长安汽车：月度销量点评报告：自主新能源表现亮眼，月度销量同比由降转增

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - The company's sales in October showed a year-on-year increase, driven by strong performance in its self-owned new energy vehicles, with wholesale sales reaching 250,800 units, up 4.07% year-on-year and 17.66% month-on-month [2] - The company's new energy vehicle sales in October were particularly strong, with a total of 85,300 units sold, representing a year-on-year increase of 46.37% [2] - The launch of new models and their impressive order performance are expected to accelerate the company's transition to new energy vehicles [2][3] Summary by Relevant Sections Recent Performance - In October, the company reported a wholesale sales figure of 250,800 units, with a cumulative sales figure of 2,155,800 units from January to October, reflecting a year-on-year increase of 2.14% [2] - The self-owned passenger vehicle segment saw sales of 168,000 units in October, with a year-on-year decrease of 0.91% for the cumulative period [2] New Energy Vehicle Growth - The company's new energy vehicle sales in October reached 85,300 units, marking a month-on-month increase of 56.80% and a year-on-year increase of 46.37% [2] - The "Shangri-La" plan is guiding the growth of the company's new energy brand, which is becoming the main driver of growth as it transitions from traditional fuel vehicles [2] Market Data - As of November 6, 2024, the company's stock price is 14.38 yuan, with a market capitalization of approximately 142.61 billion yuan [2] - The company has a total share capital of approximately 991.73 million shares, with a circulating market value of about 118.09 billion yuan [2] Product Launches and Orders - The company launched the Deep Blue S05 model in October, which received over 10,000 orders within 10 days of its release [2] - The Avita 12 model was launched on November 2, with significant initial orders, indicating strong market interest [2] International Sales and Production Capacity - The company's overseas sales in October reached 30,800 units, with a year-on-year increase of 61.81% for the cumulative period [2] - A new production base in Thailand is expected to start operations in the first quarter of 2025, with an initial capacity of 100,000 units, which will expand to 200,000 units in the future [2]