CHANGAN AUTOMOBILE-B(000625) 长江证券·2024-09-12 01:39Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Views - The company achieved a revenue of 76.723 billion yuan in the first half of 2024, representing a year-on-year increase of 17.15%. However, net profit decreased by 63% to 2.832 billion yuan, and the non-recurring net profit fell by 5.89% to 1.169 billion yuan. The growth in revenue is attributed to the continuous expansion of its self-owned new energy vehicles and overseas markets [5][6]. - In Q2 2024, the company reported a revenue of 39.7 billion yuan, up 28.3% year-on-year and 7.2% quarter-on-quarter, with total sales of 640,000 vehicles, a year-on-year increase of 5.4% [5][6]. - The company is focusing on optimizing its product structure, stabilizing profits from its self-owned brands, and gradually improving the profitability of its joint ventures. In Q2 2024, the net profit attributable to the parent company was 1.67 billion yuan, a year-on-year increase of 145.1% [5][6]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved a total revenue of 76.723 billion yuan, with a net profit of 2.832 billion yuan, down 63% year-on-year. The non-recurring net profit was 1.169 billion yuan, down 5.89% [5][6]. - Q2 2024 revenue reached 39.7 billion yuan, reflecting a year-on-year growth of 28.3% and a quarter-on-quarter increase of 7.2%. Total sales for the same period were 640,000 vehicles, with a year-on-year increase of 5.4% [5][6]. Product and Market Strategy - The company is successfully transitioning to new energy vehicles, with Q2 2024 sales of self-owned new energy vehicles reaching 170,000 units, a year-on-year increase of 86% [5][6]. - The export volume also saw significant growth, reaching 94,000 units in Q2 2024, up 69.1% year-on-year [5][6]. - The company is enhancing its brand positioning and technical research capabilities, actively developing intelligent electric vehicles and expanding its global presence [6]. Future Outlook - The company expects to continue its strong performance in the new energy vehicle sector, with projected net profits for 2024-2026 of 8.52 billion, 11.09 billion, and 13 billion yuan, respectively [6]. - The company maintains a positive outlook on its electric and intelligent transformation, anticipating that new vehicle launches will drive sales growth and improve profitability [6].