CHANGAN AUTOMOBILE-B(000625)2024-09-01 10:03Investment 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]