长安汽车：海外销量同比高增长，持续丰富产品矩阵

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has experienced significant growth in overseas sales, with a year-on-year increase of 58.2% in September and 65.5% for the first nine months of the year [3] - The company is expanding its product matrix by launching multiple new models, including the Deep Blue L07 and the luxury SUV Avita 07, catering to diverse consumer needs [3] - The company plans to expand its overseas market presence, targeting 50 countries by 2025, including Europe, and establishing over 100 authorized stores globally [3] - The projected net profit for the company is expected to reach 77.27 billion, 104.27 billion, and 121.73 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding PE ratios of 17.56, 13.01, and 11.15 [3] Sales Performance - In September 2024, the total sales volume was 213,000 vehicles, a decrease of 10.0% year-on-year, while the total sales volume for the first nine months was 1.905 million vehicles, an increase of 1.9% year-on-year [3] - The sales volume of the company's self-owned brands in September was 173,000 vehicles, down 8.5% year-on-year, while the total sales volume for the first nine months was 1.585 million vehicles, up 2.3% year-on-year [3] Financial Forecast - The company's revenue is projected to grow from 121.25 billion yuan in 2022 to 293.63 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 22.23% [4] - The net profit is expected to decline in 2024 to 77.27 billion yuan, followed by increases to 104.27 billion yuan in 2025 and 121.73 billion yuan in 2026 [4] - The company's earnings per share (EPS) is forecasted to be 0.78 yuan in 2024, increasing to 1.23 yuan by 2026 [4]