长安汽车：首次覆盖报告：自主乘用车领军企业，决胜数智化下半场

Investment Rating - The report initiates coverage on Changan Automobile with a "Buy" rating, citing its strong market position, extensive channel network, and technological advancements in digital intelligence [4] Core Views - Changan Automobile is a leading domestic passenger vehicle manufacturer with a comprehensive product line and channel layout, achieving 209 78 million unit sales of its own brands in 2023, an 11 91% YoY increase [2] - The company's transformation in electrification and intelligence has entered a phase of realization, with R&D investment growing from 3 823 billion yuan in 2018 to 9 008 billion yuan in 2023, a CAGR of 18 70% [3] - Changan Automobile has formed a deep collaboration with Huawei, leveraging Huawei's Inside mode for its Deep Blue S07 and Avatr series, enhancing its competitive edge in the intelligent vehicle sector [3][4] Product Line and Brand Strategy - Changan Automobile has consolidated its product lines, merging Oushang, UNI, and CS series into the "Changan Gravity" brand, which serves as the foundation for its sales and profitability [2] - The company has established three major new energy sub-brands: Deep Blue, Avatr, and Qiyuan, forming a comprehensive new energy vehicle matrix [2] - Deep Blue, targeting the 150k-200k yuan price range, achieved sales of 124k units in 2023, a 270 14% YoY increase [30] R&D and Technological Innovation - Changan Automobile has made significant advancements in new energy and intelligent technologies, including the Blue Whale Power, EPA1 platform, CHN platform, and SDA intelligent architecture [3][42] - The company has developed the eight-in-one electric drive system, achieving a 92 59% efficiency rate, with a 17% reduction in weight and 10% reduction in volume compared to previous models [43] - Changan has also introduced the "Golden Bell Cover" battery, which features high safety, fast charging, and intelligent management, with plans to expand its battery R&D team to 3,000 by 2024 [49] Market Performance and Financials - Changan Automobile's revenue grew from 70 595 billion yuan in 2019 to 151 298 billion yuan in 2023, with a CAGR of 20 99%, driven by increased average selling prices and optimized product structure [30] - The company's net profit attributable to shareholders is projected to be 7 211 billion yuan, 9 685 billion yuan, and 12 646 billion yuan for 2024-2026, respectively, with corresponding EPS of 0 73, 0 98, and 1 28 yuan per share [4] Overseas Expansion and Capacity - Changan Automobile has a global presence with 14 production bases and 34 vehicle, engine, and transmission factories, aiming to expand overseas capacity to over 500k units [23] - The company plans to build a 200k-unit production base in Thailand, with production expected to start in Q1 2025 [23] Collaboration with Huawei - Changan Automobile has deepened its collaboration with Huawei, particularly in intelligent driving and smart cockpit technologies, with models like Deep Blue S07 and Avatr series adopting Huawei's Inside mode [3][56] - The CHN platform, co-developed with Huawei and CATL, integrates advanced technologies such as HarmonyOS and ADS, enhancing the intelligent capabilities of Avatr vehicles [46]