CHANGAN AUTOMOBILE-B(SZ:000625) Guotai Junan Securities·2024-07-12 09:31Investment Rating - The report maintains a "Buy" rating for the company with a target price adjusted to 20.25 CNY from the previous 24.63 CNY [2][4]. Core Views - The company is accelerating its layout in the new energy and intelligent sectors, with a new product cycle initiated by models such as Deep Blue, Avita, and Qiyuan, indicating future growth potential [2][3]. - The company's Q2 performance exceeded expectations, with a significant year-on-year increase in net profit driven by product structure optimization and cost reduction in the supply chain [3]. - The company is set to launch multiple new energy models in H2 2024, which is expected to further enhance sales and profitability [3]. Financial Summary - The company reported a revenue of 121.253 billion CNY in 2022, with projections of 151.298 billion CNY for 2023 and 181.397 billion CNY for 2024, reflecting a growth rate of 24.8% and 19.9% respectively [4][8]. - The net profit attributable to shareholders is forecasted to decrease to 8.016 billion CNY in 2024, down from 11.327 billion CNY in 2023, representing a year-on-year decline of 29.2% [4][8]. - The earnings per share (EPS) is projected to be 0.81 CNY in 2024, with a subsequent increase to 1.02 CNY in 2025 and 1.25 CNY in 2026 [4][8]. Market Data - The company's current market price is 15.18 CNY, with a market capitalization of 150.544 billion CNY [4][5]. - The stock has a 52-week price range of 11.79 CNY to 21.48 CNY [5]. Performance Metrics - The report indicates a significant improvement in Q2, with a net profit of approximately 16.9 billion CNY, marking a year-on-year increase of 147.8% [3]. - The company’s return on equity (ROE) is projected to be 10.4% in 2024, with a gradual increase to 13.5% by 2026 [4][8].