CHANGAN AUTOMOBILE-B(SZ:000625) Minsheng Securities·2025-05-06 02:41Investment Rating - The report maintains a "Recommended" rating for the company [6]. Core Views - The company is experiencing a strong product cycle in the new energy sector, with significant growth in sales of its new energy vehicles [2][3]. - The company aims to achieve a total sales target of 3 million vehicles by 2025, with 1 million of those being new energy vehicles [2]. - The company is accelerating its transformation towards electric vehicles, supported by partnerships with Huawei for smart driving technology [3]. Summary by Relevant Sections Sales Performance - In April, the company's wholesale sales were 191,000 vehicles, down 9.3% year-on-year and down 28.9% month-on-month. Cumulative sales from January to April reached 896,000 vehicles, a slight decrease of 0.7% year-on-year [1]. - The wholesale sales of the company's self-owned passenger vehicles in April were 109,000 units, down 11.1% year-on-year and down 33.9% month-on-month [1]. New Energy Vehicle Growth - The wholesale sales of self-owned new energy vehicles in April were 62,000 units, an increase of 19.8% year-on-year, but down 28.9% month-on-month. Cumulative sales from January to April reached 256,000 units, up 41.9% year-on-year [2]. - The deep blue brand sold 20,000 units in April, up 58.0% year-on-year, while the Avita brand sold 11,681 units, up 122.6% year-on-year [2][3]. Global Expansion - The company's overseas sales in April reached 42,000 units, an increase of 34.0% year-on-year, with cumulative sales from January to April at 202,000 units, up 43.7% year-on-year [4]. - The company plans to establish 8 new operating entities and 16 logistics nodes overseas by 2025, aiming for a total global sales target of 500,000 units [4]. Financial Forecast - The company forecasts revenues of 189.6 billion, 209.5 billion, and 233.5 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 8.9 billion, 10.8 billion, and 12.7 billion yuan for the same years [5][21]. - The earnings per share (EPS) are projected to be 0.89, 1.09, and 1.28 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 14, 11, and 10 [5][21].