CHANGAN AUTOMOBILE-B(000625) 民生证券·2025-04-27 07:25Investment Rating - The report maintains a "Recommended" rating for the company [6]. Core Views - The company reported Q1 2025 revenue of 34.16 billion yuan, a year-on-year decrease of 7.7% and a quarter-on-quarter decrease of 30.0%. The net profit attributable to the parent company was 1.35 billion yuan, up 16.8% year-on-year but down 63.8% quarter-on-quarter. The non-recurring net profit was 780 million yuan, a significant increase of 601.0% year-on-year, but down 13.7% quarter-on-quarter [1][2]. - The company's sales of self-owned passenger vehicles reached 453,000 units in Q1 2025, an increase of 3.5% year-on-year but a decrease of 10.8% quarter-on-quarter. The sales of self-owned new energy passenger vehicles were 194,000 units, up 50.7% year-on-year but down 30.4% quarter-on-quarter [1][2]. - The gross profit margin for Q1 2025 was 13.9%, a decrease of 0.5 percentage points year-on-year and 2.3 percentage points quarter-on-quarter, primarily due to increased terminal discounts and lower cost reductions recognized in the quarter [1][2]. Summary by Sections Financial Performance - Q1 2025 total revenue was 34.16 billion yuan, with a year-on-year decline of 7.7% and a quarter-on-quarter decline of 30.0%. The net profit attributable to the parent company was 1.35 billion yuan, reflecting a year-on-year increase of 16.8% but a quarter-on-quarter decrease of 63.8% [1][2]. - The company’s gross profit margin decreased to 13.9% in Q1 2025, impacted by increased competition and pricing pressures [1][2]. Sales and Market Position - The company’s self-owned passenger vehicle sales reached 453,000 units in Q1 2025, with a year-on-year increase of 3.5% and a quarter-on-quarter decrease of 10.8%. The sales of self-owned new energy vehicles were 194,000 units, marking a year-on-year increase of 50.7% [1][2][3]. - The company plans to launch new models under the Deep Blue and Avita brands, aiming for a global sales target of 500,000 units in 2025 [3]. Future Outlook - The report forecasts revenues of 189.6 billion yuan, 209.5 billion yuan, and 233.5 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 8.87 billion yuan, 10.76 billion yuan, and 12.72 billion yuan for the same years [4][5]. - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 0.89 yuan, 1.09 yuan, and 1.28 yuan respectively, with corresponding price-to-earnings (PE) ratios of 14, 11, and 10 [4][5].