Chongqing Changan Automobile | Asia Pacific: Industry pressure persisted in 2Q

研报英文原文证据摘录

Chongqing Changan Automobile | Asia Pacific: Industry pressure persisted in 2Q

Update

July 14, 2026 11:39 AM GMT

Morgan Stanley Asia Limited+MChongqing Changan Automobile | Asia Pacific Joey Xu, CFA

Equity Analyst

Industry pressure persisted in Joey.Xu@morganstanley.comTim Hsiao +852 3963-0337

Tim.Hsiao@morganstanley.com +852 2848-1982

2Q Shelley Wang, CFA

Shelley.Wang@morganstanley.com +852 3963-0047

Reaction to earnings Peggy Wang

Research Associate

Unchanged Meaningful shortfall Meaningful revision lower Peggy.Pc.Wang@morganstanley.com +852 3963-3934

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Chang'an reported preliminary 2Q26 NPAT of Rmb390-620mn, vs. 2Q25's

Rmb939mn, owing to losses with respect to forex and cost inflation during the

period, according to the company. The YoY profit contraction for 2Q26 generally Chongqing Changan Automobile (000625.SZ, 000625

looks more manageable than the 74% YoY decrease for 1Q26, but still indicated CS)

operational pressures. China Autos & Shared Mobility | China

Stock Rating Equal-weight

Specifically, management sees an incremental loss contribution of ~Rmb1.5bn for Industry View In-Line

Price target Rmb10.80

1H26 because of forex losses (vs. Rmb1.32-1.55bn NPAT slippage for 1H26), reflecting Up/downside to price target (%) 56

a high base 1H25 and ongoing overseas expansion. In addition, globalization and Shr price, close (Jul 14, 2026) Rmb6.94

52-Week Range Rmb13.84-6.66

associated investments – i.e. branding, channel, etc. – also weighed on overall near- Mkt cap, curr (mn) Rmb68,804

term profitability, but also led to an 51.9% YoY increase in overseas sales. Fiscal Year Ending 12/25 12/26e 12/27e 12/28e