\u3000\u30 Shenzhen Zhenye(Group)Co.Ltd(000006) 25 Chongqing Changan Automobile Company Limited(000625) )
Spring Festival and core shortage disturbance February sales
The company released the February production and sales express. The overall sales volume of the group in February was 138100, with a year-on-year increase of - 15.1% and a month-on-month increase of - 50.2%. The cumulative sales volume from January to February was 415400, with a year-on-year increase of + 0.2%. Affected by the Spring Festival holiday and the lack of core, the sales volume in February decreased significantly month on month, which was weaker than that of the industry (the China Automobile Association expects the automobile sales volume in February to be + 13.8% year-on-year and - 34.2% month on month). Changan independent brand (Chongqing factory + Hebei factory + Hefei factory) sold 80200 vehicles in February, with a year-on-year increase of - 27.9% and a month-on-month increase of - 54.5%. The cumulative sales from January to February were 256400 vehicles, with a year-on-year increase of - 5.0%; Changan Ford sold 11900 vehicles in February, with a year-on-year increase of + 9.2% and a month-on-month increase of - 52.0%. From January to February, it sold 36800 vehicles, with a year-on-year increase of - 10.4%. Independent brands and Changan Ford are obviously affected by the Spring Festival and lack of core. Chang'an Mazda sold 10000 vehicles in February, with a year-on-year increase of + 58.3% and a month-on-month increase of - 49.9%. The cumulative sales from January to February were 29800 vehicles, with a year-on-year increase of + 64.5%. After FAW Mazda models were merged into Chang'an Mazda, the new models brought incremental sales.
Uni series has a strong performance, and a number of new cars are ready to go
In February, the sales volume of uni series was 10000, with a year-on-year increase of + 11.5% and a month-on-month increase of - 16.9%. The cumulative sales volume from January to February was 22100, with a year-on-year increase of + 5.3%. The sales situation was better than that of other models. The third uni-v of uni series was opened for pre-sale on February 21, with orders of more than 16000 units in 24 hours. The first model of blue whale IDD, uni Kidd, was officially launched on March 10, with orders of nearly 10000 units from reservation to listing. In February, the sales volume of cs75 series was 13600, with a year-on-year increase of - 58.4% and a month on month increase of - 59.5%. The cumulative sales volume from January to February was 47200, with a year-on-year increase of - 37.0%, which was significantly affected by the lack of core. The second generation cs75plus was officially launched on February 28, with pre-sale orders of more than 23600 vehicles, and the demand is still strong. In February, cs55 series sold 5200 vehicles, with a year-on-year increase of - 49.4% and a month on month increase of - 82.9%. From January to February, the cumulative sales volume was 35500 vehicles, with a year-on-year increase of + 53.5%. The second generation cs55plus led to a year-on-year increase in the sales volume in the first two months.
In terms of new energy vehicles, the cumulative sales volume of new energy vehicles is 4700020000. The company plans to release no less than 5 new energy products in 2022, covering the whole technical routes such as Bev, PHEV, reev and FCV. In addition to the uni-k IDD already on the market, Chang'an new energy will launch the car c385 based on the new pure electric platform epa1 and the boutique scooter a158 based on epa0. In addition, the company's high-end electric smart car brand avita's first model E11 will also be released in the second quarter of this year and is expected to be delivered in the third quarter.
Grasp the direction of intelligent electric and continue to promote the high-end brand
Avita integrates the advantageous technologies of Chang'an, Huawei and Ningde in the fields of vehicle R & D and manufacturing, intelligent solutions and energy management ecology respectively to build high-end intelligent electric vehicles. The new brand complies with the trend of intellectualization, further improves on the basis of electrification, puts forward "emotional intelligence", and takes the advanced intelligent scheme as the carrier to reflect the company's deep control over the needs of users. We believe that the core significance of avita is to realize the high-end brand.
Investment suggestion: the short-term core shortage disturbs the sales volume, but the market demand remains good. New products are listed one after another to provide new momentum for sales growth. This year is the first year for the company to make full efforts in the field of new energy, as well as the first year for the implementation of high-end brand and intelligent products. On the basis of stabilizing the market advantages of fuel vehicles, the company focuses on complementing the shortcomings of electrification and intelligence to promote the brand upward. Continue to be optimistic about the fundamentals of the company and the upward trend of valuation remains unchanged. EPS is expected to be 0.61/0.80/0.91 yuan from 2021 to 2023, maintaining the "buy" rating.
Risk tips: the mitigation of core shortage is less than expected, the price of raw materials rises, and the sales volume is less than expected.
