CHANGAN AUTOMOBILE-B(SZ:000625) 汽车琰究·2025-06-05 01:09Core Viewpoint - The company is experiencing steady growth in its sales, particularly in the new energy vehicle segment, and is accelerating its transformation towards electric mobility while setting ambitious sales targets for the coming years [2][3][5]. Group 1: Sales Performance - In May, the company's wholesale sales reached 224,000 units, a year-on-year increase of 8.5% and a month-on-month increase of 17.6% [1]. - Cumulative wholesale sales from January to May totaled 1.12 million units, reflecting a year-on-year growth of 1.0% [1]. - The company's self-owned brand sales in May were 185,000 units, up 8.0% year-on-year and 21.6% month-on-month [1][2]. - New energy vehicle sales in May were 95,000 units, showing a significant year-on-year increase of 69.9% [2]. Group 2: New Energy Vehicle Growth - The cumulative sales of the company's new energy vehicles from January to May reached 351,000 units, a year-on-year increase of 46.9% [2]. - The Deep Blue brand sold 26,000 units in May, up 77.6% year-on-year, while the Avita brand saw sales of 12,767 units, a remarkable increase of 179.4% year-on-year [2][3]. - The company plans to launch several new models, including the Deep Blue intelligent sports sedan and the QiYuan series, to support its electric transformation [2]. Group 3: Global Expansion - In May, the company's overseas sales reached 44,835 units, with cumulative sales from January to May at 247,000 units [4]. - The company aims to establish eight new operating entities and 16 logistics nodes overseas by 2025, enhancing its global market presence [4]. - The establishment of a "right-hand drive production base" in Thailand is expected to commence production in Q1 2025, with an initial capacity of 100,000 units [4]. Group 4: Financial Projections - The company maintains its revenue forecasts, expecting revenues of 189.6 billion, 209.5 billion, and 233.5 billion yuan for 2025, 2026, and 2027 respectively [5][7]. - Projected net profits for the same years are 8.87 billion, 10.76 billion, and 12.72 billion yuan, with corresponding earnings per share of 0.89, 1.09, and 1.28 yuan [5][7]. - The company is expected to maintain a price-to-earnings ratio of 14, 12, and 10 for the years 2025, 2026, and 2027 respectively [5][7].