CHANGAN AUTOMOBILE-B(SZ:000625) Soochow Securities·2025-10-25 15:22Investment Rating - The investment rating for Changan Automobile is "Buy" (maintained) [1] Core Views - The Q3 performance of Changan Automobile was slightly below expectations, primarily impacted by foreign exchange losses and overseas inventory handling [9] - The company is transitioning towards becoming a smart low-carbon travel technology company, with significant advancements in new energy and intelligent technologies [9] - Despite the challenges, the company maintains a positive outlook due to the upward trajectory of its brands and ongoing globalization efforts [9] Financial Performance Summary - For Q3 2025, Changan Automobile reported total revenue of 42.24 billion yuan, with a year-on-year increase of 23.4% and a quarter-on-quarter increase of 9.6% [9] - The net profit attributable to shareholders for Q3 was 760 million yuan, reflecting a year-on-year increase of 2.1% but a quarter-on-quarter decrease of 18.6% [9] - The company achieved a consolidated sales volume of 471,000 units in Q3, representing a year-on-year increase of 26.8% and a quarter-on-quarter increase of 13.3% [9] Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders has been adjusted downwards for 2025, 2026, and 2027 to 4.4 billion, 7.5 billion, and 10.2 billion yuan respectively [9] - The corresponding price-to-earnings (P/E) ratios are projected to be 29, 17, and 12 times for the respective years [9] - The company’s revenue is expected to grow from 159.73 billion yuan in 2024 to 214.32 billion yuan in 2027, with a compound annual growth rate (CAGR) of 6.07% [1][10]