\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 238 Guangzhou Automobile Group Co.Ltd(601238) )
Event: the company announced the sales volume in February. The group sold 380000 units in the first two months, with a year-on-year increase of 18%. The four main business units GAC motor, GAC ea’an, GAC Toyota and GAC Honda all performed well.
GAC’s overall sales volume in February far exceeded that of the industry. According to the preliminary data of GAC, the automobile sales volume is expected to increase by 5.7% in the first two months of 2022, with Guangzhou Automobile Group Co.Ltd(601238) overall growth of 18%, far exceeding the industry average. At the same time, the performance of GAC’s four main profit units also exceeds the industry, and the overall upward trend of the group is obvious.
Guangfeng’s strong product cycle has just started. In the first two months of 2022, the sales volume of GAC Toyota with strong profitability reached 150000 vehicles, with a cumulative year-on-year increase of 14%, reaching a new high over the years. 2022 is a strong product cycle year for GAC Toyota. Hanlanda, fenglanda, senna and other models support the new production capacity, which will also drive the growth of Guangfeng’s sales volume, making Toyota one of the winners of traditional automobile enterprises in the era of fuel vehicle inner roll.
Guangben’s new model brings new growth momentum. In the first two months, guangben’s terminal sales totaled 131000, of which nearly 10000 transcripts of civic sister models were handed over in the first full month of listing, showing the potential of instant models. It is optimistic that with the popularity of the market reputation, the bright performance of models will be further improved.
GAC AIAN is still starry. In the first two months, GAC ea’an sold 25000 units, a year-on-year increase of 132%, and the sales growth rate in the new energy market is still very bright. At the same time, several models of ai’an are also in short supply to a certain extent, and the production and sales are still restricted by supply bottlenecks such as chips and production capacity. After the supply is liberalized in the future, ai’an is expected to continue to rise.
It is estimated that the net investment of the parent company in 2021 / 2022 has been maintained at 10.1 billion yuan, and the corresponding net profit of the parent company in 2021 / 2022 is only 10.1 billion yuan.
Risk tip: the sales volume of the passenger car industry is lower than expected, the terminal discount rate is greater than expected, and the chip affects the automobile output.
