长安汽车：销量同比增长，海外销量增长迅速

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a total sales volume of 251,000 vehicles in October 2024, representing a year-on-year increase of 4.1%. The sales of its self-owned brands reached 213,000 units, up 7.3% year-on-year, while the sales of self-owned passenger vehicles increased by 3.4% to 168,000 units. Notably, overseas sales of self-owned brands surged by 33.9% [2] - The company achieved a record high in new energy vehicle sales, with 85,000 units sold in October, marking a 48.6% year-on-year increase. Cumulatively, from January to October, the sales of self-owned brand new energy vehicles exceeded 530,000 units, up over 45% year-on-year [2] - The company plans to invest over 200 billion yuan in the new automotive technology industry chain and expand its technology innovation team by over 10,000 people, focusing on the development of intelligent automotive robots [3] - The projected net profits for the company from 2024 to 2026 are estimated to be 4.754 billion yuan, 7.620 billion yuan, and 10.135 billion yuan, respectively, with corresponding price-to-earnings ratios of 31.44, 19.61, and 14.75 [3] Financial Performance Summary - The company's revenue is projected to grow from 121.25 billion yuan in 2022 to 293.63 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 22.23% [5] - The net profit is expected to increase from 7.799 billion yuan in 2022 to 10.135 billion yuan in 2026, reflecting a significant growth trajectory [5] - The earnings per share (EPS) is forecasted to rise from 0.80 yuan in 2022 to 1.02 yuan in 2026 [5]