CHANGAN AUTOMOBILE-B(SZ:000625) Huaxin Securities·2024-09-29 03:30Investment Rating - The report maintains a "Buy" investment rating for Changan Automobile [2][8] Core Viewpoints - The launch of the Avita 07, the first pure electric range-extended dual-power model, is expected to enhance Changan's market position and drive sales growth [5][8] - The company is projected to achieve revenues of 185.07 billion, 219.79 billion, and 256.31 billion yuan for the years 2024 to 2026, respectively, with corresponding EPS of 1.08, 1.29, and 1.57 yuan [8] Summary by Sections Product Launch - The Avita 07 was officially launched on September 26, 2024, with a starting price of 219,900 yuan, featuring both range-extended and pure electric versions [5] - The vehicle dimensions are 482519801620mm, with a wheelbase of 2940mm, positioning it as a mid-size SUV [5] Powertrain and Performance - The Avita 07 range-extended version is equipped with a 1.5T range extender and offers both two-wheel and four-wheel drive options, with a maximum power output of 115 kW for the range extender and 231 kW for the single motor in the two-wheel drive version [5][6] - The pure electric version features an 800V silicon carbide platform, with a maximum power output of 252 kW and a range of 650 km for the two-wheel drive version [5][6] Intelligent Features - The vehicle is equipped with Huawei's Drive ADS 3.0, which includes 27 high-sensitivity sensors and a 192-line lidar, enhancing the driving experience [6] - The Avita 07 also features the HarmonyOS 4-based cockpit, providing a seamless smart interaction experience [7] Financial Projections - The report forecasts a revenue growth rate of 22.3% for 2024, followed by 18.8% in 2025 and 16.6% in 2026 [9] - The projected net profit for 2024 is 10.72 billion yuan, reflecting a decrease of 5.4% compared to 2023, but expected to recover with a growth of 19.6% in 2025 [9]