CHANGAN AUTOMOBILE-B(SZ:000625) Orient Securities·2024-09-17 00:38Investment Rating - The report maintains a "Buy" rating for the company with a target price of 15.80 CNY, indicating a potential upside from the current price of 11.65 CNY [2]. Core Insights - Changan Automobile's August sales showed a slight increase compared to the industry average, with total sales of 187,100 units, a year-on-year decrease of 10.6% but a month-on-month increase of 9.7%. Cumulative sales from January to August reached 1,691,800 units, reflecting a year-on-year growth of 3.6% [4]. - The second half of the year is expected to see new vehicle launches, with significant developments such as Avita's acquisition of a 10% stake in Huawei's subsidiary, which is anticipated to enhance product technology and brand image [4]. - Sales of joint venture brands showed a month-on-month recovery, with Changan Ford selling 19,800 units in August, a year-on-year decrease of 10.1% but a month-on-month increase of 17.9% [4]. Financial Summary - The company reported a revenue of 121,253 million CNY in 2022, with projections of 151,298 million CNY for 2023 and 174,823 million CNY for 2024, indicating a year-on-year growth of 15.3% in 2022 and 24.8% in 2023 [4]. - The net profit attributable to the parent company is projected to be 78.69 billion CNY in 2024, 103.02 billion CNY in 2025, and 116.73 billion CNY in 2026, with a maintained average PE valuation of 20 times for comparable companies [4].