CHANGAN AUTOMOBILE-B(SZ:000625) Soochow Securities·2025-04-14 03:51Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 met expectations, with three major plans progressing simultaneously: the "Shangri-La" plan for new energy, the "Beidou Tianshu" plan for intelligence, and the "Haina Baichuan" plan for globalization [7] - The company reported a total revenue of 151.3 billion yuan in 2023, with a projected increase to 159.7 billion yuan in 2024, representing a year-on-year growth of 5.58% [1][8] - The net profit attributable to shareholders is expected to decline from 11.3 billion yuan in 2023 to 7.3 billion yuan in 2024, reflecting a decrease of 35.37% [1][8] - The company achieved a fourth-quarter revenue of 48.77 billion yuan in 2024, with a year-on-year increase of 158.9% [7] - The company plans to accelerate its overseas product layout in 2025, with the introduction of the Deep Blue S05 and other global products [7] Financial Summary - Total revenue is projected to grow from 159.7 billion yuan in 2024 to 223.0 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 7.04% [1][8] - The net profit attributable to shareholders is forecasted to increase to 13.8 billion yuan by 2027, with a CAGR of 26.34% from 2024 [1][8] - The earnings per share (EPS) is expected to rise from 0.74 yuan in 2024 to 1.39 yuan in 2027 [1][8] - The company's price-to-earnings (P/E) ratio is projected to decrease from 16.52 in 2024 to 8.79 in 2027, indicating improved valuation over time [1][8]