Group 1 - The core viewpoint of the article is that Changan Automobile is optimistic about the growth of the global automotive market, predicting a total market size of nearly 100 million vehicles by 2025 and over 108 million by 2030, with steady growth in China's automotive sales [1] - Changan Automobile expects China's vehicle sales to exceed 32 million by 2025 and surpass 35 million by 2030, indicating a stable growth trajectory [1] - The company emphasizes that the penetration rate of new energy vehicles will continue to rise, and a multi-power structure will coexist in the long term [1] Group 2 - Changan Automobile believes that technological transformation, particularly in new energy and digital intelligence, will reshape the automotive industry landscape, with next-generation batteries becoming a competitive focal point [1] - The company asserts that the future of the automotive industry will involve a new ecosystem in business models, product forms, marketing strategies, and production methods, driven by advancements in technologies such as 5G and chips [1] - The rise of low-altitude economy and integrated transportation across land, sea, and air is expected to become a significant trend [1] Group 3 - Regarding overseas markets, Changan Automobile plans to accelerate its global expansion, with specific goals set for 2025, including the launch of the Southeast Asia Rayong factory and entry into the European market [2] - The company aims to establish a subsidiary in Brazil and fully introduce its brands CHANGAN, DEEPAL, and AVATR in the Middle East and Africa by 2025 [2] - By 2030, Changan's overall sales target is set at 5 million vehicles, with 3.5 million being new energy vehicles and 30% of total sales coming from overseas markets [2]

Core Viewpoint - Changan Automobile plans to expand its global presence by 2025, marking a significant step in its globalization strategy with multiple initiatives across various regions [1] Group 1: Overseas Market Expansion - The company will commence production at its Rayong factory in Southeast Asia, officially entering the 2.0 phase of its globalization strategy [1] - A brand launch event will be held in Europe, marking Changan's official entry into the European market [1] - The KD project in the CIS region, including countries like Kazakhstan and Uzbekistan, will officially commence production [1] - Establishment of a subsidiary in Brazil will be completed for operations in South America [1] - The full introduction of the CHANGAN, DEEPAL, and AVATR brands will be achieved in the Middle East and Africa [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights significant developments in the company's operations, particularly in the electric vehicle sector, with a focus on achieving ambitious sales targets and expanding global presence [4][5] - The company aims for total sales of 3 million vehicles in 2025, with a specific target of 1 million in new energy vehicles and 1 million in overseas sales [4] - The report emphasizes the company's strong performance in 2024, with a notable increase in sales of its self-owned brands and new energy vehicles [4] Summary by Sections Financial Performance - The company's main revenue for 2023 is projected at 151.3 billion, with a growth rate of 25% [4] - The net profit attributable to the parent company for 2023 is estimated at 11.3 billion, reflecting a significant increase from previous years [4] - The gross profit margin is expected to stabilize around 17% for the upcoming years [4] Sales and Production - In December 2024, the company reported wholesale sales of 250,700 vehicles, marking a year-on-year increase of 16.55% [4] - The total cumulative wholesale sales for 2024 reached 2.6838 million vehicles, a year-on-year growth of 14.79% [4] - The company achieved a new energy vehicle sales target close to 750,000 units for 2024, with a penetration rate of 45.92% [4] Strategic Initiatives - The company plans to launch 13 new energy products in 2025, including models equipped with advanced technologies [4] - The report outlines the company's strategy to enhance its international footprint, focusing on markets in Southeast Asia, Europe, and Latin America [4] - Collaborations with key partners like Huawei and CATL are expected to deepen, supporting the company's transition to electric and smart vehicles [4]

Investment Rating - The report maintains a "Recommended" rating for the company [6]. Core Views - The company is expected to accelerate its transition to electric vehicles in 2025, with a sales target of 3 million units and 1 million units for new energy vehicles [2][3]. - The company has shown significant growth in its new energy vehicle sales, with a year-on-year increase of 52.8% in 2024 [2]. - The company plans to launch several new models, including the Avita 06 and Deep Blue S09, to enhance its product lineup and support its electric transformation [3]. Summary by Sections Sales Performance - In December, the company's wholesale sales reached 251,000 units, a year-on-year increase of 16.6% and a month-on-month decrease of 9.6% [1]. - For the entire year of 2024, total sales were 2.684 million units, up 5.1% year-on-year [1]. New Energy Vehicle Growth - The company’s self-owned passenger vehicle sales in December were 150,000 units, a year-on-year increase of 32.0% [2]. - The total sales of self-owned new energy vehicles in 2024 reached 735,000 units, reflecting a significant year-on-year growth of 52.8% [2]. Global Expansion - The company’s overseas sales in 2024 totaled 536,000 units, marking a year-on-year increase of 53.0% [4]. - Plans for 2025 include establishing 8 new operating entities and 16 logistics nodes overseas, aiming to enhance global market presence [4]. Financial Forecast - Revenue projections for 2024, 2025, and 2026 are estimated at 163.0 billion, 188.6 billion, and 212.1 billion yuan respectively [5]. - The net profit for the same years is forecasted to be 6.1 billion, 8.2 billion, and 10.8 billion yuan respectively [5]. Valuation Metrics - The report provides earnings per share (EPS) estimates of 0.61, 0.83, and 1.09 yuan for 2024, 2025, and 2026 respectively [5]. - The price-to-earnings (PE) ratios are projected to be 21, 15, and 12 for the same years [5].

证券代码：000625(200625) 证券简称：长安汽车（长安 B） 公告编号：2025-01 重庆长安汽车股份有限公司 第九届董事会第三十四次会议决议公告 1 公司于 2025 年 1 月 3 日在长安科技园会议室以现场结合视频方式召开第 九届董事会第三十四次会议，会议通知及文件于 2024 年 12 月 31 日通过邮件 等方式送达公司全体董事。会议应到董事 13 人，实际参加表决的董事 13 人， 其中委托出席 2 人，董事王俊先生、贾立山先生因工作原因，委托董事张德勇 先生出席并代为表决。会议由董事长朱华荣先生主持，部分监事及高管列席会 议。本次会议的召开符合《公司法》和《公司章程》等有关规定，会议形成的 决议合法、有效。会议审议通过了以下议案： 1.审议通过了《关于聘任高级管理人员的议案》 表决结果：同意 13 票，反对 0 票，弃权 0 票。 本议案已经公司董事会提名与薪酬考核委员会审议通过。经总裁提名，董 事会聘任贺刚先生为公司副总裁，任期自本次董事会会议审议通过之日起至第 九届董事会任期届满之日止。简历如下： 贺刚先生，公司副总裁。1985 年出生，重庆人，正高级工程师，工程硕 士，2007 ...

Investment Rating - The report maintains a "Buy" rating for the company [11] Core Views - The company's Q3 2024 performance was impacted by sales fluctuations, with total revenue of 34.237 billion yuan, down 19.9% YoY and 13.8% QoQ [11] - Net profit attributable to shareholders in Q3 2024 was 748 million yuan, down 66.4% YoY and 55.3% QoQ [11] - The company sold 571,000 vehicles in Q3 2024, down 11.1% QoQ, with new energy vehicle sales at 149,000 units, down 12.7% QoQ [11] - The company plans to launch 11 new products and 13 new energy products in 2025, aiming for over 1.2 million new energy vehicle sales [11] - The company is accelerating its overseas market expansion, with plans to enter the European market and establish a presence in Southeast Asia, CIS, South America, and the Middle East and Africa [11] Financial Forecasts - The company's revenue is expected to be 185.07 billion yuan in 2024, 219.79 billion yuan in 2025, and 256.31 billion yuan in 2026 [15] - Net profit attributable to shareholders is forecasted to be 10.721 billion yuan in 2024, 12.822 billion yuan in 2025, and 15.616 billion yuan in 2026 [15] - EPS is projected to be 1.08 yuan in 2024, 1.29 yuan in 2025, and 1.58 yuan in 2026 [15] - The company's ROE is expected to be 13.0% in 2024, 14.1% in 2025, and 15.3% in 2026 [15] Strategic Initiatives - The company is pushing for full electrification of its product line and accelerating its overseas layout [11] - Key new models such as the Avita 06 and Deepal S09 are set to launch in 2025 [11] - The company plans to introduce 9 new products in overseas markets by 2025 [11]

证券代码：000625(200625) 证券简称：长安汽车（长安 B） 公告编号：2024-90 重庆长安汽车股份有限公司 关于控股子公司以公开挂牌方式增资扩股的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈 述或重大遗漏。 一、交易概述 重庆长安汽车股份有限公司（以下简称"长安汽车"或"公司"）于2024年12月 17日召开第九届董事会第三十三次会议，审议通过了《关于控股子公司以公开挂牌方 式增资扩股的议案》，同意重庆长安凯程汽车科技有限公司（以下简称"长安凯程"） 以公开挂牌方式增资扩股引入投资者，增资金额不超过25亿元，其中公司以现金和无 形资产合计增资不超过5亿元。详细内容见公司于2024年12月18日披露的《关于控股 子公司以公开挂牌方式增资扩股暨关联交易的公告》（公告编号：2024-83）。 增资扩股企业：重庆长安凯程汽车科技有限公司 增资方：重庆长安汽车股份有限公司、建信金融资产投资有限公司（以下简称"建 信投资"）、恒泰（定州）股权投资基金合伙企业（有限合伙）（以下简称"恒泰定 州基金"）、中国长安汽车集团有限公司（以下简称"中国长安"）、建源银河（ ...

证券代码：000625(200625) 证券简称：长安汽车（长安 B） 公告编号：2024-91 重庆长安汽车股份有限公司 关于以公开摘牌方式购买长安汽车金融有限公司部分股权的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈 述或重大遗漏。 受让方（乙方）：重庆长安汽车股份有限公司 1．转让标的：甲方所持有的长安汽车金融 20%股权。 2．成交金额：人民币 23 亿元。长安汽车金融在评估基准日 2024 年 6 月 30 日 的评估值，为本次交易的定价依据。 3．支付方式：现金支付，资金来源为公司自有资金。 一、交易概述 重庆长安汽车股份有限公司（以下简称"长安汽车"或"公司"）于2024年11月 27日召开第九届董事会第三十一次会议，并于2024年12月30日召开2024年第四次临 时股东大会，审议通过了《关于拟以公开摘牌方式购买长安汽车金融有限公司部分股 权的议案》，同意公司以公开摘牌方式购买重庆渝富资本运营集团有限公司（以下简 称"渝富资本"）持有的长安汽车金融有限公司（以下简称"长安汽车金融"）20% 股权。详细内容见公司于2024年11月28日披露的《关于拟 ...

北京市中伦（深圳）律师事务所 关于重庆长安汽车股份有限公司 2024 年第四次临时股东大会的 法律意见书 二〇二四年十二月 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 一、本次股东大会的召集和召开程序 为召开本次股东大会，公司董事会于 2024 年 12 月 14 日在《公司章程》规 定的信息披露媒体上公告了《关于召开 2024 年第四次临时股东大会的通知》，公 司将于 2024 年 12 月 30 日召开 2024 年第四次临时股东大会。2024 年 12 月 17 日，公司股东南方工业资产管理 ...

证券代码：000625(200625) 证券简称：长安汽车（长安 B） 公告编号：2024-89 重庆长安汽车股份有限公司 2024 年第四次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈 述或重大遗漏。 特别提示： 1．本次股东大会未出现否决提案的情形。 2．本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开的情况 1．召开时间： （1）现场会议召开日期和时间：2024 年 12 月 30 日下午 3:00； （2）网络投票时间：2024 年 12 月 30 日。其中，通过深圳证券交易所交易系统 进行网络投票的具体时间为 2024 年 12 月 30 日 9:15-9:25，9:30-11:30 和 13:00-15:00； 通过深圳证券交易所互联网投票系统投票的具体时间为2024年12月30日9:15-15:00。 2．召开地点：重庆市江北区东升门路 61 号金融城 2 号 T2 栋长安汽车会议室。 3．召开方式：采用现场投票及网络投票相结合的方式。 4．股东大会召集人：公司董事会 5．股东大会主持人：董事长 朱华荣先生 1 出席会议的 ...