Investment Rating - The investment rating for the company is "Buy" (maintained) due to significant developments [2]. Core Insights - The report highlights that Changan Automobile's fuel vehicle business remains solid, and the company is expected to accelerate its electric and intelligent transformation driven by multiple factors, including the launch of new energy products, steady progress in overseas capacity construction, and deepening cooperation with Huawei in smart technology [5][8]. - The forecasted net profits for 2024-2026 are projected to be 9.817 billion, 11.679 billion, and 14.185 billion yuan respectively, with corresponding EPS of 0.99, 1.18, and 1.43 yuan, and PE ratios of 13, 11, and 9 times [5][9]. Summary by Sections Company Overview - Changan Automobile is actively engaging in strategic partnerships, including a significant investment by its subsidiary Avita Technology in Huawei, acquiring a 10% stake in a joint venture for 11.5 billion yuan [8]. - This transaction is expected to enhance the high-end image of the Avita brand and deepen the strategic collaboration with Huawei, facilitating Changan's brand elevation and intelligent transformation [8]. Financial Performance - The company's main revenue is projected to grow from 151.3 billion yuan in 2023 to 267.1 billion yuan by 2026, with a compound annual growth rate (CAGR) of approximately 25% [9]. - The net profit is expected to experience fluctuations, with a decrease of 13% in 2024, followed by a recovery of 19% and 21% in 2025 and 2026 respectively [9]. Product Development - Avita is set to launch several new models in the second half of 2024, including the Avita 11 & 12 extended range versions and the Avita 07 dual-power version, aimed at meeting diverse consumer needs [8]. - The collaboration with Huawei is anticipated to enhance Avita's smart vehicle capabilities, thereby improving product competitiveness and driving sales growth in the latter half of 2024 [8].

行 业 研 究 [Table_Reportdate] 2024年08月20日 行 业 周 报 [证券分析师 Table_Authors] 陶圣禹 S0630523100002 tsy@longone.com.cn [table_stockTrend] -27% -21% -15% -9% -3% 3% 9% 23-08 23-11 24-02 24-05 申万行业指数:非银金融(0749) 沪深300 [相关研究 table_product] 1.券商分类评价结果出炉，互联网财 险监管升级——非银金融行业周报 （20240805-20240811） 2.预定利率持续下调，强化资负匹配 助推三差均衡——非银金融行业简 评 3.把握二十届三中全会指引下的资 本市场和多层次保障体系改革脉络 ——非银金融行业周报（20240715- 20240721） [table_invest] 超配 [Table_NewTitle 市场活跃度再触低位，关注保险负债端 ] 需求释放 ——非银金融行业周报（20240812-20240818） [table_main] 投资要点： ➢ 行情回顾：上周非银指数上涨1.1%，相较沪深30 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching 4.193 billion yuan, up 46% year-on-year, and net profit attributable to shareholders at 287 million yuan, up 58% year-on-year [8] - The automotive electronics and precision die-casting businesses continue to drive growth, with automotive electronics revenue growing by 65% year-on-year in H1 2024 [8] - The company is benefiting from the trend of increasing intelligent configurations in domestic brands and new energy vehicle manufacturers, expanding its customer base to include joint ventures and international car companies [8] Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 4.193 billion yuan, a 46% increase year-on-year, and a net profit of 287 million yuan, a 58% increase year-on-year [8] - Q2 2024 revenue was 2.203 billion yuan, up 42% year-on-year, with net profit of 145 million yuan, up 39% year-on-year [8] Business Segments - Automotive electronics business generated 3.071 billion yuan in revenue in H1 2024, a 65% increase year-on-year, with significant growth in new products entering mass production [8] - Precision die-casting business revenue reached 914 million yuan in H1 2024, a 24% increase year-on-year, driven by components related to automotive intelligence and optical communication modules [8] Profitability and Efficiency - The company's gross margin for H1 2024 was 21.76%, a decrease of 0.46 percentage points year-on-year, with automotive electronics and precision die-casting gross margins at 20.71% and 25.73%, respectively [8] - The company improved its expense ratio, with a total expense ratio of 14.00%, down 1.97 percentage points year-on-year [8] Market Expansion - The company has seen rapid revenue growth from clients such as Chery, Geely, and Li Auto, and has successfully expanded its client base to include new projects with SAIC Audi and Stellantis [8] - The introduction of new products, including cockpit domain controllers and HUDs, is expected to enhance competitiveness [8] Profit Forecast - The profit forecast for 2024-2026 has been adjusted, with expected net profits of 649 million yuan, 860 million yuan, and 1.099 billion yuan, respectively [9] - Corresponding EPS for the same period is projected to be 1.24 yuan, 1.64 yuan, and 2.09 yuan, with PE ratios of 20X, 15X, and 12X [9]

[Table_Reportdate] 2024年08月20日 公 司 简 评 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 张季恺 S0630521110001 zjk@longone.com.cn 证券分析师 谢建斌 S0630522020001 xjb@longone.com.cn 证券分析师 吴骏燕 S0630517120001 wjyan@longone.com.cn 联系人 花雨欣 hyx@longone.com.cn | --- | --- | |-------------------------|------------| | 数据日期 Table_cominfo] | 2024/08/19 | | 收盘价 | 5.65 | | 总股本(万股) | 442,135 | | 流通A股/B股(万股) | 442,135/0 | | 资产负债率(%) | 40.82% | | 市净率(倍) | 0.91 | | 净资产收益率(加权) | 4.77 | | 12个月内最高/最低价 | 6.97/4.90 | [Table_QuotePic] ...

[Table_Reportdate] 2024年08月19日 [证Ta券b分le析_A师uthors] 姚星辰 S0630523010001 yxc@longone.com.cn 联系人 吴康辉 wkh@longone.com.cn 联系人 陈涛 cht@longone.com.cn [table_invest] 超配 [部Tabl分e_N区ewT域itle]酒业绩亮眼，茅台批价回升 ——食品饮料行业周报（2024/8/12-2024/8/16） [table_main] 投资要点： 二级市场表现：上周食品饮料板块下跌1.88%，跑输沪深300指数2.30个百分点，食品饮 料板块在31个申万一级板块中排名第20位。子板块方面，上周全部下跌，其中软饮料板块 下跌0.26%，跌幅位于子板块中最小。个股方面，上周涨幅前五为日辰股份，仙乐健康， 盐津铺子，佳禾食品，*ST皇台，分别上涨4.97%，3.96%，2.20%，1.87%，1.84%。跌 幅前五为绝味食品，黑芝麻，立高食品，盖世食品，中炬高新。分别下跌13.31%，9.02%， 8.81%，8.21%，7.76%。 7月社零同比增长2.7%，需求复苏偏弱。根 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company achieved strong performance in H1 2024, with revenue of 6.429 billion yuan, a year-on-year increase of 7.96%, and a net profit attributable to shareholders of 625 million yuan, up 3.96% year-on-year [2] - The raw material drug segment showed steady growth, with sales revenue of 4.704 billion yuan, a year-on-year increase of 11.89%, although gross profit decreased by 1.99% [2] - The CDMO business saw a significant increase in project numbers, with 731 quoted projects, a 51% year-on-year increase, and 876 ongoing projects, a 44% increase [3] - The formulation segment experienced rapid growth, achieving revenue of 680 million yuan, an 18.37% year-on-year increase, and gross profit of 410 million yuan, a 41.67% increase [3] - The company expects revenue for 2024-2026 to be 12.679 billion, 14.317 billion, and 16.014 billion yuan respectively, with net profits of 1.180 billion, 1.466 billion, and 1.747 billion yuan [3] Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 6.429 billion yuan and a net profit of 625 million yuan, with Q2 alone achieving a revenue of 3.231 billion yuan, marking a 12.61% increase year-on-year [2] - The gross profit margin for the raw material drug segment was 16.22%, down 2.30 percentage points year-on-year [2] Business Segments - The raw material drug intermediate segment's sales revenue was 4.704 billion yuan, with multiple products achieving record sales [2] - The CDMO segment's revenue was 1.028 billion yuan, with a gross profit margin of 40.09% [3] - The formulation segment's revenue was 680 million yuan, with a gross profit margin of 60.30%, reflecting a significant increase in production capacity and cost control [3] Future Outlook - The company anticipates a steady increase in market share for core antibiotic products and expects new product launches and capacity expansions to contribute to performance [2] - The projected earnings per share (EPS) for 2024-2026 are 1.01, 1.25, and 1.49 yuan, with corresponding price-to-earnings (P/E) ratios of 15.43, 12.42, and 10.42 [3]

[Table_Reportdate] 2024年08月19日 [证Ta券b分le析_A师uthors] 姚星辰 S0630523010001 yxc@longone.com.cn 证券分析师 任晓帆 S0630522070001 rxf@longone.com.cn 联系人 陈涛 cht@longone.com.cn 联系人 吴康辉 wkh@longone.com.cn [table_stockTrend] [相ta关bl研e_究product] 1.6月社零同比+2.0%，可选消费承 压——6月社零报告专题 2.5月社零维持温和复苏，可选消费 显弹性——5月社零报告专题 3.假日错月叠加高基数，4月社零弱 复苏——4月社零报告专题 [table_invest] 标配 [Table_NewTitle] 7月社零同比小幅回升，必选好于可选 ——7月社零报告专题 [table_main] 投资要点： 2024年7月社零同比增长2.7%，同比增速提速。2024年7月社会消费品零售总额37757亿 元，同比增长2.7%，低于wind一致预期（+3.1%）；增速较上月提升0.7pct，线上零售以 及乡村零售表现较好，消 ...

行 业 研 究 [Table_Reportdate] 2024年08月19日 行 业 深 度 [table_invest] 标配 [Table_NewTitle 充电板块量利齐升， ] V2G带动运营市场快 速发展 ——电力设备与新能源行业深度报告 电 力 设 备 与 新 能 源 [证券分析师 Table_Authors] 周啸宇 S0630519030001 zhouxiaoy@longone.com.cn 证券分析师 张帆远 S0630524070002 zfy@longone.com.cn [table_stockTrend] -44% -35% -26% -17% -8% 1% 10% 23-08 23-11 24-02 24-05 申万行业指数:电力设备(0763) 沪深300 [相关研究 table_product] 1.电车出口表现优异，抢装潮至，储 能需求景气——电池及储能行业周 报（20240805-20240811） 2.三部委印发新型电力系统行动方 案，风光装机量有望延续增长——新 能源电力行业周报（ 2024/08/05- 2024/08/11） 3.光伏硅料挺价迹象明显，国内海风 有 ...

行 业 研 究 [Table_Reportdate] 2024年08月19日 行 业 周 报 [证券分析师 Table_Authors] 黄涵虚 S0630522060001 hhx@longone.com.cn [相关研究 table_product] 1. 新 能 源 汽 车 零 售 渗 透 率 突 破 50%，自主混动车型贡献增量——汽 车行业周报（20240805-20240811） [table_main] 投资要点： [table_stockTrend] -28% -20% -13% -5% 3% 10% 18% 23-08 23-11 24-02 24-05 申万行业指数:汽车(0728) 沪深300 [table_invest] 标配 [Table_NewTitle 乘用车零售增速回暖，以旧换新政策持 ] 续落地 ——汽车行业周报（2024/08/12-2024/08/18） ➢ 本周汽车板块行情表现：本周沪深300环比上涨0.42%；汽车板块整体下跌0.30%，涨幅在 31个行业中排第14。细分行业中，（1）整车：综合乘用车、商用载货车、商用载客车子板 块分别变动-0.81%、3.02%、5 ...

行 业 研 究 [Table_Reportdate] 2024年08月19日 行 业 周 报 电 力 设 备 与 新 能 源 [table_stockTrend] -44% -35% -26% -17% -8% 1% 10% 23-08 23-11 24-02 24-05 申万行业指数:电力设备(0763) 沪深300 [相关研究 table_product] 1.电车出口表现优异，抢装潮至，储 能需求景气——电池及储能行业周 报（20240805-20240811） 2.三部委印发新型电力系统行动方 案，风光装机量有望延续增长——新 能源电力行业周报（ 2024/08/05- 2024/08/11） 3.光伏硅料挺价迹象明显，国内海风 有望迎来密集催化——新能源电力 行业周报（20240729-20240804） [table_invest] 标配 [Table_NewTitle 光伏硅料价格底部企稳 ]，陆风招开标规 模持续增长 ——新能源电力行业周报（2024/08/12-2024/08/18） [table_main] 投资要点： ➢ 市场表现： 本周（08/12-08/16）申万光伏设备板块下跌1. ...