Changan Automobile reported third-quarter revenue of 36.25 billion yuan, up 10.1% quarter on quarter. Overseas sales reached 272,600 units, up 64.3% year on year and 47.5% of group volume, while NEV sales hit 295,100 units, a 51.4% share and the first time above half. Deepal delivered 132,200 units, up 27.3% quarter on quarter.
Brokerages say short-term profit pressure comes from research and development, forex losses and material costs, but overseas mix gains and NEV volume offset legacy contraction. As Avatr and Deepal narrow losses and new markets open, an earnings inflection is near; 2026-2028 net profit forecasts were trimmed yet price-earnings multiples fall toward 13x by 2028, opening valuation repair room.
Source: CFi
