长安汽车：自主新能源持续发力，10月销量环比提升

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6]. Core Views - The company has shown strong sales growth in October, with total sales reaching 251,000 vehicles, a month-on-month increase of 17.7% and a year-on-year increase of 4.1% [1]. - The company's self-owned brand, Changan Automobile, has significantly boosted its sales in the new energy vehicle segment, achieving a 48.6% year-on-year increase and a 56.8% month-on-month increase in October [2]. - The company is expanding its overseas presence, with a 33.9% year-on-year increase in overseas sales in October, and plans to establish a comprehensive base in Southeast Asia [4]. Summary by Sections Sales Performance - In October, the company sold a total of 251,000 vehicles, with a cumulative sales figure of 2.156 million vehicles from January to October, reflecting a 2.1% year-on-year growth [1]. - The self-owned passenger vehicle sales in October reached 168,000 units, a 3.4% year-on-year increase and a 29.9% month-on-month increase [1]. New Energy Vehicles - Changan's new energy vehicle sales in October were 85,000 units, marking a 48.6% year-on-year increase and a 56.8% month-on-month increase [2]. - The newly launched Avita 07 has seen strong demand, with 11,673 units reserved within 20 hours of its launch [2]. Financial Forecast - The company is projected to achieve net profits of 8.56 billion, 11.40 billion, and 12.72 billion yuan for the years 2024, 2025, and 2026 respectively [4]. - Revenue is expected to grow from 151.3 billion yuan in 2023 to 188.6 billion yuan in 2024, reflecting a growth rate of 24.68% [5]. Overseas Expansion - The company’s overseas sales reached 31.9 million units from January to October, a 61.8% year-on-year increase [4]. - Plans for a manufacturing base in Thailand are underway, with an initial production capacity of 100,000 units expected to be operational by Q1 2025 [4].