长安汽车：9月销量环比复苏，高阶智驾上车助力

Investment Rating - The report maintains a "Buy" rating for Changan Automobile [1] Core Views - In September 2024, Changan Automobile achieved a total wholesale sales volume of 213,180 units, reflecting a month-on-month recovery with a 9.98% decrease year-on-year and a 13.93% increase month-on-month. The sales of self-owned brands and new energy vehicles continued to grow year-on-year [2] - The group’s sales in September reached 213,180 units, with a new energy penetration rate of 31.5% and an export rate of 17.7%. Both overseas sales of self-owned brands and new energy vehicle sales increased year-on-year [2] - The report highlights the launch of new models focusing on intelligence, including the Deep Blue L07 and Avita 07, which feature advanced driving assistance systems from Huawei [3] - The earnings forecast for 2024-2026 remains unchanged, with projected revenues of 157.79 billion, 200.06 billion, and 221.96 billion yuan, respectively, and net profits of 7.98 billion, 10.18 billion, and 12.20 billion yuan, respectively [3] Summary by Sections Sales Performance - In September 2024, Changan's wholesale sales were 213,180 units, with self-owned brand sales at 172,636 units, and passenger vehicle sales at 129,286 units [2] - The overseas market sales in September were 30,550 units, marking a year-on-year increase of 58.18% [2] New Product Launches - The Deep Blue L07 was launched with a starting price of 151,900 yuan, featuring Huawei's advanced driving assistance system [3] - The Avita 07 was launched with a starting price of 219,900 yuan, also equipped with Huawei's ADS 3.0 [3] Financial Projections - The report projects a revenue increase of 4% in 2024, followed by 27% in 2025, and 11% in 2026 [3] - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 0.80 yuan, 1.03 yuan, and 1.23 yuan, respectively [3]