长安汽车：销量下滑及合联营企业投资亏损影响Q3业绩，新能源&智能化转型加速

Investment Rating - The report maintains a "Buy" rating for Changan Automobile (000625.SZ) [1] Core Views - Changan Automobile reported a significant decline in Q3 2024 performance, with revenue of 34.24 billion yuan, down 19.8% year-on-year and 13.8% quarter-on-quarter. The net profit attributable to shareholders was 750 million yuan, a decrease of 66.4% year-on-year and 55.3% quarter-on-quarter [2][3] - Despite the decline in overall sales, the company has seen strong performance in its new energy vehicle (NEV) orders, with the launch of new models expected to enhance sales and profitability [4] - The report projects net profits for 2024-2026 to be 5.649 billion, 7.626 billion, and 9.175 billion yuan respectively, with corresponding price-to-earnings ratios of 24, 17, and 14 [4] Financial Performance Summary - In Q3 2024, Changan's sales volume was 571,000 units, down 12.7% year-on-year and 11.1% quarter-on-quarter. The sales of Changan's self-owned fuel vehicles decreased by 21.0% year-on-year [3] - The company reported a gross margin of 15.7% in Q3 2024, showing a slight improvement from previous quarters [2] - The total revenue for 2023 is projected at 151.298 billion yuan, with a year-on-year growth of 24.8% [5][7] Sales and Market Performance - The sales of Changan's new energy vehicles, particularly the Deep Blue series, have shown promising growth, with orders exceeding 30,000 units for the Deep Blue S05 model launched in October [4] - The report highlights that Changan's overseas sales increased by 46.7% year-on-year, indicating a positive trend in international markets [3] Future Outlook - The company is expected to accelerate its transformation towards new energy and intelligent vehicles, with significant investments in R&D and new model launches planned for the coming years [4] - The report suggests that the introduction of high-performance intelligent driving capabilities will enhance Changan's competitive position in the automotive market [4]