CHANGAN AUTOMOBILE-B(SZ:000625) Minsheng Securities·2025-02-07 07:26Investment Rating - The report maintains a "Recommended" rating for the company [4][7]. Core Views - The company achieved a wholesale sales volume of 276,000 vehicles in January, a year-on-year decrease of 1.7% but a month-on-month increase of 10.0% [1]. - The company aims for a total sales target of 3 million vehicles and 1 million new energy vehicles by 2025, with new models set to launch to support this transition [2][3]. - The company is accelerating its new energy transition, with significant growth in sales for its new energy brands, particularly the Deep Blue and Avita brands [3]. - The company plans to expand its global market presence, targeting 536,000 overseas sales in 2024, a year-on-year increase of 53.0% [4]. Summary by Relevant Sections Sales Performance - In January, the company's self-owned passenger vehicle wholesale sales reached 193,000 units, down 1.9% year-on-year but up 28.3% month-on-month [2]. - The new energy vehicle sales in January were 67,000 units, with Deep Blue and Avita brands showing significant year-on-year growth of 49.8% and 136.8%, respectively [2][3]. Future Outlook - The company plans to launch new models such as the Avita 06 and Deep Blue S09, which are expected to enhance its market competitiveness and support its sales targets [3]. - The global sales strategy includes establishing new operational entities and logistics nodes, with a focus on expanding into markets like Thailand and Brazil [4]. Financial Projections - Revenue forecasts for 2024, 2025, and 2026 are projected at 163.0 billion, 188.6 billion, and 212.1 billion yuan, respectively, with net profits expected to be 6.1 billion, 8.2 billion, and 10.8 billion yuan [4][6]. - The earnings per share (EPS) are projected to be 0.61, 0.83, and 1.09 yuan for the years 2024, 2025, and 2026, respectively [6][20].