CHANGAN AUTOMOBILE-B(SZ:000625) Minsheng Securities·2024-06-14 05:30Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Insights - The launch of the new hard-core SUV, Deep Blue G318, is expected to reshape the market dynamics, with a competitive price range of 175,900 to 318,000 CNY, and initial orders exceeding 3,000 units within the first hour of launch [2]. - The G318 features impressive specifications, including a length of 5010mm, width of 1985mm, height of 1960mm, and a wheelbase of 2880mm, along with advanced driving capabilities and off-road performance [2]. - The company is experiencing significant growth in its new energy vehicle segment, with wholesale sales reaching 54,000 units in May, a year-on-year increase of 72.7%, and the Deep Blue brand achieving a 125% increase in sales [2]. - Revenue projections for 2024-2026 are estimated at 183.0 billion, 208.6 billion, and 234.6 billion CNY, respectively, with net profits expected to be 8.01 billion, 10.50 billion, and 13.45 billion CNY [2][3]. Financial Summary - The company anticipates a revenue growth rate of 24.8% in 2024, followed by 21.0% in 2025 and 14.0% in 2026 [3]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.81, 1.06, and 1.36 CNY, respectively, with corresponding price-to-earnings (PE) ratios of 17, 13, and 10 [3]. - The report highlights a significant improvement in the gross profit margin, expected to reach 19.0% by 2026 [6].