CHANGAN AUTOMOBILE-B(000625)2025-04-14 10:23Investment 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%, while the net profit attributable to shareholders was 7.32 billion yuan, a decrease of 35.37% year-on-year. In Q4 2024, the revenue was 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 is experiencing a significant reduction in losses per vehicle in its new energy segment, with sales of 243,900 units for the year, a year-on-year increase of 5.12%. The average price per vehicle is 101,900 yuan, up 0.95% year-on-year. The new energy segment's sales are growing rapidly, with Deep Blue and Avita achieving sales of 243,900 and 73,600 units, respectively, representing year-on-year increases of 78.14% and 165.04% [5][9] - The "Haina Baichuan" plan is progressing steadily, with overseas production capacity gradually being established. The Thailand manufacturing base is expected to start production in May 2025, with a capacity of 100,000 vehicles per year, covering global right-hand drive markets [6][9] Financial Summary - The company forecasts revenues of 189.94 billion yuan in 2025, with a growth rate of 18.9%. The net profit attributable to shareholders is expected to be 8.03 billion yuan, reflecting a growth rate of 9.7% [7][10] - The company's current price-to-earnings (P/E) ratio is 15.2 for 2025, compared to an average P/E of 17.6 for comparable companies, indicating that the company's valuation is below the average of its peers [9][10] - The company plans to launch 35 intelligent vehicles over the next three years, aiming to achieve full-scene L3/L4 autonomous driving capabilities by 2026/2028 [6][9]