CHANGAN AUTOMOBILE-B(000625) 华龙证券·2024-12-25 02:11Investment Rating - The investment rating for Changan Automobile is maintained as "Buy" [2][5]. Core Viewpoints - Changan Automobile has signed a strategic cooperation agreement with EHang Intelligent to develop flying cars, planning to invest over 20 billion yuan in the low-altitude economy over the next five years [3][12]. - The company aims to invest over 100 billion yuan in exploring multi-dimensional transportation solutions over the next decade [3]. - The company is optimistic about its dual-line growth strategy focusing on new energy transformation and global expansion, with significant product reserves in its three new energy brands [3][15]. - The company’s monthly sales have shown a positive trend, transitioning from a decline to an increase year-on-year [2]. Financial Summary - The projected revenue for Changan Automobile is expected to grow from 151.3 billion yuan in 2023 to 234.9 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 14.2% [18]. - The net profit attributable to the parent company is forecasted to be 61.72 billion yuan in 2024, 81.09 billion yuan in 2025, and 109.77 billion yuan in 2026, indicating a recovery and growth trajectory [15][18]. - The company’s price-to-earnings (P/E) ratio is projected to be 22.4 in 2024, 17.0 in 2025, and 12.6 in 2026, which is below the average P/E of comparable companies [15][18].