长安汽车：2024年三季报业绩点评：3Q24业绩承压，期待新产品推动经营边际改善

Investment Rating - The report maintains a "Buy" rating for the company [1][4]. Core Views - The company's performance in Q3 2024 was below expectations, with a year-to-date revenue increase of 2.5% to CNY 110.96 billion, while net profit attributable to shareholders decreased by 63.8% to CNY 3.58 billion [1]. - The decline in profitability is attributed to increased marketing expenses due to the launch of new vehicles and losses from joint ventures [1]. - The company is undergoing a significant transformation with new product launches aimed at accelerating its electrification strategy and enhancing competitiveness [1]. Summary by Sections Financial Performance - For Q3 2024, revenue decreased by 19.8% year-on-year to CNY 34.24 billion, and net profit dropped by 66.4% to CNY 750 million [1]. - The gross margin improved slightly to 15.7% due to cost reduction efforts [1]. - The company reported a loss of CNY 50 million from joint ventures in the first three quarters, compared to a profit of CNY 200 million in the same period last year [1]. Product Development and Market Strategy - The company is accelerating its electrification transition with the launch of new models such as the Deep Blue L07 and S05, and the Qiyuan E07 [1]. - The Deep Blue brand has received over 30,000 pre-orders for its new models, indicating strong market interest [1]. - The partnership with Huawei is expected to enhance product development and marketing efforts, contributing to long-term growth [1]. Future Outlook - The report projects a significant decrease in net profit forecasts for 2024-2026, with estimates revised down by 36.8%, 34.8%, and 32.1% respectively [1]. - Despite the current challenges, the long-term transformation prospects of the company are viewed positively [1].