长安汽车：三季度业绩承压，新车上市有望改善

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a revenue of 110.96 billion yuan for the first three quarters of 2024, a year-on-year increase of 2.5%, but the net profit attributable to shareholders was 3.58 billion yuan, down 63.8% year-on-year, indicating operational pressure [2][6] - The company has been focusing on the transformation to its own new energy brand and expanding overseas, with a 46.0% year-on-year growth in its own new energy sales and a 65.5% increase in overseas sales for its own brand [2][6] - The launch of new models and the deepening cooperation with Huawei are expected to enhance the company's competitiveness and drive future growth [2][6] Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 34.24 billion yuan, a decrease of 19.8% year-on-year and 13.8% quarter-on-quarter, with a net profit of 750 million yuan, down 66.4% year-on-year and 55.3% quarter-on-quarter [6] - The total vehicle sales in Q3 were 571,000 units, down 12.7% year-on-year and 11.1% quarter-on-quarter, with a single vehicle revenue of 60,000 yuan, down 8.2% year-on-year and 3.0% quarter-on-quarter [6] - The gross margin improved to 15.7% in Q3, up 2.5 percentage points from the previous quarter, mainly due to cost reduction efforts [6] Future Outlook - The company expects revenues for 2024, 2025, and 2026 to be 158.695 billion yuan, 178.925 billion yuan, and 209.974 billion yuan respectively, with growth rates of 4.89%, 12.75%, and 17.35% [7] - The net profit attributable to shareholders is projected to be 5.726 billion yuan, 9.397 billion yuan, and 11.336 billion yuan for the same years, with corresponding growth rates of -49.45%, 64.11%, and 20.64% [7] - The company is optimistic about future growth driven by new model deliveries and collaboration with Huawei, maintaining the "Buy" rating [6][7]