Orient Securities Research Report pointed out that Changan Automobile's exchange rate affected profit growth, and the overseas business achieved a high level of growth. The company's net profit for the first half of the year was 817 million yuan, a year-on-year decrease of 64.3%; net profit for the second quarter was 467 million yuan, a year-on-year decrease of 50.3%, and an increase of 33.2% over the previous year. The NEV product structure was optimized, and advanced intelligent driving was promoted at an accelerated pace. The company has been granted an official license plate for L3 autonomous driving and an L4 Robotaxi test license. It is expected to achieve L3 large-scale mass production in 2027, and further achieve full-scene L4 level functions in 2028. It is believed that overseas has become the company's core incremental market, and the company's “one region, one policy” manpower allocation model will ensure efficient execution of the overseas strategy. As production capacity in the Brazilian factory is implemented and European distributors sign and cooperation is advanced, it is expected that more sales volume and profit margin will be released in the future. The bank predicts net profit of 46.89, 58.13, and 6.245 billion yuan from 2026-2028, maintaining a comparable company's average PE valuation 18 times over 26 years, a target price of 8.46 yuan, and maintaining a “buy” rating.

Orient Securities Research Report pointed out that Changan Automobile's exchange rate affected profit growth, and the overseas business achieved a high level of growth. The company's net profit for the first half of the year was 817 million yuan, a year-on-year decrease of 64.3%; net profit for the second quarter was 467 million yuan, a year-on-year decrease of 50.3%, and an increase of 33.2% over the previous year. The NEV product structure was optimized, and advanced intelligent driving was promoted at an accelerated pace. The company has been granted an official license plate for L3 autonomous driving and an L4 Robotaxi test license. It is expected to achieve L3 large-scale mass production in 2027, and further achieve full-scene L4 level functions in 2028. It is believed that overseas has become the company's core incremental market, and the company's “one region, one policy” manpower allocation model will ensure efficient execution of the overseas strategy. As production capacity in the Brazilian factory is implemented and European distributors sign and cooperation is advanced, it is expected that more sales volume and profit margin will be released in the future. The bank predicts net profit of 46.89, 58.13, and 6.245 billion yuan from 2026-2028, maintaining a comparable company's average PE valuation 18 times over 26 years, a target price of 8.46 yuan, and maintaining a “buy” rating.