\u3000\u30 Shenzhen Zhenye(Group)Co.Ltd(000006) 25 Chongqing Changan Automobile Company Limited(000625) )
The overall sales volume of Chang’an has recovered significantly In Chongqing Changan Automobile Company Limited(000625) 1 January, the overall sales volume was 277200 vehicles, with a year-on-year increase of 10.0% and a month on month increase of 55.7%. The overall sales volume of Chang’an in January was significantly warmer than the month on month. According to the China Automobile Association, in January, the wholesale sales of narrow passenger cars increased by about 6% year-on-year, and the overall sales growth of Chang’an outperformed the industry average.
The independent sales volume of Chang’an has resumed its growth trend, and many new models such as uni-v are expected to continue to promote the independent brand upward. The sales volume of Changan’s own brand in January was 158600, with a year-on-year increase of 3.4% and a month on month increase of 103.0%; Self owned brand new energy sold 13600 vehicles in January. Among the specific models, the sales volume of cs75 series is 33590, that of cs55 series is 30316, that of escape series is 21883, that of uni family is 12047, and that of Auchan is 32514. Uni-v, the first car of uni family, will be officially launched in late March. It is built based on the ark architecture and equipped with blue whale ne1 5T engine is designed with unique symbols such as borderless grille, fastback sliding back, through tail lamp and lifting tail wing, which has strong sense of motion and recognition, and is expected to open up the young market. In addition to uni-v, the pre-sale of new models such as uni-kidd and cs75plus was launched in January and is expected to be launched in the first quarter. A number of new models are expected to continue to promote the sales of independent brands.
Changfu’s sales are under pressure, and Changma’s sales have recovered strongly. Changan Ford sold 24900 vehicles in January, down 17.5% year-on-year and 32.6% month on month; Changan Mazda sold 19900 vehicles in January, with a year-on-year increase of 67.7% and a month on month increase of 186.9%. In terms of new cars, Changfu’s new generation Mondeo officially appeared in January and is expected to be officially listed at the Beijing auto show in April. Later, it will launch new Fox, New Explorer and other modified models; Changma 2022 cx-5 will be launched in March, and new cars such as CX-60 will be launched later. It is expected that the chip supply will continue to improve in 2022, and the sales of Changfu and Changma are expected to recover steadily.
Profit forecast and investment suggestions
It is predicted that the eps0 will be from 2021 to 202361, 0.70, 0.82 yuan, 22 year average pb2.2 of comparable companies About 42 times, giving the company 22 years of Pb2 42 times valuation, 22 years net assets per share of 8.39 yuan, the target price of 20.30 yuan, maintain the buy rating.
Risk tips
Changan Ford’s sales volume is lower than expected, Changan Mazda’s sales volume is lower than expected, and Changan’s own brand sales volume is lower than expected.
