CHANGAN AUTOMOBILE-B(000625) 东吴证券·2024-08-31 18:00Investment 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]