长安汽车：整体销量环比增长，自主品牌海外持续较高增长

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 15.80 CNY [5] Core Insights - Changan Automobile's September sales increased by 13.9% month-on-month, totaling 213,200 units, although this represents a 10.0% year-on-year decline. Cumulative sales from January to September reached 1.905 million units, reflecting a 1.9% year-on-year growth [3] - The overseas sales of Changan's self-owned brands continue to grow significantly, with September sales reaching 30,600 units, a year-on-year increase of 58.2% and a month-on-month increase of 6.9%. Cumulative sales for the first nine months were 287,700 units, up 65.5% year-on-year [3] - The report highlights the launch of multiple new energy products equipped with Huawei's intelligent driving technology, contributing to the sales growth of self-owned brands [3] - The report forecasts net profits attributable to the parent company for 2024-2026 to be 7.869 billion, 10.302 billion, and 11.673 billion CNY respectively, maintaining a comparable company average PE valuation of 20 times [3][5] Financial Summary - The company's revenue for 2023 is projected at 151.298 billion CNY, with a year-on-year growth of 24.8%. The operating profit is expected to be 10.447 billion CNY, reflecting a 36.9% increase year-on-year [4] - The net profit attributable to the parent company for 2023 is estimated at 11.327 billion CNY, a 45.2% year-on-year increase, with an EPS of 1.14 CNY [4] - The gross margin is projected to be 18.4% for 2023, with a net margin of 7.5% [4]