长安汽车：公司信息更新报告：Q3业绩有所承压，新车密集上市业绩改善可期

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 110.96 billion yuan in Q3 2024, a year-on-year increase of 2.54%, but the net profit attributable to shareholders decreased by 68.99% to 2.711 billion yuan. The Q3 revenue was 34.237 billion yuan, down 19.85% year-on-year, with a net profit of 748 million yuan, down 66.44% year-on-year, primarily due to declining sales and high promotional costs associated with new product launches [3][4] - The company has adjusted its earnings forecasts for 2024-2026, projecting net profits of 5.31 billion yuan (-28.3%), 8.61 billion yuan (-33.6%), and 10.94 billion yuan (-34.1%) respectively. The current stock price corresponds to a PE ratio of 24.8, 15.3, and 12.0 times for the years 2024, 2025, and 2026 respectively. Despite the challenges, the company is optimistic about long-term growth due to a strong new vehicle cycle and ongoing overseas expansion [3][4] Summary by Sections Financial Performance - Q3 total sales reached 573,900 units, a decrease of 12.2% year-on-year. The sales of self-owned brands were 463,200 units, down 12.4% year-on-year. The average selling price per vehicle remained stable quarter-on-quarter. The gross margin in Q3 increased by 2.5 percentage points, mainly due to a 57.8% increase in sales of the Deep Blue series [3][4] - The company’s Q3 operating expenses increased due to the launch of multiple new models, leading to higher promotional costs and increased investment in electric and intelligent technologies [3][4] Strategic Initiatives - The company is advancing in the field of smart technology with a dual approach of self-research and collaboration. It has launched several smart technologies and is in partnership with Huawei for joint branding and product development, which is expected to enhance profitability in the long term [3][4] - The company is entering a golden development period with a series of new product launches, including the Deep Blue series and Avita models, which are expected to significantly boost sales [3][4]