Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company reported a revenue of 76.723 billion yuan for the first half of 2024, an increase of 17.15% year-on-year, while the net profit attributable to shareholders decreased by 63.00% to 2.832 billion yuan [1]. - The company’s self-owned brand vehicles saw an increase in both volume and price in domestic and international markets, with exports reaching 203,200 units, up 74.85% year-on-year [1]. - The gross margin for the automotive sales business decreased by 2.90 percentage points to 13.47%, primarily due to intensified market competition and the initial weak profitability of new energy models [1]. - The company effectively managed its expense ratios, with R&D expenses decreasing by 0.73 percentage points to 3.80% and management expenses down by 0.31 percentage points to 3.16% [2]. - The partnership with Huawei through the acquisition of a 10% stake in Avita Technology is expected to enhance collaboration and accelerate the company's transition to new energy vehicles [2]. Financial Performance Summary - For the second quarter of 2024, the company achieved a revenue of 39.699 billion yuan, a year-on-year increase of 28.33%, and a net profit of 1.674 billion yuan, up 145.13% year-on-year [1]. - The company forecasts revenues of 173.347 billion yuan, 199.321 billion yuan, and 219.383 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 7.204 billion yuan, 9.808 billion yuan, and 11.407 billion yuan [6]. - The diluted EPS is projected to be 0.73 yuan, 0.99 yuan, and 1.15 yuan for the years 2024, 2025, and 2026, with P/E ratios of 16.64, 12.22, and 10.51 respectively [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company has shown continuous improvement in profitability, with multiple new car models expected to drive sales upward [6][8] - In Q2 2024, the company achieved total revenue of 39.699 billion yuan, a year-on-year increase of 28.33%, and a net profit attributable to shareholders of 1.674 billion yuan, a year-on-year increase of 145.13% [6][7] - The company is actively transforming its business, with a strong focus on smart connected electric vehicles, and has seen significant growth in its new energy vehicle sales [8][9] Financial Performance Summary - In the first half of 2024, the company reported total revenue of 76.723 billion yuan, a year-on-year increase of 17.15%, and a net profit of 2.832 billion yuan, a year-on-year decrease of 63.00% [6] - In Q2 2024, the company’s gross margin was 13.23%, a decrease of 3.18 percentage points year-on-year, while the expense ratio decreased significantly [7] - The company’s new energy vehicle sales reached 299,000 units in the first half of 2024, a year-on-year increase of 69.9% [8] Future Outlook - The company is expected to enter a strong product cycle in the second half of 2024, with several new and updated models set to launch, including the Changan Yuyuan E07 and others [8][9] - Revenue projections for 2024-2026 are estimated at 179.75 billion yuan, 210.47 billion yuan, and 242.02 billion yuan, with corresponding growth rates of 18.81%, 17.09%, and 14.99% [9]

长安汽车（000625.SZ）系列点评十四 业绩环比改善 新品周期密集 2024 年 09 月 01 日 事件：2024H1 公司总营收为 767.2 亿元，同比+17.2%；归母净利润为 28.3 亿 元，同比-63.0%；扣非归母净利润为 11.7 亿元，同比-5.9%。2024Q2 公司总 营收为 397.0 亿元，同比+28.3%，环比+7.2%；归母净利润为 16.7 亿元，同比 +12.7%，环比+44.5%；扣非归母净利润为 10.6 亿元，同比+3679.4%，环比 +846.3%。 ➢ 新能源占比提升驱动平均 ASP 环比提升。收入端：自主销量上升带动营收 上升。2024Q2 公司自主乘用车销量 38.5 万辆，同比+3.4%，环比-12.0%；总 营收为 397.0 亿元，同比+28.3%，环比+7.2%。ASP：受单价较高的新能源产 品占比提升影响（2024Q2 新能源占比 44.3%，环比+14.8pct），2024Q2 单车 ASP 达 9.3 万元，同比+0.9 万元，环比+1.6 万元。 ➢ 还原毛利率提升，2024H2 降本可期。毛利端：2024Q2 公司毛利率 13.2%， ...

长安汽车（000625.SZ）系列点评十四 业绩环比改善 新品周期密集 2024 年 09 月 01 日 事件：2024H1 公司总营收为 767.2 亿元，同比+17.2%；归母净利润为 28.3 亿 元，同比-63.0%；扣非归母净利润为 11.7 亿元，同比-5.9%。2024Q2 公司总 营收为 397.0 亿元，同比+28.3%，环比+7.2%；归母净利润为 16.7 亿元，同比 +12.7%，环比+44.5%；扣非归母净利润为 10.6 亿元，同比+3679.4%，环比 +846.3%。 ➢ 新能源占比提升驱动平均 ASP 环比提升。收入端：自主销量上升带动营收 上升。2024Q2 公司自主乘用车销量 38.5 万辆，同比+3.4%，环比-12.0%；总 营收为 397.0 亿元，同比+28.3%，环比+7.2%。ASP：受单价较高的新能源产 品占比提升影响（2024Q2 新能源占比 44.3%，环比+14.8pct），2024Q2 单车 ASP 达 9.3 万元，同比+0.9 万元，环比+1.6 万元。 ➢ 还原毛利率提升，2024H2 降本可期。毛利端：2024Q2 公司毛利率 13.2%， ...

公 司 半 年 报 点 评 证 券 研 究 报 告 公 司 报 告 长安汽车(000625.SZ) 新能源业务减亏，海外业务盈利释放 | --- | --- | |------------------------|----------------------------------| | | | | 行业 | 汽车 | | 公司网址 | www.changan.com.cn | | 大股东 / 持股 | 中国长安汽车集团有限公司 /17.98% | | 实际控制人 | 国务院国有资产监督管理委员会 | | 总股本 ( 百万股 ) | 9,917 | | 流通 A 股 ( 百万股 | ) 8,212 | | 流通 B/H 股 ( | 百万股 ) 1,642 | | 总市值（亿元） | 1,051 | | 流通 A 股市值 ( | 亿元 ) 993 | | 每股净资产 ( 元 ) | 7.23 | | 资产负债率 (%) | 60.5 | | 行情走势图 | | 推荐（下调） 证券分析师 股价：12.09 元 王德安 投资咨询资格编号 S1060511010006 BQV509 WANGDEAN002@pinga ...

Investment Rating - The investment rating for Changan Automobile is "Buy" (maintained) [1] Core Views - The company reported a revenue of 76.723 billion yuan for H1 2024, a year-on-year increase of 17.15%, while the net profit attributable to shareholders decreased by 63.00% to 2.832 billion yuan [3] - The second quarter of 2024 saw a revenue of 39.699 billion yuan, with a year-on-year increase of 28.3% and a quarter-on-quarter increase of 7.2% [3] - The company is experiencing improvements in profitability, particularly in its overseas sales, which accounted for 22% of total revenue in H1 2024, with a year-on-year growth of 114.2% [4] Financial Performance Summary - Total revenue for 2022 was 121.253 billion yuan, with projections of 151.298 billion yuan for 2023 and 157.789 billion yuan for 2024, reflecting a growth rate of 15.32% in 2022 and 24.78% in 2023 [2] - The net profit attributable to shareholders was 7.799 billion yuan in 2022, projected to decrease to 7.979 billion yuan in 2024, indicating a decline of 29.56% [2] - The earnings per share (EPS) for 2024 is estimated at 0.80 yuan, with a price-to-earnings (P/E) ratio of 15.03 [2] Sales and Margin Analysis - In Q2 2024, the company achieved total sales of 642,000 units, with a year-on-year increase of 5.6% [4] - The gross margin for Q2 2024 was reported at 13.23%, with adjustments indicating an improvement in operational gross margin due to cost reductions in the supply chain and enhanced profitability from overseas exports [4] - The average selling price per vehicle in Q2 was 92,600 yuan, reflecting a year-on-year increase of 24.3% [4] Strategic Developments - The company is focusing on its three new energy brands, with significant collaborations with Huawei to enhance product offerings and brand image [5] - The introduction of new models is expected to drive sales and profitability, with plans for two new products to be delivered in Q4 2024 [5] - The company has adjusted its profit forecasts for 2024-2026, with net profit estimates revised to 8 billion yuan for 2024, 10.2 billion yuan for 2025, and 12.2 billion yuan for 2026 [5]

Investment Rating - The investment rating for Changan Automobile is "Buy" (maintained) [1] Core Views - The company reported a revenue of 76.723 billion yuan for H1 2024, representing a year-on-year increase of 17.15%, while the net profit attributable to shareholders decreased by 63.00% to 2.832 billion yuan [3] - The second quarter of 2024 saw a revenue of 39.699 billion yuan, with a quarter-on-quarter increase of 28.3% and a year-on-year increase of 7.2% [3] - The company is experiencing improvements in profitability, particularly in its overseas sales, which accounted for 22% of total revenue in H1 2024, with a year-on-year growth of 114.2% [4] Financial Performance Summary - Total revenue for 2022 was 121.253 billion yuan, with a projected increase to 157.789 billion yuan in 2024, reflecting a growth rate of 4.29% [2] - The net profit attributable to shareholders for 2022 was 7.799 billion yuan, expected to decrease to 7.979 billion yuan in 2024, indicating a decline of 29.56% [2] - The earnings per share (EPS) for 2024 is projected to be 0.80 yuan, with a price-to-earnings (P/E) ratio of 15.03 [2] Sales and Margin Analysis - In Q2 2024, the company achieved total sales of 642,000 units, with a year-on-year increase of 5.6% [4] - The gross margin for Q2 2024 was reported at 13.23%, with adjustments indicating an improvement in operational gross margin due to cost reductions in the supply chain and enhanced profitability from overseas exports [4] - The average selling price for vehicles in Q2 was 92,600 yuan, reflecting a significant year-on-year increase of 24.3% [4] Strategic Developments - The company is focusing on its three new energy brands, with significant product launches planned for H2 2024, supported by partnerships with Huawei [5] - The company has adjusted its profit forecasts for 2024-2026, with net profit estimates revised down to 8 billion yuan for 2024, 10.2 billion yuan for 2025, and 12.2 billion yuan for 2026 [5] - The ongoing transformation and product cycle are expected to drive sales and profitability in the second half of the year [5]

公 司 研 究 长安汽车（000625.SZ） 2024 年 08 月 31 日 Q2 业绩同环比高增，华为赋能新车销量增长可期 ——公司信息更新报告 投资评级：买入（维持） 任浪（分析师） 徐剑峰（联系人） renlang@kysec.cn 证书编号：S0790519100001 xujianfeng@kysec.cn 证书编号：S0790123070014 | --- | --- | |-------------------------|-------------| | 日期 | 2024/8/30 | | 当前股价 ( 元 ) | 12.09 | | 一年最高最低 ( 元 ) | 21.48/11.43 | | 总市值 ( 亿元 ) | 1,199.00 | | 流通市值 ( 亿元 ) | 992.88 | | 总股本 ( 亿股 ) | 99.17 | | 流通股本 ( 亿股 ) | 82.12 | | 近 3 个月换手率 (%) | 126.35 | 股价走势图 -20% 0% 20% 40% 60% 80% 2023-08 2023-12 2024-04 长安汽车 沪深300 数据来源：聚源 相关研 ...

2024 年半年报财务报表 1、合并资产负债表 编制单位：重庆长安汽车股份有限公司 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 70,939,136,071.24 | 64,871,042,747.88 | | 交易性金融资产 | 152,668,417.66 | 167,519,347.29 | | 应收票据 | 33,995,528,463.15 | 37,658,391,214.01 | | 应收账款 | 2,989,231,105.41 | 2,411,796,419.07 | | 预付款项 | 582,581,159.41 | 287,711,010.62 | | 其他应收款 | 455,008,697.40 | 894,268,431.82 | | 其中：应收股利 | 22,469,320.00 | | | 存货 | 13,792,862,498.94 | 13,465,847,696.93 | | 合同资产 | 822,694,699.90 | 1,442,876,966.30 | | 其他流动资产 | ...

2024 年半年度报告 2024 年 08 月 第一节 重要提示、目录和释义 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担 个别和连带的法律责任。 二、 公司负责人朱华荣、主管会计工作负责人张德勇及会计机构负责人(会计 主管人员)施海峰声明：保证本半年度报告中财务报告的真实、准确、完 整。 三、 除下列董事外，其他董事亲自出席了审议本次半年报的董事会会议。 未亲自出席董事姓名 未亲自出席董事职务 未亲自出席会议原因 被委托人姓名 王俊 董事 工作原因 朱华荣 四、 本报告涉及的未来计划、发展战略等前瞻性陈述不构成公司对投资者的实 质承诺，投资者及相关人士均应当对此保持足够的风险认识，并且应当理 解计划、预测与承诺之间的差异。 五、 本报告第三节"管理层讨论与分析"中描述了公司可能存在的风险和应对 措施，敬请投资者关注相关内容。 六、 公司计划不派发现金红利，不送红股，不以公积金转增股本。 1 目 录 | --- | |--------------------------------------------------- ...