In June 2024, Changan Automobile achieved total wholesale sales volume of 225,013 vehicles, -0.30%/+8.81% year-on-month. Among them, there were 27,114 vehicles from Hefei Changan, -17.91%; 101,837 vehicles from Changan, Chongqing, +4.41%; 9,830 vehicles from Changan, Hebei, -1.29%; and 19,513 vehicles from Changan Ford, -3.18%/+8.98%, respectively. In June 2024, independent brands sold 29,322 vehicles overseas, +46.26%/-11.91%, respectively; autonomous passenger cars sold 138,292 units, +0.12%/+12.23% year-on-month respectively.
Electrification and globalization are developing at an accelerated pace, and independent brands are growing rapidly. In June, the Group sold 22.5 million vehicles, with an autonomous new energy penetration rate of 33.7% and an independent export rate of 15.5%. Overseas and own-brand NEV sales both increased significantly year-on-year. 1) Domestic: Changan Automobile's wholesale sales volume in June was 225,013 vehicles, -0.30%/+8.81% year-on-month; overall, from January to June 2024, the cumulative sales volume of its own brands was 1,334,051 units, +9.74% year-on-year, and the sales volume of autonomous passenger vehicles was 821,934 units, +7.01% year-on-year. In June, independent brands sold 188,910 vehicles, +1.97%/10.48% year-on-month, of which 138,292 passenger cars were sold, +0.12% %/ +12.23%. Looking at key models, in January-June, Deep Blue delivered 83,858 vehicles, Avita delivered 29,030 units, and Changan Qiyuan delivered 72,968 vehicles. 2) Overseas: In June, the export sales volume of our own brands was 29,322 vehicles, +46.26%/-11.91%, respectively. Exports accounted for 15.5% of the Group's sales volume, and +4.70/ -3.95pct, respectively.
3) New energy: In June, Changan's own brand NEVs sold 63,586 units, +60.03%/+15.63%, respectively. The penetration rate of new energy was 33.7%, and +12.21/+1.50pct, respectively.
The new car improved the product matrix, and an intelligent pilot was launched. 1) In terms of a new car, Deep Blue Auto's new hardcore SUV, the Deep Blue G318, was officially launched, with a price range of 175,900 yuan to 318,000 yuan. The Deep Blue G318 design uses a unique square box hardcore shape. The body is based on a beamless load-bearing architecture and uses Deep Blue Super Range 2.0 technology. Orders for the Deep Blue G318 exceeded 14,000 units in the 120h launch. The average customer unit price exceeded 225,000 yuan, and high-end delivery accelerated. 2) In terms of intelligence, on June 4, Changan Automobile became the first batch of L3 intelligent connected vehicle pilot units in the country, demonstrating the landmark results of Changan Automobile's “Beidou Tianshu” intelligent strategy.
Profit forecast and investment rating: We maintain the company's profit forecast for 2024-2026, with operating revenue of 1833/2202/250.1 billion yuan, +21%/+14%, net profit to mother of 84/111/12.7 billion yuan, respectively -25%/+31%/+15%, corresponding EPS of 0.85/1.11/1.28 yuan, corresponding PE 16/12/11 times, respectively, maintaining Changan Automobile's “buy” rating.
Risk warning: Global geopolitical risk; domestic passenger car market competition is fierce.