CHANGAN AUTOMOBILE-B(SZ:000625) Minsheng Securities·2025-11-04 05:21Investment Rating - The report maintains a "Recommended" rating for the company [7]. Core Insights - The company has shown a significant increase in wholesale sales, with October sales reaching 278,000 units, up 11.0% year-on-year and 4.6% month-on-month. Cumulative sales from January to October reached 2.374 million units, up 10.1% year-on-year [1][2]. - The company aims to achieve a sales target of 3 million units by 2025, with a specific goal of 1 million units in new energy vehicles. New models such as the Deep Blue L06 and others are expected to support this growth [2][3]. - The establishment of a new group in July 2025 aims to enhance resource integration and collaboration, with plans to produce humanoid robots by 2028 and flying cars by 2030 [4]. Summary by Sections Sales Performance - In October, the company's wholesale sales of its own brands reached 237,000 units, a year-on-year increase of 11.3% and a month-on-month increase of 4.9%. Cumulative sales for the first ten months were 2.017 million units, up 12.2% year-on-year [1][2]. - New energy vehicle sales in October were 119,000 units, reflecting a year-on-year increase of 36.1% and a month-on-month increase of 15.0%. Cumulative sales for the first ten months reached 869,000 units, up 60.6% year-on-year [2]. Product Development - The Deep Blue brand sold 37,000 units in October, up 28.1% year-on-year, while the Avita brand sold 13,506 units, up 34.3% year-on-year. Cumulative sales for the first ten months were 269,000 units for Deep Blue and 104,000 units for Avita, representing increases of 56.9% and 118.9% respectively [2][3]. - The Deep Blue L06, a new mid-size electric sedan, is set to launch with a price range of 139,900 to 161,900 yuan, targeting young consumers seeking high-tech features [3]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 189.6 billion yuan, 209.5 billion yuan, and 233.5 billion yuan respectively, with net profits of 6.31 billion yuan, 8.16 billion yuan, and 10.94 billion yuan [4][6]. - The earnings per share (EPS) are projected to be 0.64 yuan, 0.82 yuan, and 1.10 yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 19, 15, and 11 [4][6].