\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 238 Guangzhou Automobile Group Co.Ltd(601238) )
Event overview: on March 7, 2022, the company released the production and sales data of February. In Guangzhou Automobile Group Co.Ltd(601238) 2 month, the sales volume of vehicles was 143500, with a year-on-year increase of + 36.5% / month on month increase of – 39.5%, of which the sales volume of new energy vehicles was 10500, with a year-on-year increase of + 166.7% / month on month increase of – 45.2%.
GAC motor’s sales volume stabilized and rebounded, with a year-on-year increase of + 163%. In February, GAC motor sold 23800 vehicles, with a year-on-year increase of + 73.5% / month on month increase of – 34.9%. From January to February, GAC motor sold 60400 vehicles, with a year-on-year increase of + 131.8%. Among them, a number of models sold well, and the sales of GS4 series exceeded 10000 for two consecutive months; The new gs8 launched in December 2021 has more than 25000 orders in two months; As of March 4, 2022, the cumulative sales volume of trumpchi M8 has exceeded 160000, leading the sales volume of independent luxury brands for 29 consecutive months. The sales volume of ea’an was 8500 vehicles, with a year-on-year increase of + 163.2% / month on month increase of – 46.8%. The cumulative sales volume from January to February was 24600 vehicles, with a year-on-year increase of + 131.8%. Aionlxplus, a new car with three lidars and a range of 1008km, went off the factory on February 18. The fast charge + long-range models are expected to drive the sales volume of ea’an upward. In terms of capacity, on February 18, the phase II capacity expansion of ai’an intelligent ecological factory was completed, and the capacity is expected to reach 200000 / 400000 vehicles in 2022 / 2023. Affected by the decline of subsidies and the rise in the price of raw materials, ai’an announced an increase of 4 Tcl Technology Group Corporation(000100) 00 yuan in the official guidance price of many of its models on March 4, reducing the cost pressure in the digestion stage.
The two fields made rapid progress, and their monthly sales reached a new high in February. In February, guangben sold 57100 vehicles, with a year-on-year increase of + 38.6% / month on month increase of – 27.3%, of which accord / haoying / Binzhi contributed 166 / 1.1710200 vehicles respectively, with a year-on-year increase of + 79.5% / + 14.1% / – 4.3%. The new Odyssey listed on 21m12 sold 3892 vehicles in February, with a year-on-year increase of + 114.4%. In February, Guangfeng sold 50100 vehicles, with a year-on-year increase of + 20.7% / month on month increase of – 49.9%, of which Camry / leiling / Highlander contributed 13700 / 10300 vehicles respectively, with a year-on-year increase of + 203.6% / – 26.8% / + 12.7%, and 4120 vehicles were sold in the new car race that month, with a month on month increase of – 23.7%. Since the launch of Fengtian compact SUV in December, the total number of orders of Fengtian compact SUV has been up to 20000; The compact suvbz4x built by guangben Electric Vehicle E: NP1 and Guangfeng based on the new e-tnga platform will be listed successively in 2022, which is expected to further drive the sales upward.
The layout of intelligent electrification is accelerated, and the mixed reform of Egypt and Angola is expected to boost the company’s valuation Guangzhou Automobile Group Co.Ltd(601238) will continue to exert its power and intelligence in the field of intelligent electrodynamics. In March 7th, GAC capital sole investment auto driving mass production solution provider multi technology hundreds of millions of yuan. According to the plan, a variety of automobile models equipped with the technology of automatic technology will be launched in 2022. In terms of electrification, GAC and CRRC era laid out IGBT in January, and the annual production capacity is expected to reach 300000 / Shanghai Pudong Development Bank Co.Ltd(600000) in 2023 / 2025; The company expects to build its own battery plant this year, with a planned capacity of 10-15gwh. The company is expected to continue to rise and restructure its independent valuation system.
Investment suggestion: it is estimated that the net profit attributable to the parent company from 2021 to 2023 will be 70.32/91.51/110.40 yuan respectively, corresponding to 18 / 14 / 11 times of the current share price PE respectively. The company grasps the opportunity of the rise of the new energy market and takes multiple measures in technology and system. The independent rise is expected to become a new growth point of the company and maintain the “recommended” rating.
Risk tip: the price of raw materials fluctuates, the supply of chips is less than expected, and the recovery of passenger car market is less than expected.
