CHANGAN AUTOMOBILE-B(SZ:000625) Donghai Securities·2024-06-07 11:30Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The report highlights that Changan Automobile's wholesale sales in May 2024 reached 206,800 units, with a year-on-year increase of 12.03% for the first five months of 2024 [7] - The company is experiencing a recovery in sales due to the easing of market sentiment and the positive impact of new policies, including vehicle replacement subsidies [7] - Changan's overseas sales for May 2024 saw a significant increase of 72.93% year-on-year, indicating a strong performance in international markets [8] - The report emphasizes the company's strategic partnerships and advancements in smart vehicle technology, including the development of L3 autonomous driving capabilities [8] Summary by Sections Sales Performance - In May 2024, Changan's total wholesale sales were 206,800 units, with a month-on-month increase of 3.29% and a year-on-year decrease of 1.59% [7] - Cumulative wholesale sales from January to May 2024 reached 1,109,000 units, reflecting a year-on-year growth of 12.03% [7] - The company's self-owned brand sales in May 2024 were 123,200 units, with a slight month-on-month increase of 1.29% [7] Market Dynamics - The report notes that the overall market sentiment has improved, leading to a recovery in monthly sales, supported by the implementation of vehicle replacement subsidies and the conclusion of the Beijing Auto Show [7] - Changan's overseas sales for May 2024 were 33,300 units, marking a year-on-year increase of 72.93% and a cumulative total of 173,900 units for the first five months, up 80.81% year-on-year [8] New Energy Vehicles - The company's self-owned brand new energy vehicle sales reached 55,000 units in May 2024, with a year-on-year increase of 87.76% [8] - The report highlights the strong performance of the "Qiyuan" and "Deep Blue" brands, with significant month-on-month increases in sales [8] Strategic Initiatives - Changan has become one of the first companies in China to pilot L3-level intelligent connected vehicles, enhancing its competitive edge in smart vehicle technology [8] - The company has signed a strategic cooperation agreement with GAC Group to enhance operational efficiency and resource sharing [8] Financial Projections - The report forecasts the company's net profit for 2024 to be 9.817 billion yuan, with expected earnings per share (EPS) of 0.99 yuan [10] - The projected revenue for 2024 is 188.374 billion yuan, reflecting a year-on-year growth of 25% [10]