CHANGAN AUTOMOBILE-B(000625) 东海证券·2025-03-06 04:25Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights significant events, including Changan Automobile's February 2025 production and sales report, showing a wholesale vehicle sales volume of 161,400 units, with a year-on-year increase of 0.94% for the cumulative sales from January to February 2025 [2][6] - The company plans to launch 13 new energy vehicle models in 2025, enhancing its global strategy and accelerating its electric and intelligent transformation [6][7] - The report anticipates a recovery in net profit for 2024-2026, with projected figures of 5.245 billion, 6.885 billion, and 9.662 billion yuan respectively, corresponding to EPS of 0.69, 0.97, and 1.14 yuan [6][7] Summary by Sections Sales Performance - In February 2025, the company's wholesale sales were 161,400 units, with a month-on-month decrease of 41.45% and a year-on-year increase of 5.72%. Cumulative sales for January-February 2025 reached 437,100 units, up 0.94% year-on-year [2] - The new energy vehicle sales in February were 39,700 units, reflecting a month-on-month increase of 68.4% but a year-on-year decrease of 41.25% [2] Financial Forecasts - The main revenue forecast for 2025 is 186.5 billion yuan, with a year-on-year growth rate of 11% [3] - The projected net profit for 2025 is 6.885 billion yuan, with a year-on-year growth of 31% [3] Strategic Initiatives - The company is set to enhance its product lineup with new energy models and expand its global market presence, targeting 81 countries [6] - Collaborations with Huawei and CATL are expected to deepen, supporting the company's electric and intelligent transformation [6]