CHANGAN AUTOMOBILE-B(000625) 华鑫证券·2024-12-31 14:03Investment Rating - The report maintains a "Buy" rating for the company [11] Core Views - The company's Q3 2024 performance was impacted by sales fluctuations, with total revenue of 34.237 billion yuan, down 19.9% YoY and 13.8% QoQ [11] - Net profit attributable to shareholders in Q3 2024 was 748 million yuan, down 66.4% YoY and 55.3% QoQ [11] - The company sold 571,000 vehicles in Q3 2024, down 11.1% QoQ, with new energy vehicle sales at 149,000 units, down 12.7% QoQ [11] - The company plans to launch 11 new products and 13 new energy products in 2025, aiming for over 1.2 million new energy vehicle sales [11] - The company is accelerating its overseas market expansion, with plans to enter the European market and establish a presence in Southeast Asia, CIS, South America, and the Middle East and Africa [11] Financial Forecasts - The company's revenue is expected to be 185.07 billion yuan in 2024, 219.79 billion yuan in 2025, and 256.31 billion yuan in 2026 [15] - Net profit attributable to shareholders is forecasted to be 10.721 billion yuan in 2024, 12.822 billion yuan in 2025, and 15.616 billion yuan in 2026 [15] - EPS is projected to be 1.08 yuan in 2024, 1.29 yuan in 2025, and 1.58 yuan in 2026 [15] - The company's ROE is expected to be 13.0% in 2024, 14.1% in 2025, and 15.3% in 2026 [15] Strategic Initiatives - The company is pushing for full electrification of its product line and accelerating its overseas layout [11] - Key new models such as the Avita 06 and Deepal S09 are set to launch in 2025 [11] - The company plans to introduce 9 new products in overseas markets by 2025 [11]