CHANGAN AUTOMOBILE-B(SZ:000625) Changjiang Securities·2024-11-18 02:36Investment Rating - The report maintains a "Buy" rating for Changan Automobile [9] Core Views - In the first three quarters of 2024, Changan Automobile achieved operating revenue of 110.96 billion yuan, a year-on-year increase of 2.5%, while net profit attributable to the parent company was 3.58 billion yuan, down 63.8% year-on-year [5][6] - The third quarter of 2024 saw total sales and revenue decline due to seasonal factors, but significant growth was observed in self-owned new energy and overseas sales [5][6] - The company is undergoing a transformation towards new energy vehicles, with a notable increase in sales of self-owned new energy vehicles, which reached 149,000 units in Q3 2024, up 13.7% year-on-year [5][6] Financial Performance Summary - For Q3 2024, the company reported revenue of 34.24 billion yuan, a decrease of 19.8% year-on-year and 13.8% quarter-on-quarter, with total sales of 571,000 vehicles, down 12.7% year-on-year and 10.9% quarter-on-quarter [5][6] - The gross profit margin for Q3 2024 was 15.7%, showing a quarter-on-quarter increase of 2.5 percentage points, despite a year-on-year decrease of 2.7 percentage points [6] - The company reported a net profit of 750 million yuan in Q3 2024, down 66.4% year-on-year and 55.3% quarter-on-quarter [6] Future Outlook - Changan Automobile is focusing on enhancing its product lineup and accelerating its transition to electric and intelligent vehicles, with new models expected to drive sales growth [7] - The company anticipates a gradual improvement in profitability as the scale effects of new energy vehicle sales become more pronounced [7] - Forecasted net profits for 2024-2026 are 5.99 billion, 9.29 billion, and 11.63 billion yuan, with corresponding price-to-earnings ratios of 24.4X, 15.7X, and 12.6X [7]