CHANGAN AUTOMOBILE-B(SZ:000625) Guolian Securities·2024-05-09 10:00Investment Rating - The investment rating for Changan Automobile is not explicitly stated in the provided content, but it suggests continuous attention due to strong product capabilities and market potential in the new energy sector [2][7]. Core Insights - Changan Automobile reported a wholesale sales volume of 210,100 units in April 2024, representing a year-on-year increase of 15.47%, although it experienced a month-on-month decline of 18.88% [3][4]. - The company has shown significant growth in its new energy and overseas markets, with a 129.74% year-on-year increase in self-owned new energy vehicle sales in April, totaling 51,700 units [5][6]. - The collaboration with Huawei is progressing, with the target company registered and due diligence completed, aiming for a final agreement by August 31, 2024, which is expected to enhance the company's smart technology development [6][7]. Financial Performance and Projections - Revenue projections for Changan Automobile from 2024 to 2026 are estimated at 224.02 billion, 260.55 billion, and 319.17 billion yuan, with growth rates of 48.06%, 16.31%, and 22.50% respectively [7][8]. - The net profit attributable to the parent company is forecasted to be 9.60 billion, 12.52 billion, and 15.68 billion yuan for the same period, with corresponding growth rates of -15.23%, 30.36%, and 25.27% [7][8]. - Earnings per share (EPS) are projected to be 0.97, 1.26, and 1.58 yuan per share from 2024 to 2026, with a compound annual growth rate (CAGR) of 11.45% [7][8].