长安汽车：三季报略低于预期，新车型订单表现良好

Investment Rating - The report maintains a "Recommended" investment rating for the company [9][12]. Core Views - The company's Q3 performance was slightly below expectations, with a revenue of 110.96 billion yuan for the first three quarters of 2024, reflecting a year-on-year increase of 2.5%. However, the net profit attributable to shareholders dropped significantly by 63.8% to 3.58 billion yuan [5][9]. - The decline in sales volume and performance in Q3 is attributed to a drop in self-owned fuel vehicle sales, a decrease in overseas sales, and losses from joint ventures [5][9]. - New model orders are performing well, particularly for the recently launched models, which are expected to drive the company's electric vehicle business and reduce losses [7][9]. Financial Summary - For Q3 2024, the company reported a revenue of 34.24 billion yuan, a year-on-year decline of 19.8%, and a non-recurring net profit of 510 million yuan, down 75.0% year-on-year [5][9]. - The company’s projected net profits for 2024 to 2026 are adjusted to 5.25 billion, 6.30 billion, and 7.29 billion yuan respectively [9]. - The company is positioned as a leader in the transition to electric vehicles among state-owned enterprises, with deepening collaboration with Huawei enhancing its competitive edge [9].