CHANGAN AUTOMOBILE-B(SZ:000625) Donghai Securities·2024-03-06 16:00Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company reported a wholesale vehicle sales of 152,700 units in February 2024, showing a month-on-month decline of 20.05% and a year-on-year decline of 45.53%. Cumulative wholesale sales for January-February 2024 reached 433,100 units, representing a year-on-year increase of 19.37% [7] - The company's cumulative sales of self-owned brands in January-February 2024 reached 368,100 units, up 18.96% year-on-year, while cumulative sales of self-owned passenger vehicles were 280,400 units, up 15.74% year-on-year [7] - The company has seen a significant increase in overseas sales, with cumulative overseas sales of self-owned brands reaching 75,700 units in January-February 2024, up 106.19% year-on-year [7] - The launch of new models with enhanced features at no additional cost is expected to stimulate sales, and changes in assessment policies may drive the company's market share in the new energy vehicle sector [8] - The global debut of the Chang'an Hunter, the world's first range-extended pickup truck, is a key part of the company's globalization strategy, with a price range of 139,900 to 216,900 yuan [9] - The company aims to achieve global sales of 500,000 pickups by 2030, targeting a position among the top five globally [10] Financial Summary - The company's projected net profits for 2023-2025 are 11.436 billion, 10.274 billion, and 12.620 billion yuan, respectively, with corresponding EPS of 1.15, 1.04, and 1.27 yuan, and PE ratios of 13, 14, and 12 times [10] - The main revenue for the company is expected to grow from 121.253 billion yuan in 2023 to 239.556 billion yuan in 2025, with a compound annual growth rate of approximately 20% [11] - The company's gross profit margin is projected to stabilize around 19% for the next few years, indicating a consistent profitability outlook [11]