Guangzhou Automobile Group Co.Ltd(601238) (601238)
Event: we sorted out the new car listing, order information and company operation information officially released by Guangzhou Automobile Group Co.Ltd(601238) vehicle company recently, sorted out and commented as follows:
Centralized listing and appearance of new models: 1) independent sector: the new second generation gs8 of trumpchi brand was officially launched on December 12, The fuel version is priced at 186800-239800 yuan (compared with the pre-sale, the top equipped 4WD noble version is increased), and the hybrid version is priced at 228800-246800 yuan (consistent with the pre-sale). The pre-sale of the model was launched on October 1, with orders of more than 5000 units on October 12, orders of more than 10000 in the first month, and the demand for hybrid version exceeded 50%. The fuel version gs8 began to be delivered at the end of November, and the hybrid version will also be mass produced on a large scale. Aionlxplus, an brand, appeared at Guangzhou auto show on November 19, and is expected to be officially launched on January 6, 2022. The model is equipped with a new family style and equipped with sponge silicon The 1008km high endurance version of polar battery technology will also be on the market. At the same time, there is a L2 + + high intelligent version equipped with the second generation zoom lidar. 2) Joint venture sector: GAC Honda style intergra was listed on December 16. The guidance price of CVT version is 142900-166900 yuan, and the guidance price of MT manual gear version is 129900 yuan. It is young and sporty. Different from civic, the whole system has 1.5T high power and manual version. Two weeks after listing, the order volume exceeded 10000 vehicles. GAC Honda launched its new Odyssey on December 26, with a price of 235800 yuan – 354800 yuan. It is equipped with Honda immd hybrid as standard. GAC Toyota pre sold the new SUV fenglanda on November 19 at a pre-sale price of 135000-175000 yuan. GAC Toyota pre sold the new SUV VESA on November 19, with a pre-sale of 220000-270000 yuan for the gasoline version and 250000-310000 yuan for the dual engine version. We expect that two new SUVs of GAC Toyota will also be listed in the near future. GAC Toyota Saina was listed on October 30, priced at 309800-405800 yuan. The pre-sale order is more than 10000 a month, and delivery will begin in Saina in December. We expect that Saina’s production capacity will gradually climb in January 2022, contributing to the increment.
Toyota is expected to produce 800000 vehicles worldwide in January 2022, higher than the level in January 2021: according to Toyota’s global official website, Toyota’s global output is planned to be 800000 units in January next year, higher than 740000 units in January 2021. According to automotive media such as gestar, Toyota’s production will continue to increase in February and March 2022 to make up for the production reduction caused by the epidemic in the third quarter of 2021. We believe that as the main sales contributor of Toyota in China, GAC Toyota will also recover at the same time.
Guangzhou Automobile Group Co.Ltd(601238) promote management tenure and contractual management, deepen organizational reform and stimulate organizational vitality: on December 18, Guangzhou Automobile Group Co.Ltd(601238) held a contract signing ceremony for tenure and contractual management. Guangzhou Automobile Group Co.Ltd(601238) it took four months to formulate the differentiated post employment agreement and letter of responsibility for business performance of “one person, one post”, so as to realize “the post has tenure, the post has responsibility, the performance has goal, and the dereliction of duty has adjustment”. Guangzhou Automobile Group Co.Ltd(601238) has completed the contract signing for the members of the leading group of secondary enterprises, Within this month, 100% of the contracts of subsidiaries at all levels (Level 3 and level 4) will be signed. From January 2022, Guangzhou Automobile Group Co.Ltd(601238) will be managed according to the principles of rigid assessment, full incentive and strict exit. We believe that soft level changes such as organizational structure are ahead of the changes in volume and price profit of the company. Since 2018, Guangzhou Automobile Group Co.Ltd(601238) With the continuous reform of the organization and the strengthening of the integrated operation of research, production and marketing, the model chief executive system implemented in the independent sector has begun to show results. With the deepening of reform, evolving organizations will escort the comprehensive recovery of Guangzhou Automobile Group Co.Ltd(601238) independent sector.
The company’s profit forecast and investment rating: new models are a sharp tool for the recovery of auto enterprises, Guangzhou Automobile Group Co.Ltd(601238) auto enterprises in independent and joint venture sectors have recently listed and unveiled a number of competitive new models, consolidating the growth certainty in 2022 and beyond. Guangzhou Automobile Group Co.Ltd(601238) continue to deepen organizational reform, intensify organizational vitality and escort the comprehensive recovery of the independent sector. We believe that the joint venture sector of the company will enter the stage of growth acceleration, and the independent sector will also enter the stage of substantive and comprehensive recovery. We continue to be optimistic about the medium and long-term development prospects of Guangzhou Automobile Group Co.Ltd(601238) . We expect the net profit of the company from 2021 to 2023 to be 7.27 billion yuan, 12.89 billion yuan and 15.75 billion yuan respectively, corresponding to EPS of 0.70, 1.25 and 1.52 yuan. According to the closing prices of a and h on December 29, 2021, the PE of GAC A-Shares are 21, 12 and 10 times respectively, and the PE of GAC H shares are 9, 5 and 4 times respectively, maintaining the “strongly recommended” rating of GAC A and GAC H shares.
Risk tip: the industry demand is low, the company’s new models are less than expected, and the development of new energy vehicles is less than expected.
