Graceful 4th November | HTSC research reports that Chongqing Changan Automobile (000625.SZ) sold 0.57 million vehicles in 24Q3, a -13% year-on-year decrease. Among them, the sales of self-owned brand passenger vehicles were 0.34 million vehicles, a decrease of 17% year-on-year. The company's new energy and overseas expansion progressed smoothly, with nearly 0.15 million self-owned brand new energy vehicles sold in 24Q3, an increase of 14% year-on-year; and 0.08 million self-owned brand overseas sales, an increase of 47% year-on-year. From 18th to 21st October, the company held the 4th Chongqing Changan Automobile Technology and Ecology Conference, where the company announced the achievement of L2+ intelligent driving based on end-to-end large models, namely the SDA Tian Shu end-to-end large model architecture, realizing full-stack self-developed advanced intelligent driving mass production, and launching the self-developed Changan Intelligent Driving. In addition, the E07 positioned as a C-class cross-border SUV by Qiyuan, with a price range of 1.999-3.199 million yuan, focusing on playability, intelligence, power, and urban-rural versatility. The E07 can be used for both home and off-road, and is expected to attract some early adopters. The company is accelerating its digital transformation, bullish on the company's intelligent capabilities enhancement and strong new car cycle, maintaining a "buy" rating.