CHANGAN AUTOMOBILE-B(000625) Minsheng Securities·2025-06-04 07:50Investment 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 Views - The company has shown steady growth in its self-owned brand sales, with a significant increase in new energy vehicle (NEV) sales, which rose by 69.9% year-on-year in May [4][5]. - The company aims to achieve a total sales target of 3 million vehicles and 1 million NEVs by 2025, supported by the launch of new models [4][5]. - The report highlights the company's strong performance in overseas markets, with plans to establish new operational entities and logistics nodes globally [6]. Summary by Sections Sales Performance - In May, the company reported a wholesale volume of 224,000 vehicles, 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]. - The self-owned brand sales in May were 185,000 vehicles, reflecting an 8.0% increase year-on-year and a 21.6% increase month-on-month [3]. New Energy Vehicles - The NEV sales in May reached 95,000 units, marking a 69.9% increase year-on-year, with cumulative sales from January to May at 351,000 units, up 46.9% year-on-year [4]. - The deep blue brand sold 26,000 units in May, a year-on-year increase of 77.6%, while the Avita brand saw sales of 12,767 units, up 179.4% year-on-year [4][5]. Future Outlook - The company plans to launch several new models, including the Deep Blue intelligent sports sedan and the Qiyuan C390, to enhance its product lineup and accelerate its electrification transition [4]. - The report projects revenues of 189.6 billion, 209.5 billion, and 233.5 billion yuan for 2025, 2026, and 2027 respectively, with net profits expected to be 88.7 billion, 107.6 billion, and 127.2 billion yuan [6][7]. Global Expansion - The company achieved overseas sales of 44,835 vehicles in May, with a total of 247,000 units sold from January to May [6]. - Plans for 2025 include establishing eight new operational entities and 16 logistics nodes globally, with a focus on expanding the Deep Blue and Avita brands in international markets [6].