CHANGAN AUTOMOBILE-B(000625) 民生证券·2025-01-05 02:13Investment 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].