CHANGAN AUTOMOBILE-B(SZ:000625) Donghai Securities·2024-10-10 14:00Investment Rating - The report maintains a "Buy" rating for the company, citing significant events as the reason for this rating [2]. Core Views - The report highlights that Changan Automobile's wholesale sales in September 2024 reached 213,200 units, reflecting a month-on-month decrease of 9.98% but a year-on-year increase of 13.93%. Cumulative wholesale sales for the first nine months of 2024 totaled 1.905 million units, a year-on-year increase of 1.89% [6]. - The report notes a recovery in exports, with overseas sales of the company's self-owned brands in September 2024 reaching 30,600 units, a year-on-year increase of 65.51% [6]. - The report emphasizes the strong performance of the company's new energy vehicles, with September sales reaching 54,400 units, a year-on-year increase of 45.96% [7]. - The report projects that the company's net profit attributable to the parent company will be 8.740 billion, 10.896 billion, and 13.513 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.88, 1.10, and 1.36 yuan [8]. Summary by Sections Sales Performance - In September 2024, Changan's wholesale sales were 213,200 units, with a cumulative total of 1.905 million units for the first nine months, showing a year-on-year increase of 1.89% [6]. - The company's self-owned brand sales in September were 129,300 units, with cumulative sales of 1.161 million units, reflecting a year-on-year decrease of 1.51% [6]. Export and International Sales - The report indicates that the company's overseas sales of self-owned brands in September 2024 were 30,600 units, marking a year-on-year increase of 65.51% [6]. - The report also notes that overseas sales accounted for 18.16% of total self-owned brand sales [6]. New Energy Vehicles - The report states that the company's new energy vehicle sales reached 54,400 units in September 2024, with a cumulative total of 447,600 units for the first nine months, representing a year-on-year increase of 45.96% [7]. - The report highlights the launch of new models under the Deep Blue and Avita brands, which are expected to drive sales growth [7]. Financial Projections - The report forecasts the company's net profit for 2024, 2025, and 2026 to be 8.740 billion, 10.896 billion, and 13.513 billion yuan respectively, with corresponding EPS of 0.88, 1.10, and 1.36 yuan [8]. - The report also provides a valuation outlook, with PE ratios projected at 16, 12, and 10 times for the respective years [8].