长安汽车：5月销量同比增长，海外拓展稳步推进

Investment Rating - The report maintains a "Buy" rating for Changan Automobile (000625) [1] Core Views - Changan Automobile's total sales in May 2024 reached 207,000 units, a year-on-year increase of 3.3% [2] - Cumulative sales from January to May 2024 totaled 1.109 million units, up 12.03% year-on-year [2] - Sales of self-owned brands in May 2024 were 171,000 units, a 4.7% increase year-on-year [2] - Overseas sales of self-owned brands in May 2024 surged 72.9% year-on-year to 33,000 units [2] - Changan Automobile became one of the first pilot units for L3-level intelligent connected vehicles, with its SL03i model equipped with a Traffic Jam Pilot (TJP) system [2] - The company is expanding its overseas market, with a new factory in Thailand expected to start operations in Q1 2025, with an initial production capacity of 100,000 units [2] Financial Projections - The company is expected to achieve net profits of 8.434 billion yuan, 11.381 billion yuan, and 15.180 billion yuan in 2024, 2025, and 2026, respectively [2] - The corresponding P/E ratios are projected to be 15.73x, 11.66x, and 8.74x for 2024, 2025, and 2026 [2] - Revenue growth rates are forecasted at 29.56%, 28.92%, and 21.02% for 2024, 2025, and 2026, respectively [3] - Net profit growth rates are expected to be -25.54%, 34.93%, and 33.38% for the same periods [3] Operational Highlights - Changan Automobile's "Beidou Tianshu" intelligent strategy continues to advance, with the company being a pioneer in L3-level autonomous driving technology [2] - The company is deepening its localization strategy in Thailand, with plans to introduce at least 15 new products by 2030 [2] - Localization rate in Thailand is expected to exceed 80% in 2024 and reach 90% by 2026 [2]