\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 238 Guangzhou Automobile Group Co.Ltd(601238) )
Event: Guangzhou Automobile Group Co.Ltd(601238) February produced 151900 vehicles, up + 46.16% year on year and – 30.51% month on month; The sales volume was 143500, with a year-on-year increase of + 36.47% and a month on month increase of – 39.53%.
Comments:
Overcome adverse factors, production and sales increased significantly year-on-year, far exceeding the industry level. Overcoming the adverse effects of off-season, epidemic fluctuation, insufficient chip supply, declining subsidies and capacity expansion, the sales volume of Guangzhou Automobile Group Co.Ltd(601238) vehicles remained strong in February, and the year-on-year growth rate of Guangzhou Automobile Group Co.Ltd(601238) overall sales volume outperformed the industry. Monthly sales of 6 models exceed 10000: 16588 accord series; Camry series 13670 vehicles; 11715 haoying series; 10286 leiling series vehicles; 10177 Binzhi vehicles; GAC motor GS4 series 10163 vehicles.
Ai’an and GAC motor have a strong momentum, and the Japanese two fields have grown steadily. (1) GAC ea’an sold 8526 vehicles in February, a year-on-year increase of 163%. Aion s and aion y, as the star models of ai’an, focus on high cost performance. The medium-sized pure electric SUV aion LX pluswas officially launched on January 5, with a price of 286 Sino-Platinum Metals Co.Ltd(600459) 600 yuan, equipped with 144.4kwh battery, a range of 1008km (CLTC working condition), and equipped with the world’s first high-performance two gear double motor “four in one” integrated electric drive technology of GAC AIAN, with a maximum power of 540kw and a wheel end torque of 6100n M. (2) In February, GAC motor produced and sold 23013 and 23793 vehicles respectively, with a year-on-year increase of 59.8% / 73.5%. Among them, the 100000 class GAC motor GS4 family contributed the most, 10163 vehicles, with a year-on-year increase of 105.8%. (3) Guangben produced and sold 60633 / 57102 vehicles respectively, with a year-on-year increase of 39.5% / 39.1%. Accord / haoying / Binzhi Veze / intergra / orside l contributed 16588, 11715, 10177, 5014 and 3892 vehicles respectively. (4) Guangfeng completed the production and sales of 56269 / 50100 vehicles respectively in February, with a year-on-year increase of 38.4% / 20.7%. Camry, Highlander and Saina continued to lead the high-end brand. Camry’s sales in February soared by 64% year-on-year.
Multiple factors pushed up the performance of 22 years.
Capacity release: (1) on February 18, the phase II capacity expansion of GAC’s ai’an intelligent ecological plant was completed, with a 45% increase in production efficiency and a 35% increase in customization capacity; Gac-e’an No. 2 plant is expected to be completed by the end of the year, with an annual output of 200000 vehicles. (2) Shuangtian continues to expand its advantages. Among them, Guangfeng’s annual output of 200000 “new energy vehicles” capacity expansion project (line 4) and guangben’s adjusted annual output of 120000 new energy vehicles capacity expansion construction project have laid a solid foundation for the goal of breaking one million in production and sales.
New models: (1) GAC aion LX plus has four models. Qianli version will be officially delivered in July this year, and 80D Max version lidar version will be delivered in the second half of this year. There are three endurance versions: 600, 650 and 1008km. Among them, the 1008km endurance version uses the latest sponge silicon negative sheet battery technology of GAC AION. (2) Guangben introduced the first pure electric vehicle e: NP1 of E: n series, opening a new era of guangben’s career. The motor power density of this model has reached the industry-leading level, and the motor control program integrates more than 20000 scene algorithms, which is more than 40 times that of ordinary pure electric vehicles. (3) Guangfeng expanded its product matrix and successively launched Saina, fenglanda, Weisa and other models to inject fresh vitality into the brand. The new GAC Toyota ia5 was released on March 1, 2022. The new car is equipped with a driving motor with a maximum power of 150KW, and the endurance under NEDC comprehensive working conditions can reach 580km.
Industrial chain optimization: (1) strengthen the field of chip layout: in January, Guangzhou Qinglan Semiconductor Co., Ltd. was jointly established with Zhuzhou CRRC to establish the first independent IGBT investment project of new energy vehicles in South China, which can achieve a total production capacity of Shanghai Pudong Development Bank Co.Ltd(600000) pieces / year; It also cooperates with key enterprises in the chip field such as Yuexin semiconductor and horizon to help the independent control of the supply chain and the upstream and downstream coordination of the industrial chain. (2) Build a self-developed battery production line: on March 10, gac-e’an battery trial production line was officially opened, with more than 600 R & D teams and more than 60 doctors. It has become the third independent brand automobile enterprise with a self-built battery production line, escorting the high sales in 2022.
Investment suggestion: GAC is expected to maintain a high growth trend in 2022. Independent research and development and production of batteries will help alleviate the tension of the supply chain. The continuous large-scale production of new models and the improvement of production capacity are expected to bring new impetus to performance growth. We expect the net profit attributable to the parent company from 2021 to 2023 to be 7.1 billion yuan, 9.4 billion yuan and 11.9 billion yuan respectively, corresponding to 17 times, 13 times and 10 times of PE respectively, maintaining the “buy” rating.
Risk tips: the penetration growth of new energy vehicles is less than expected, the recovery of chip supply is less than expected, the price of vehicle battery raw materials rises, the promotion of new models is less than expected, and the epidemic situation is uncertain
