■ 特定对象调研 | □ 分析师会议 | | | □ 媒体采访 | □ 业绩说明会 | | | □ 新闻发布会 | □ 路演活动 | | | □ 现场参观 | | | | □ 其他（请文字说明其他活动内容） | | | 参 与 单 位 名 称 及人员姓名 | 互智投资、中铁高铁电气 | 长江证券、银华基金、易方达基金、华夏基金、津投资本、上 汽欣臻、招商资管、恒睿信、兴业证券、诺德基金、盈泰投资、 | | 时间 | 2024 ...

高增长 整体销量环比增长，自主品牌海外持续较 核心观点 ⚫ 长安汽车 9 月销量环比增长。长安汽车 9月整体销量 21.32 万辆，同比减少 10.0%， 环比增长 13.9%；1-9 月累计整体销量 190.50 万辆，同比增长 1.9%。 ⚫ 自主品牌海外销量维持较高增长，多款搭载华为智驾的新能源产品密集上市。9 月 长安自主品牌乘用车销量 12.93 万辆，同比减少 10.0%，环比增长 14.9%；1-9 月 累计销量 116.09 万辆，同比减少 1.5%。9 月自主品牌海外销量 3.06 万辆，同比增 长 58.2%，环比增长 6.9%；1-9 月累计销量 28.77 万辆，同比增长 65.5%。9 月自 主品牌新能源销量 5.44 万辆，同比增长 6.7%，环比增长 11.6%；1-9 月累计销量 44.76 万辆，同比增长 46.0%。长安启源 9 月交付 1.16 万辆，环比减少 9.4%，1-9 月合计交付 10.99 万辆。深蓝汽车 9 月交付 2.27 万辆，同比增长 30.7%，环比增长 12.8%，1-9 月合计交付 14.34 万辆。据深蓝官方，10 月 1-7 日国庆期间深蓝全 ...