\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 104 Saic Motor Corporation Limited(600104) )
Saic Motor Corporation Limited(600104) sales increased year-on-year, and the growth rate was in line with the industry average In Saic Motor Corporation Limited(600104) February, the overall sales volume was 322000 vehicles, with a year-on-year increase of 30.6%. In the first two months, the cumulative sales volume was 777500 vehicles, with a year-on-year increase of 19.7%. In February, the sales volume of new energy vehicles was 45300, with a year-on-year increase of 48.4%. In the first two months, the cumulative sales volume was 117500, with a year-on-year increase of 33.5%. According to the preliminary statistics of the passenger Federation, in February, the wholesale sales volume of narrow passenger cars increased by about 31% year-on-year, and the year-on-year growth rate of Saic Motor Corporation Limited(600104) sales volume was basically the same as the industry average.
The sales volume of SAIC Volkswagen has increased significantly year-on-year, and the launch of new cars and ID. series will provide growth power. SAIC Volkswagen sold 90600 vehicles in February, with a year-on-year increase of 79.4%. In the first two months, it sold 221200 vehicles, with a year-on-year increase of 61.9%. The year-on-year growth rate was significantly ahead of the industry average. In February, the sales volume of SAIC Volkswagen’s new energy vehicles exceeded 6300, showing a bright performance. It is expected that SAIC Volkswagen’s new Langyi, new Weiran, new lingdu L, new Kodiak and other new vehicles will be on the market, and the ID. series will continue to contribute to the increment, which is expected to ensure the growth of SAIC Volkswagen’s sales volume.
SAIC GM’s sales volume decreased slightly compared with the same period, and new energy vehicles are expected to become a new growth point. SAIC GM sold 76000 vehicles in February, a slight decrease of 0.8% over the same period. In the first two months, it sold 186000 vehicles, a year-on-year decrease of 10.0%. In 2021, China’s first pure electric SUV based on ultium electric platform, Cadillac lyriq, appeared with excellent pre-sale orders. It is expected that in 2022, Buick and Chevrolet’s new energy products based on ultium platform will also appear one after another. With the marginal improvement of chip shortage, a number of new energy products are expected to become new growth points of sales.
SAIC’s independent sales volume doubled year-on-year, and the new car is worth looking forward to. SAIC’s own brand sold 64400 vehicles in February, with a year-on-year increase of 114.7%. In the first two months, it sold 132000 vehicles, with a year-on-year increase of 51.3%, of which the sales of rx5, MG5 and other main models exceeded 10000. Roewe Whale will be launched in 2022. The new car is built based on sigma a platform and is expected to become the next generation of mainstream compact SUV of the brand; SAIC Zhiji L7 is equipped with “cloud tube end” integrated intelligent vehicle solution, which will be put on the market and delivered to help the brand rise; Feifan R7 has multiple fusion sensing systems such as lidar, millimeter wave radar and 4D imaging radar, and will also be delivered in 2022. The sales performance of many new cars is expected.
Profit forecast and investment suggestions
It is predicted that the EPS from 2021 to 2023 will be 2.41, 2.69 and 2.97 yuan. The chip will affect the profit. According to the 22-year PE valuation and referring to the average valuation level of comparable companies, 10 times PE valuation will be given in 2022, with a target price of 26.9 yuan, maintaining the buy rating.
Risk tips
The sales volume of independent passenger cars is lower than expected, and the sales volume of SAIC Volkswagen and SAIC GM is lower than expected.
