长安汽车：公司简评报告：10月新能源同环比高增，强产品周期有望持续

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company reported a significant increase in October sales, with wholesale vehicle sales reaching 250,800 units, representing a month-on-month increase of 4.07% and a year-on-year increase of 17.66% [7] - The company’s cumulative wholesale sales for the first ten months of 2024 reached 2,155,800 units, with a year-on-year growth of 2.14% [7] - The report highlights the acceleration of the company's globalization efforts, with overseas sales of its self-owned brands reaching 30,800 units in October, a year-on-year increase of 61.81% [8] - The company’s new energy vehicle sales reached 85,300 units in October, marking a year-on-year increase of 46.37% [9] - The report anticipates continued sales growth in Q4 due to the launch of new intelligent electric vehicles and the steady progress of overseas production capacity [9] Summary by Sections Sales Performance - In October, the company’s wholesale sales were 250,800 units, with self-owned passenger vehicle sales at 168,000 units, showing a month-on-month increase of 3.45% [7] - The cumulative sales for self-owned passenger vehicles from January to October were 1,328,800 units, reflecting a slight decline of 0.91% year-on-year [7] Globalization and Export Growth - The company’s overseas sales for self-owned brands in October were 30,800 units, with a month-on-month increase of 33.86% [8] - The deep blue brand has officially launched in Australia, further accelerating its globalization process [8] New Energy Vehicle Development - The company’s self-owned brand new energy vehicle sales reached 85,300 units in October, with a penetration rate of 40.06% [9] - The report notes significant sales increases for the company's three new energy brands, with the Avita brand experiencing a month-on-month increase of 158.64% in October [9] Financial Projections - The report projects the company’s net profit for 2024-2026 to be 5,245 million, 6,885 million, and 9,662 million respectively, with corresponding EPS of 0.53, 0.69, and 0.97 [10] - The expected PE ratios for the same period are 26, 19, and 14 times [10]