CHANGAN AUTOMOBILE-B(SZ:000625) Soochow Securities·2025-08-25 05:02Investment Rating - The investment rating for Changan Automobile is "Buy" (maintained) [1] Core Views - The company's performance in the first half of 2025 met expectations, with a significant transformation into a new central enterprise [8] - The establishment of the new central enterprise is expected to accelerate the company's transition towards a smart and low-carbon mobility technology company [8] - Despite increased competition and rising sales expenses, the company continues to push forward with its three major brands and initiatives in smart technology and globalization [8] Financial Summary - Total revenue for 2023 is projected at 151.298 billion RMB, with a year-on-year growth of 24.78% [1] - The net profit attributable to shareholders for 2023 is estimated at 11.327 billion RMB, reflecting a year-on-year increase of 45.25% [1] - The earnings per share (EPS) for 2023 is expected to be 1.14 RMB, with a price-to-earnings (P/E) ratio of 10.81 [1] - For 2025, total revenue is expected to decline to 152.285 billion RMB, a decrease of 4.66% year-on-year, with net profit projected at 6.541 billion RMB, down 10.66% year-on-year [1] - The company anticipates a recovery in net profit to 8.442 billion RMB in 2026, representing a growth of 29.06% [1] - The projected P/E ratios for 2025, 2026, and 2027 are 18.72, 14.50, and 11.88 respectively [1] Market Data - The closing price of Changan Automobile is 13.18 RMB, with a market capitalization of approximately 130.668 billion RMB [5] - The company has a price-to-book (P/B) ratio of 1.72 and a net asset value per share of 7.67 RMB [5][6] - The total assets are projected to be 208.168 billion RMB in 2024, with a debt-to-asset ratio of 56.66% [6][9]