长安汽车：公司点评报告：Q3毛利率环比改善，新能源订单表现亮眼

Investment Rating - The report maintains a "Buy" investment rating for the company, indicating an expected relative increase of over 15% against the CSI 300 index within the next six months [1][5]. Core Views - The company reported a Q3 gross margin improvement, with strong performance in new energy vehicle orders. Despite a decline in self-owned brand sales and losses from joint ventures, the company achieved a net profit of 748 million yuan in Q3 2024, reflecting a significant year-on-year decrease of 66.44% [1]. - The company is accelerating its transformation by focusing on both self-developed and cooperative efforts, with new energy vehicle orders showing promising growth. The launch of several new models is expected to enhance profitability in the upcoming quarters [1]. - Revenue for the first three quarters of 2024 reached 110.96 billion yuan, a year-on-year increase of 2.54%, while the net profit attributable to shareholders was 3.58 billion yuan, down 63.78% year-on-year [1]. Financial Performance Summary - For Q3 2024, the company achieved revenue of 34.24 billion yuan, a quarter-on-quarter decrease of 19.85% and a year-on-year decrease of 13.76%. The gross margin for Q3 was reported at 15.7%, showing a quarter-on-quarter improvement [1]. - The company’s self-owned passenger vehicle sales in Q3 2024 were 339,000 units, down 17.4% year-on-year, while new energy vehicle sales were 149,000 units, up 13.7% year-on-year [1]. - The report projects the company’s revenue for 2024 to be 158.11 billion yuan, with expected earnings per share (EPS) of 0.62 yuan, and a price-to-earnings (P/E) ratio of 24.40 based on the closing price of 14.52 yuan per share on November 14, 2024 [2][3].