CHANGAN AUTOMOBILE-B(SZ:000625) KAIYUAN SECURITIES·2025-04-15 14:34Investment Rating - The investment rating for Changan Automobile is "Buy" (maintained) [1] Core Views - The company achieved significant growth in Q4 2024, driven by the launch of new models and strong sales from its electric vehicle brands [4][5] - The revenue for 2024 reached 159.73 billion yuan, 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% [4] - The report anticipates a strong new car cycle and continued expansion in overseas markets, leading to an upward revision of profit forecasts for 2025-2027 [4][6] Financial Summary - In Q4 2024, total sales reached 778,800 units, a year-on-year increase of 14.0% and a quarter-on-quarter increase of 36.4% [5] - The average selling price per vehicle increased by 2,700 yuan in Q4, contributing to a gross margin increase of 0.5 percentage points [5] - The company expects net profits of 8.69 billion yuan in 2025, 10.99 billion yuan in 2026, and 13.45 billion yuan in 2027, with corresponding EPS of 0.88, 1.11, and 1.36 yuan [4][7] Strategic Initiatives - Changan is advancing its "Electric + Intelligent + Global" strategy, with a projected 53.3% increase in new energy vehicle sales in 2024 [6] - The company plans to launch seven new electric models in 2025, including the Avita 06 and Deep Blue S09, as part of its new car cycle [6] - The company is also focusing on global market expansion, with plans to introduce 12 new products in high-growth regions such as Southeast Asia and Europe by 2025 [6]