长安汽车：自主新能源车实现同环比较高增长

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 19.2 CNY [2][4]. Core Insights - Changan Automobile's October sales showed both year-on-year and month-on-month growth, with total sales reaching 250,800 units, a 4.1% increase year-on-year and a 17.7% increase month-on-month. Cumulative sales from January to October reached 2,155,800 units, reflecting a 2.1% year-on-year growth [1]. - The company's self-owned new energy vehicles experienced significant growth, with October sales of 85,300 units, marking a 48.6% year-on-year increase and a 56.8% month-on-month increase. Cumulative sales for the year reached 532,900 units, a 46.4% increase year-on-year [1]. - The report highlights breakthroughs in solid-state battery technology, with plans for vehicle validation by 2027 and mass production by 2030 [1]. - Joint venture brand sales are showing signs of recovery, with Changan Ford's October sales at 19,800 units, a 3.2% year-on-year increase, while Changan Mazda's sales decreased by 41.5% year-on-year but increased by 25.1% month-on-month [1]. Financial Summary - The company's projected net profits for 2024, 2025, and 2026 are 5.948 billion, 8.269 billion, and 10.126 billion CNY respectively, maintaining a comparable company average PE valuation of 32 times [2]. - Revenue for 2023 is projected at 151.298 billion CNY, with a year-on-year growth of 24.8%. The operating profit is expected to be 10.447 billion CNY, reflecting a 36.9% increase year-on-year [3]. - The report indicates a decrease in net profit margin from 7.5% in 2023 to 3.4% in 2024, with a gradual recovery expected in subsequent years [3].