CHANGAN AUTOMOBILE-B(SZ:000625) Donghai Securities·2024-08-07 03:30Investment Rating - The investment rating for the company is "Buy" (maintained) due to significant events [4]. Core Views - The report highlights that Changan Automobile's wholesale sales in July 2024 were 170,600 units, showing a month-on-month decline of 17.86% and a year-on-year decline of 24.17%. Cumulative wholesale sales from January to July 2024 reached 1,504,700 units, representing a year-on-year increase of 5.71% [10]. - The report emphasizes the company's strong performance in the new energy vehicle (NEV) sector, with July 2024 NEV sales reaching 45,400 units, a year-on-year increase of 59.80% [11]. - The strategic partnership with Huawei is progressing, with expectations for a final agreement by August 31, 2024, which is anticipated to accelerate the company's transition to smart electric vehicles [12]. Summary by Sections Sales Performance - In July 2024, Changan's total wholesale sales were 170,600 units, with a significant drop in self-owned passenger vehicle sales to 97,100 units, reflecting a month-on-month decline of 28.07% [10]. - The cumulative sales for Changan Ford and Changan Mazda also showed mixed results, with Ford's sales increasing by 18.53% month-on-month, while Mazda's sales decreased [10]. New Energy Vehicles - The NEV penetration rate for Changan's self-owned brands reached 32.64% in July 2024, with cumulative NEV sales of 344,500 units from January to July 2024 [11]. - The launch of the Deepal S07, featuring Huawei's ADS 3.0, is expected to enhance sales in the NEV segment [11]. Global Expansion - Changan's overseas sales in July 2024 were 25,400 units, marking a year-on-year increase of 67.65%. The company is expanding its presence in Latin America, with a recent product launch event in Mexico [10][12]. - The company aims to achieve overseas sales of 480,000 units in 2024, with a long-term goal of reaching 1.2 million units by 2030 [12]. Financial Projections - The report maintains profit forecasts for 2024-2026, expecting net profits of 9.817 billion, 11.679 billion, and 14.185 billion yuan respectively, with corresponding EPS of 0.99, 1.18, and 1.43 yuan [13]. - The projected PE ratios for the same period are 13, 11, and 9 times [13].