长安汽车：前三季度产销两旺 新能源车跑出“加速度”

Core Insights - Changan Automobile reported a year-on-year increase in both production and sales for the first three quarters of 2023, with total vehicle sales reaching 2.066 million units, up 8.46% [1] - The sales of self-owned brands reached 1.750 million units, marking a 10.47% increase, while new energy vehicle (NEV) sales surged to 724,249 units, reflecting a significant growth of 59.72% [1] - In September alone, Changan's NEV production and sales both exceeded 100,000 units, with year-on-year growth exceeding 87% [1] Industry Trends - The penetration rate of NEVs in China continues to rise, establishing them as a dominant force in the automotive market, which supports the notion that leading manufacturers are leveraging "technology dividends" to enhance brand value [1] - The current year marks the final year for the exemption of vehicle purchase tax for NEVs, with a maximum exemption of 30,000 yuan for eligible passenger vehicles until the end of the year. From January 1, 2026, to December 31, 2027, NEVs will benefit from a 50% reduction in vehicle purchase tax, with a maximum deduction of 15,000 yuan per vehicle [1] - The Chinese NEV industry is transitioning from being "policy-driven" to "technology-driven" and "market-driven," indicating that future competition will focus on the entire industrial chain ecosystem, global layout, and technological innovation systems rather than just individual products [1] Company Strategy - Changan's brand matrix, including Qiyuan, Deep Blue, and Avita, is working in synergy, with ongoing optimization of product structure [2] - The company plans to launch 35 new intelligent NEVs over the next three years, establishing a strong foundation for long-term growth [2] - Changan's "Haina Baichuan" initiative is progressing steadily, with a European brand launch event held in Germany and the successful production of its factory in Rayong, Thailand, marking a new phase in the company's global expansion [2] - Guolian Minsheng Securities maintains a "buy" rating for Changan Automobile [2]