长安汽车：公司密集发布新产品，9月销售将受益于补贴政策，建议“买进”

Investment Rating - The report assigns a "BUY" rating for the company [5][8]. Core Views - The company is expected to benefit from new product launches and government subsidy policies, leading to improved sales in September [5]. - The collaboration with Huawei in intelligent driving and expansion into overseas markets is anticipated to accelerate the company's transformation and market reach [5]. - The company's net profit forecasts for 2024, 2025, and 2026 are projected to be 81 billion, 97 billion, and 117 billion RMB respectively, with corresponding EPS of 0.82, 0.98, and 1.18 RMB [5][6]. Company Overview - The company operates in the automotive industry, with a current stock price of 12.48 RMB as of September 25, 2024, and a market capitalization of approximately 1024.91 billion RMB [1]. - The company has a total of 9917.29 million shares outstanding, with major shareholders including China Changan Automobile Group Co., Ltd. holding 17.98% [1][3]. Sales Performance - In August, the company sold 187,000 vehicles, a year-over-year decrease of 10.6%, but a month-over-month increase of 9.7% [6]. - The sales of the company's self-owned new energy vehicles reached 48,800 units in August, representing a year-over-year increase of 21.5% [6]. - The company’s cumulative sales from January to August totaled 1.692 million vehicles, with a year-over-year increase of 3.6% [6]. Product Development - The company has been actively launching new models, including the Deep Blue L07 and the upcoming Deep Blue S05, enhancing its new energy product matrix [5]. - The Deep Blue brand achieved sales of 20,131 units in August, reflecting a month-over-month increase of 20% [5][6]. - The Avita brand is set to launch its third product, Avita 07, which is expected to be priced around 250,000 RMB [5]. Financial Projections - The company’s projected net profits for 2024, 2025, and 2026 are expected to grow at rates of 7%, 20%, and 21% respectively, after excluding the impact of Deep Blue's consolidation in 2023 [5][6]. - The expected P/E ratios for the years 2024, 2025, and 2026 are 15.3, 12.8, and 10.6 respectively [5][6].