CHANGAN AUTOMOBILE-B(000625) Minsheng Securities·2025-06-04 06:28Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [8][27]. Core Insights - The company reported a wholesale sales volume of 224,000 vehicles in May, representing a year-on-year increase of 8.5% and a month-on-month increase of 17.6%. Cumulative sales from January to May reached 1.12 million vehicles, up 1.0% year-on-year [3][4]. - The company's self-owned brand sales in May were 185,000 vehicles, up 8.0% year-on-year and 21.6% month-on-month. The electric vehicle segment saw significant growth, with May sales of 95,000 units, a year-on-year increase of 69.9% [4][5]. - The company aims to achieve a total sales target of 3 million vehicles and 1 million electric vehicles by 2025, with plans to launch new models to accelerate its electrification transition [4][5]. Summary by Sections Sales Performance - In May, the company’s self-owned brand sales were 185,000 units, with a year-on-year growth of 8.0% and a month-on-month growth of 21.6%. Cumulative sales from January to May reached 955,000 units, up 2.5% year-on-year [3][4]. - The electric vehicle sales in May were 95,000 units, marking a year-on-year increase of 69.9% and a cumulative total of 351,000 units from January to May, up 46.9% year-on-year [4][5]. New Energy Strategy - The company’s brands, Deep Blue and Avita, achieved cumulative sales of 113,000 and 49,000 units respectively from January to May, with year-on-year growth rates of 70.3% and 132.8% [5]. - The Deep Blue S09 model, launched in May, received over 8,000 orders within 24 hours, indicating strong market interest [5][6]. Global Expansion - The company’s overseas sales reached 44,835 units in May, with a total of 247,000 units from January to May. Plans for 2025 include establishing 8 new operational entities and 16 logistics nodes globally [6][7]. - The establishment of a right-hand drive production base in Thailand is expected to commence production in Q1 2025, with an initial capacity of 100,000 vehicles [6]. Financial Projections - Revenue projections for 2025-2027 are estimated at 189.6 billion, 209.5 billion, and 233.5 billion yuan respectively, with net profits of 8.9 billion, 10.8 billion, and 12.7 billion yuan [7][24]. - The earnings per share (EPS) are projected to be 0.89, 1.09, and 1.28 yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 14, 12, and 10 [7][24].