CHANGAN AUTOMOBILE-B(SZ:000625) Dongguan Securities·2025-09-02 07:29Investment Rating - The report maintains a "Buy" rating for Changan Automobile (000625) [5][8]. Core Views - The company experienced a decline in revenue in the first half of 2025, but the net profit attributable to the parent company showed a significant increase when excluding non-recurring items [5]. - Changan's sales of new energy vehicles (NEVs) surged by 49.1% year-on-year, significantly outperforming the industry average, with a penetration rate of 33% [5]. - The establishment of China Changan Automobile Group as a state-owned enterprise is expected to enhance resource integration and strategic development [5]. Summary by Sections Financial Performance - In H1 2025, the company reported revenue of 726.9 billion yuan, a decrease of 5.3% year-on-year, while the net profit attributable to the parent company was 22.9 billion yuan, down 19.1% [5]. - The adjusted net profit reached 14.77 billion yuan, marking a year-on-year increase of 26.36% [5]. - The Q2 2025 revenue was 385.3 billion yuan, down 2.9% year-on-year but up 12.8% quarter-on-quarter [5]. Sales and Market Position - The total vehicle sales for H1 2025 were 1.355 million units, a 1.6% increase year-on-year, with NEV sales reaching 452,000 units [5]. - The company launched multiple new models in Q2, leading to a quarterly NEV penetration rate of 50% [5]. Research and Development - R&D investment for H1 2025 was 32.84 billion yuan, a 12.76% increase year-on-year, accounting for 4.5% of revenue [5]. - The focus of R&D is on new energy and intelligent technologies, with significant advancements in battery technology and smart driving systems [5]. Future Outlook - The company is set to launch several new models in the coming quarters, including the Q07 laser version and the A06 electric vehicle [5]. - The projected net profits for 2025-2027 are 7365.05 billion yuan, 9333.66 billion yuan, and 9576.89 billion yuan, respectively, with corresponding PE ratios of 16.92, 13.35, and 13.01 [7].