长安汽车：公司简评报告：阿维塔全系双动力布局落地，自主新能源月销首破十万

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The report highlights significant events, including a strong sales performance in November 2024, with total wholesale sales reaching 277,300 units, representing a month-on-month increase of 21.98% and a year-on-year increase of 10.55% [9] - The company aims for a December wholesale sales target of approximately 370,000 units, driven by favorable policies and market conditions [10] - The report emphasizes the growth in the company's new energy vehicle sales, with a notable increase in penetration rates and expectations for continued growth in 2025 [11] - The long-term outlook for the company remains positive, with projected net profits for 2024-2026 of 5.245 billion, 6.885 billion, and 9.662 billion respectively, indicating a clear upward trajectory [11] Summary by Sections Company Overview - The company reported a total of 2.4331 million wholesale sales from January to November 2024, achieving 86.90% of its annual sales target of 2.8 million units [10] - The report notes that the company has successfully launched its dual-power models, contributing to a significant increase in sales [11] Financial Performance - The report provides financial projections, estimating revenues of 167.8 billion, 186.5 billion, and 203.9 billion for 2024, 2025, and 2026 respectively, with corresponding net profits of 5.245 billion, 6.885 billion, and 9.662 billion [13] - The report indicates a projected EPS of 0.53, 0.69, and 0.97 for the years 2024, 2025, and 2026, with PE ratios of 27, 20, and 14 respectively [11][13] Market Position - The company is positioned to benefit from the ongoing transition to electric vehicles, with a strong focus on intelligent electric products and expanding overseas production capacity [11] - The report highlights the company's competitive advantages, including cost reduction efforts and a robust product cycle that is expected to drive sales growth in the fourth quarter [11]