长安汽车：8月销量回暖，牵手华为智驾合作再推进

Investment Rating - The investment rating for Changan Automobile is "Buy" (maintained) [1] Core Views - In August 2024, Changan Automobile achieved a total wholesale sales volume of 187,117 units, with month-on-month and year-on-year changes of +10.63% and +9.66% respectively. The sales volume for August showed a month-on-month recovery, with both self-owned export rate and new energy rate maintaining growth year-on-year [2] - The group sales for August reached 187,100 units, with a new energy penetration rate of 32.2% and an export rate of 18.9%. The sales of self-owned brands overseas and new energy vehicles both saw year-on-year growth [2] - Changan continues to enhance its vehicle matrix and has upgraded its strategic cooperation with Huawei. New models such as the Changan UNI-Z have been launched, featuring advanced AI and smart driving technologies [3] - The earnings forecast for Changan Automobile is maintained for 2024-2026, with projected revenues of 157.8 billion, 200.1 billion, and 222.0 billion yuan respectively, and net profits of 8.0 billion, 10.2 billion, and 12.2 billion yuan respectively [3] Financial Summary - Total revenue for 2022 was 121.25 billion yuan, with a year-on-year growth of 15.32%. For 2023, the revenue is projected to be 151.30 billion yuan, reflecting a growth of 24.78% [1] - The net profit attributable to the parent company for 2022 was 7.80 billion yuan, with a significant year-on-year increase of 119.53%. However, a decline of 29.56% is expected in 2024, with net profits projected at 7.98 billion yuan [1] - The latest diluted EPS for 2022 was 0.79 yuan per share, with projections of 1.14 yuan for 2023 and 0.80 yuan for 2024 [1] - The current P/E ratio is 15.23, with projections of 10.49 for 2023 and 14.89 for 2024 [1]