CHANGAN AUTOMOBILE-B(SZ:000625) Minsheng Securities·2024-07-04 13:00Investment Rating - The report maintains a "Recommended" rating for the company, with a closing price of 13.89 yuan per share as of July 3, 2024 [2][13]. Core Views - The company shows strong demand for its new energy vehicles, particularly the deep blue G318, which has received over 14,000 orders within five days of its launch [1]. - The company is expected to accelerate its transformation into electric and intelligent vehicles, supported by its collaboration with Huawei, which aims to enhance its product competitiveness [1]. - The overseas sales of the company's self-owned brands have seen significant growth, with a 46.3% year-on-year increase in June 2024 [1]. Summary by Sections Sales Performance - In June 2024, the company reported a wholesale sales volume of 225,000 vehicles, a year-on-year increase of 8.8% and a month-on-month increase of 12.7% [1]. - The cumulative wholesale sales for the first half of 2024 reached 1.334 million vehicles, up 9.7% year-on-year [1]. New Energy Vehicles - The company's self-owned new energy vehicle sales reached 64,000 units in June 2024, a month-on-month increase of 15.6% and a year-on-year increase of 69.9% for the first half of 2024 [1]. - The deep blue G318 was launched at a price range of 175,900 to 318,000 yuan, indicating strong market demand [1]. International Expansion - The company's overseas sales for self-owned brands reached 29,000 units in June 2024, marking a 46.3% year-on-year increase [1]. - The company plans to establish a global "right-hand drive production base" in Thailand, with an initial capacity of 100,000 vehicles expected to be operational by Q1 2025 [1]. Strategic Partnerships - The collaboration with Huawei is progressing, with the establishment of a joint venture focused on smart driving solutions and intelligent vehicle technologies [1]. - The final transaction documents are expected to be signed by August 31, 2024, which will enhance the company's technological capabilities [1]. Financial Projections - Revenue projections for 2024, 2025, and 2026 are estimated at 183.01 billion, 208.55 billion, and 234.62 billion yuan, respectively, with corresponding net profits of 8.01 billion, 10.49 billion, and 13.45 billion yuan [2][13]. - The earnings per share (EPS) are projected to be 0.81, 1.06, and 1.36 yuan for the years 2024, 2025, and 2026, respectively [2][13].