CHANGAN AUTOMOBILE-B(000625)2025-04-14 09:57Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved a revenue of 159.73 billion yuan in 2024, a year-on-year increase of 5.58%, and a net profit attributable to shareholders of 7.32 billion yuan, a decrease of 35.37% year-on-year. In Q4 2024, the company reported a revenue of 48.77 billion yuan, up 13.19% year-on-year, with a net profit of 3.74 billion yuan, an increase of 158.92% year-on-year [3][5] - The company's sales volume reached 2.68 million vehicles in 2024, a year-on-year increase of 5.12%, with an average selling price of 101,900 yuan per vehicle, up 0.95% year-on-year. The new energy vehicle segment saw significant growth, with sales of 243,900 units for Deep Blue and 73,600 units for Avita, representing year-on-year increases of 78.14% and 165.04%, respectively [5][9] - The company is advancing its "Haina Baichuan" plan, with overseas production capacity gradually being established, including a manufacturing base in Thailand expected to start production in May 2025, with an annual capacity of 100,000 vehicles [6][9] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 159.73 billion yuan and a net profit of 7.32 billion yuan. The Q4 2024 revenue was 48.77 billion yuan, with a net profit of 3.74 billion yuan [3][5] - The company forecasts revenues of 189.94 billion yuan, 207.68 billion yuan, and 227.86 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 8.03 billion yuan, 10.31 billion yuan, and 12.57 billion yuan [7][10] Market Position and Strategy - The company is focusing on smart driving technology and has a rich pipeline of new products, planning to launch 35 smart vehicles over the next three years [6][9] - The company aims to enhance its global presence, with plans to establish over eight new companies in regions like the UK, Brazil, and the Middle East in 2025 [6][9] Valuation - The current price-to-earnings (P/E) ratio is projected at 15.2 for 2025, compared to an average of 17.6 for comparable companies, indicating that the company's valuation is below the industry average [9][10]