长安汽车：系列点评十八：批发销量环比提升 新能源产品周期加速

Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Views - The company reported a wholesale sales increase of 4.1% year-on-year and 17.7% month-on-month in October, with total wholesale sales for the first ten months of 2024 reaching 2.156 million units, a 2.1% increase year-on-year [1]. - The growth in sales is attributed to the increase in new energy vehicle (NEV) sales, with October's NEV wholesale sales rising by 48.6% year-on-year and 56.8% month-on-month, totaling 533,000 units for the first ten months of 2024, a 46.4% increase year-on-year [1]. - The company is accelerating its transition to new energy with a series of new product launches, including the Avita 07 and Deep Blue S05, which have received strong pre-order demand [1]. - The company's overseas sales have also seen significant growth, with October's overseas sales increasing by 33.9% year-on-year, and total overseas sales for the first ten months of 2024 reaching 319,000 units, a 61.8% increase year-on-year [1]. - The report projects revenues of 163 billion, 189 billion, and 212 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 6.1 billion, 8.2 billion, and 10.8 billion yuan for the same years [2][10]. Summary by Sections Sales Performance - In October, the company's wholesale sales reached 251,000 units, with a significant month-on-month increase of 17.7% [1]. - The company's self-owned passenger vehicle sales in October were 168,000 units, up 3.4% year-on-year and 29.9% month-on-month [1]. New Energy Vehicle Transition - The company launched the Avita 07, which has received over 25,000 pre-orders within 17 days of its launch, and the Deep Blue S05, which surpassed 30,000 orders in October [1]. - The report highlights the strong demand for new energy vehicles and the company's commitment to accelerating its transition in this sector [1]. Financial Projections - The report forecasts revenues of 151.3 billion yuan for 2023, with a projected growth rate of 24.8% for 2024 [2][10]. - The net profit for 2024 is expected to be 6.1 billion yuan, reflecting a decrease of 46.4% compared to 2023 [2][10]. Global Expansion - The company is establishing a right-hand drive production base in Thailand, with an initial capacity of 100,000 units expected to commence production in Q1 2025 [1]. - The report indicates a clear and determined approach to entering key markets in ASEAN and Europe by 2024, which is expected to open long-term growth opportunities [1].