CHANGAN AUTOMOBILE-B(SZ:000625) KAIYUAN SECURITIES·2025-10-26 05:43Investment Rating - The investment rating for Changan Automobile is "Buy" (maintained) [1] Core Views - In Q3, the company experienced significant revenue growth both year-on-year and quarter-on-quarter, driven by strong performance in the new energy vehicle (NEV) segment and overseas markets [4][5] - The company has adjusted its profit forecasts for 2025-2027 due to intense industry competition and marketing investments, but maintains a positive outlook due to new product cycles and overseas expansion [4][6] Financial Performance Summary - For the first three quarters of 2025, Changan Automobile achieved revenue of 1149.27 billion yuan, a year-on-year increase of 3.6%, while net profit attributable to shareholders was 30.55 billion yuan, a year-on-year decrease of 14.7% [4] - In Q3 alone, revenue reached 422.36 billion yuan, reflecting a quarter-on-quarter increase of 23.4% and a year-on-year increase of 9.6% [4] - The company’s total sales volume in Q3 was 459,600 units, with NEV sales reaching 272,500 units, a year-on-year increase of 83.5% [5] Sales and Product Development - The sales of the Deep Blue and Qiyuan new energy vehicles showed remarkable performance, with significant increases in unit sales [5] - The company is set to launch several new models in 2025, including the Qiyuan A06 and Deep Blue L06, and is focusing on expanding its presence in Southeast Asia, the Middle East, and Europe [6] Financial Metrics and Valuation - The projected revenue for 2025 is 166,443 million yuan, with a year-on-year growth of 4.2% [7] - The estimated net profit for 2025 is 4,511 million yuan, reflecting a year-on-year decrease of 38.4% [7] - The current price-to-earnings (P/E) ratio is projected to be 28.0 for 2025, decreasing to 11.8 by 2027 [7]