Guangzhou Automobile Group Co.Ltd(601238) (601238)
The sales volume of ea’an reached a new high in December 2021, and the mitigation of core shortage and the launch of new vehicles will consolidate the sales volume in 2022. According to the official disclosure of GAC EA, in December, the terminal sales volume of EA was 16675, with a year-on-year increase of 119% and a month on month increase of 14.5%, and the terminal sales volume continued to increase month on month; The annual cumulative sales volume was 1236600 vehicles, with a year-on-year increase of 119%. The shortage of chips in 2021 affected the automobile supply. The sales volume of GAC ea’an still increased significantly year-on-year, exceeding the annual sales target of 100000 vehicles. On January 1, 2022 aionsplus was officially launched to upgrade its appearance and configuration; Aionlxplus will be on the market on January 5. The new car is equipped with ai’an’s sponge silicon negative electrode battery, with a range of 1008km, which can effectively alleviate mileage anxiety. Ai’an continues to expand its product matrix. It is expected that with the marginal improvement of chip shortage month by month, the launch of new cars will promote the sales growth of ai’an.
It is expected that after the completion of the second plant, the production capacity of EA will double, effectively ensuring the order demand for new energy vehicles. The company announced that the proposal on the capacity construction project of GAC ea’an No. 2 plant was passed on December 31, 2021. Ea’an new energy will implement the capacity construction project of the second plant, with a planned capacity of 200000 vehicles / year. The new plant is expected to be completed and put into operation in December 2022, with a total investment of 1.81 billion yuan. At present, the production capacity of the first plant in ai’an is 100000 vehicles / year. The company disclosed that the first plant will be expanded to a total production capacity of 200000 in early 2022. With the gradual completion of the second plant, gac-ai’an is expected to have an annual production capacity of 400000 vehicles in 2023. The production expansion plan will fully ensure the production capacity supply of new vehicles in ai’an, effectively meet the demand of consumer orders and promote the sales volume of ai’an.
The mixed reform is accelerated to enhance competitiveness, which is expected to open up space for upward growth. GAC continues to promote the mixed reform of EA and plans to introduce strategic investors. It will implement internal asset restructuring through cash capital increase, asset injection and cash purchase, and undertake R & D personnel in the field of pure electric new energy of GAC Research Institute. With the completion of internal restructuring, GAC’s research and development capacity, business and asset structure will be more complete, efficient and scientific, It is conducive to the formation of market-oriented independent operation ability and enhance profitability and comprehensive competitiveness. According to the company’s announcement, in the future, gac-e’an will further promote the employee stock ownership plan, introduce strategic investors and actively seek opportunities for listing. Gac-e’an will build an independent capital market platform and form a market-oriented incentive mechanism. The acceleration of mixed reform is expected to continuously improve the competitiveness of e’an and promote its long-term sustainable development.
Profit forecast and investment suggestions
It is estimated that the EPS from 2021 to 2023 will be 0.72, 1.00 and 1.15 yuan respectively. The chip will affect the profit. According to the 22-year PE valuation and referring to the valuation of comparable companies, the company will be given 24 times PE in 2022, the target price will be 24 yuan, and the buy rating will be maintained.
Risk statement
The sales volume of GAC passenger cars, Guangfeng, guangben and guangfeike is lower than the expected risk, and the demand of the passenger car industry is lower than the expected risk.
