CHANGAN AUTOMOBILE-B(SZ:000625) Minsheng Securities·2024-12-04 11:15Investment Rating - The report maintains a "Recommended" rating for the company, with a closing price of 14.03 CNY per share on December 3, 2024 [5]. Core Views - The company benefits from a strong product cycle and continuous growth in the new energy sector, with expectations for increased wholesale sales driven by year-end purchasing trends and new vehicle launches [2][3]. - The report highlights significant growth in the company's new energy vehicle sales, with November sales reaching 102.2% year-on-year growth, indicating a robust demand for electric vehicles [3]. - The company is accelerating its transformation towards new energy vehicles, with successful launches of models like the Deep Blue S05 and Avita 11, which are expected to contribute to future sales growth [3]. - The company's overseas sales are also growing, with a cumulative increase of 53.0% year-on-year in 2024, supported by the establishment of a production base in Thailand [3]. Financial Forecasts - Revenue projections for 2024-2026 are estimated at 163.0 billion CNY, 188.6 billion CNY, and 212.1 billion CNY, respectively, with growth rates of 24.8%, 7.7%, and 15.7% [4][19]. - The net profit attributable to shareholders is forecasted to be 6.1 billion CNY, 8.2 billion CNY, and 10.8 billion CNY for the same period, with growth rates of -46.4%, 35.7%, and 30.8% [4][19]. - Earnings per share (EPS) are projected to be 0.61 CNY, 0.83 CNY, and 1.09 CNY for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 23, 17, and 13 [4][19].