CHANGAN AUTOMOBILE-B(SZ:000625) Huaxin Securities·2024-09-16 01:07Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6] Core Views - The company is experiencing steady revenue growth with a 17.2% year-on-year increase in H1 2024, reaching 76.723 billion yuan, while the net profit attributable to shareholders decreased by 63.0% year-on-year to 2.832 billion yuan [2][3] - The company is optimizing its cost structure, with a total expense ratio of 10.3% in H1 2024, which is an increase of 1.7 percentage points year-on-year [3] - The company is accelerating its layout in the new energy vehicle sector, with significant growth in both domestic and overseas sales [4][5] Revenue and Profitability - In Q2 2024, the company achieved revenue of 39.699 billion yuan, a 28.3% year-on-year increase and a 7.2% quarter-on-quarter increase, with a net profit of 1.674 billion yuan, up 145.1% year-on-year and 44.5% quarter-on-quarter [2][3] - The gross profit margin for H1 2024 was 13.8%, down 3.7 percentage points year-on-year [2] Sales Performance - The company sold 1.334 million vehicles in H1 2024, a 9.7% year-on-year increase, with new energy vehicle sales reaching 299,000 units, up 69.9% year-on-year [4] - In Q2 2024, the company sold 642,000 vehicles, a 5.6% year-on-year increase, while new energy vehicle sales were 170,000 units, up 86.0% year-on-year [4] Strategic Partnerships - The company is deepening its collaboration with Huawei through the acquisition of a 10% stake in a strategic partner, which is expected to enhance its brand positioning and accelerate its transformation into a smart low-carbon mobility technology company [5][6] Financial Forecast - The company is projected to achieve revenues of 185.07 billion yuan, 219.79 billion yuan, and 256.31 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 1.08 yuan, 1.29 yuan, and 1.57 yuan [6][9]