CHANGAN AUTOMOBILE-B(SZ:000625) 东吴汽车黄细里团队·2025-10-27 14:11Core Viewpoint - The company reported its Q3 2025 results, showing revenue growth but a decline in net profit, primarily due to foreign exchange losses and inventory handling abroad [3][4]. Financial Performance - Q3 2025 revenue reached 42.24 billion yuan, with year-on-year growth of 23.4% and quarter-on-quarter growth of 9.6% [3]. - The net profit attributable to shareholders was 760 million yuan, reflecting a year-on-year increase of 2.1% but a quarter-on-quarter decrease of 18.6% [3][4]. - The company sold 471,000 units in Q3 2025, marking a year-on-year increase of 26.8% and a quarter-on-quarter increase of 13.3% [4]. - The average selling price per vehicle was 90,000 yuan, showing a decrease of 2.7% year-on-year and 3.3% quarter-on-quarter [4]. - Gross margin for Q3 was 15.7%, with a slight improvement compared to previous periods [4]. Strategic Developments - The company is transitioning towards becoming a smart low-carbon mobility technology firm, with new initiatives in electric vehicle technology and global market expansion [5][6]. - The "Shangri-La" plan aims to achieve breakthroughs in solid-state battery technology and establish a self-sufficient supply chain [6]. - The company is advancing its global strategy with events such as the brand launch in Europe and the establishment of a parts center in Thailand [6]. Profit Forecast and Investment Rating - Due to increased industry competition and the negative impact of overseas inventory handling, the company has revised its net profit forecasts for 2025, 2026, and 2027 to 4.4 billion, 7.5 billion, and 10.2 billion yuan respectively [7]. - The company maintains a "buy" rating, supported by the upward trajectory of its three major brands and ongoing advancements in smart and global initiatives [7].