长安汽车：2024年三季报点评：业绩略低于预期，毛利率环比回升

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 2024 performance slightly underperformed expectations, with total 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, down 66.4% year-on-year and 55.3% quarter-on-quarter [2] - The gross margin improved sequentially to 15.7% in Q3, driven by factors such as accounting adjustments and cost reduction efforts. The company also reported a significant increase in sales of its new energy vehicles [3] - The company is actively pursuing its strategic plans, including the Shangri-La plan and the Beidou Tianzhu plan, with positive results from new models like the Deep Blue S05 and Avita 07. The launch of the self-developed advanced driving system "Changan Zhijia" is also a key development [4] Financial Performance Summary - For 2024, the company revised its net profit forecasts down to 5.095 billion yuan, 8.431 billion yuan, and 10.118 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.51, 0.85, and 1.02 yuan. The P/E ratios are projected to be 26, 16, and 13 times respectively [4] - The total revenue for 2024 is expected to be 158.685 billion yuan, reflecting a year-on-year growth of 4.88% [1][4] - The company reported a total sales volume of 571,000 units in Q3 2024, down 12.7% year-on-year and 11.1% quarter-on-quarter, with a blended sales price of 92,000 yuan per unit [3]